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Magic Leap has apparently raised another $350 million, in spite of itself

Magic Leap CEO Rony Abovitz is out

Magic Leap talked an enormous recreation, and few have been extra chargeable for fostering a cult of hype and pleasure round its imaginative and prescient of the longer term than the corporate’s founder and CEO Rony Abovitz. Today, the CEO introduced that the corporate has certainly secured a brand new bout of funding, however that the corporate will likely be making an attempt to mount a significant turnaround with out him on the helm.

According to a memo despatched to workers, first obtained by Business Insider, Abovitz will proceed on with the corporate by way of a transition interval however that the corporate has been “actively recruiting candidates” to interchange him.

“We have closed important new funding and have very optimistic momentum in direction of closing key strategic enterprise partnerships,” the workers memo reads. “As the Board and I deliberate the modifications we made and what Magic Leap wants for this subsequent centered part, it turned clear to us {that a} change in my position was a pure subsequent step. I mentioned this with the Board and now we have agreed that now’s the time to herald a brand new CEO who will help us to commercialize our centered plan for spatial computing in enterprise.”

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The announcement comes after the augmented actuality startup introduced substantial layoffs earlier this month and introduced that it will be pivoting from growing shopper merchandise to totally specializing in its enterprise enterprise. It was reported earlier this month that Magic Leap had locked down an extra $350 million in funding which might assist the startup keep away from additional layoffs.

The startup has raised billions of enterprise capital funding beneath Abovitz’s tenure, however the startup has additionally undergone loads of hurdles as they tried to outdo Apple, Microsoft and Facebook within the race to create a mainstream AR system. Abovitz all the time appeared to have a shopper focus for his firm, so its unsurprising that the corporate’s board would look elsewhere as the corporate shifts focus to enterprise.

What occurs if Magic Leap shuts down?

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