AR startup Magic Leap raises $461 million from Saudi Arabia fund

(Reuters) - Magic Leap, a secretive startup working in the augmented reality space, said on Wednesday it raised $461 million in its latest funding round, led by the Kingdom of Saudi Arabia's sovereign investment arm.

The company said it raised $963 million in the series D round, taking the total funding to over $2.3 billion to date.

Saudi Arabia's Public Investment Fund joins a clutch of global names such as Alphabet Inc's <GOOGL.O> Google, Alibaba Group <BABA.N>, Qualcomm Inc <QCOM.O>, Time Warner's <TWX.N> Warner Bros and J.P. Morgan Investment Management which have invested in Magic Leap.

Magic Leap in October raised $502 million in a capital funding round, led by Singapore government-owned investment firm Temasek Holdings [TEM.UL].

The latest financing round comes as Magic Leap readies to ship in 2018 its long-awaited debut product, "Magic Leap One, Creator Edition", an AR headset built for developers.

Magic Leap said Allen & Co LLC served as its financial advisers.

(Reporting by Arjun Panchadar and Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)

03/07/2018 12:45

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