Augmented reality firm Magic Leap raises over $500m

Magic Leap has raised $542m in Series B funding for its augmented reality technology.

The firm will use the investment to accelerate development of the tech, release development tools and take its wearable hardware to market.

The funding round was led by Google, with other investors including Qualcomm, Legendary Entertainment and Vulcan Capital. As part of the deal, Google’s SVP of Android, Chrome and Apps Sundar Pichai will join Magic Leap’s board of directors.

Few details are available on the exact form Magic Leap’s tech will take, but the company describes it as “going beyond the current perception of mobile computing, augmented reality and virtual reality”.

The firm is currently reaching out to game developers to make content for its device.

"We are excited and honoured 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 revolutionise the way people communicate, purchase, learn, share and play."