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

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

Magic Leap has reportedly acquired a $350 million lifeline, a month after slashing 1,000 jobs and dropping its client enterprise. Noted by Business Insider and confirmed by The Information, CEO Rony Abovitz despatched a be aware to employees asserting the funding, courtesy of unnamed present and new traders.

The who — and extra importantly, why — isn’t clear. A key healthcare firm could also be concerned. Whatever the case, the corporate is withdrawing the WARN discover (a 60-day notification for large-scale layoffs) despatched to employees in late April. The transfer represents an obvious reversal of the large layoff spherical it beforehand introduced.

In spite of the change, plainly the lavishly funded augmented actuality firm nonetheless plans to show all of its focus to the enterprise, as beforehand introduced — a transfer that places it in additional direct competitors with the likes of Microsoft’s HoloLens.

Magic Leap reportedly slashes 1,000 jobs and steps away from client plans

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“We are making superb progress in our healthcare, enterprise, and protection offers,” Abovitz writes. “As these offers shut, we can announce them.”

Magic Leap cited COVID-19 as a key cause for April’s information. But the corporate wasn’t precisely the image of client {hardware} success previous to the shutdown. In spite of elevating an eye-popping $2.6 billion throughout 9 rounds, the corporate’s early days have been outlined way more by hype than public progress. After years of teaser movies, its first machine finally left a lot to be desired.

We’re reached out to the corporate for remark.


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