Magic Leap, the mixed-reality platform startup, announced an additional $461 million in equity funding, with $400 million contributed by the Kingdom of Saudi Arabia’s investment arm.
Since its founding in 2011, Magic Leap has raised more than $2.3 billion in funding to date. The new funding, which included participation certain new investors that Magic Leap did not identify, brings the company’s total Series D funding to $963 million.
“The Magic Leap team and I are happy to welcome the Public Investment Fund [of the Kingdom of Saudi Arabia] and the other new investors to the Magic Leap family,” Rony Abovitz, founder, president and CEO of Magic Leap, said in a statement.
Magic Leap is developing what it has hyped will be “the next computing platform,” which will lets users “seamlessly combine and experience your digital and physical worlds.” After hitting development delays, Magic Leap has said it plans to ship its initial headset sometime in 2018; it hasn’t released any pricing info but the gear is expected to cost between $1,500-$2,000.
The laundry list of other investors in Magic Leap includes Google; Alibaba Group; Fidelity Management and Research Co.; J.P. Morgan Investment Management; T. Rowe Price; Singapore investment firm Temasek Holdings; EDBI, the investment arm of the Singapore Economic Development Board; Brazil’s Grupo Globo; and Janus Henderson Investors. Others include Warner Bros., Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Obvious Ventures.
Allen & Co. served as exclusive financial adviser to Magic Leap in connection with the latest funding transaction.