Google Funds Virtual Reality Company Magic Leap

Chris CrumIT Management

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Magic Leap, a technology company, which works in augmented reality, virtual reality, and mobile computing, announced that it has raised $542 million in Series B funding, and that this funding was led by Google.

Other participants in the round are Qualcomm, Legendary Entertainment, Thomas Tull, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and other unnamed investors.

Not only is Google leading the financing, but its SVP of Android, Chrome and Apps, Sundar Pichai, is joining Magic Leap's board of directors. Additionally, Dr. Paul E. Jacobs, Executive Chairman of Qualcomm and Don Harrison, Vice-President, Corporate Development at Google will join the board as "observers".

"We are excited and honored to have such an extraordinary group of investors to help us bring our vision and products to the world," said Magic Leap CEO Rony Abovitz. "Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play."

Pichai added, "We are looking forward to Magic Leap's next stage of growth, and to seeing how it will shape the future of visual computing."

The announcement says the funding will be used to accelerate development and commercialization of "the world's next visual computing platform". Little more is known about the specifics.

Image via Magic Leap

Chris Crum
Chris Crum has been a part of the WebProNews team and the iEntry Network of B2B Publications since 2003. Follow Chris on Twitter, on StumbleUpon, on Pinterest and/or on Google: +Chris Crum.