Google Set to Lead $500 Million Investment in Magic Leap
Internet’s biggest search engine Google and a number of other investing companies are planning to invest $500 millions in Magic Leap Inc, a start up company that develops human computing interfaces and software. The company claims to deliver cinematic reality. According to the sources, Google will be leading the funding for the company. One of the other investors with venture capital firm is said to be Andreessen Horowit.
Magic leap Inc is a Florida based company operated by Chief Executive Officer and Founder Rony Abovitz. The company is known to deliver extremely realistic 3D experiences similar to those offered by current technologies such as Oculus Rift 3D headset. Oculus Rift is being developed by Oculus VR. Oculus VR is a virtual reality company which was bought by Facebook in late March 2014 for $2 billions. Even before its commercial release, Oculus Rift has gotten more than 75 thousand orders for the development kits.
Magic Leap Inc stated that in February 2014 the company have raised more than $50 million in its first series seed and A rounds. The company declared the funds were used to improve the development and commercialization of the product, a human computing interface technology also known as ‘Cinematic Reality’. The CEO of the company, Abovitz used to be a co-founder and head of development and technology for MAKO Surgical. MAKO was a surgical robotic company that worked with human interactive technology for orthopedic surgeries. In December 2013, the company was acquired by Stryker Corp. (SYK) for $1.65 billions.
Abovitz said that Magic Leap’s goal is to create and commercialize products which will be the most natural and human-friendly wearable computing interface in the world. He further stated that an incredible thing about the human body and mind is how well they respond when technology respects biology and in result truly magical experiences become possible. Abovtiz claimed in this new world where the relationship between computing and human sensory systems is flourishing, Magic Leap is molding its proprietary technology in order to meet the very human needs of their future users and co-creators.
Google Plans to Invest in Magic Leap
For more information on Google investing $500 million investment in Magic Leap, please visit the following links:
http://www.rttnews.com/2396597/re-code-google-to-lead-500-mln-investment-in-magic-leap.aspx
http://www.msn.com/en-ca/money/topstories/google-set-to-lead-dollar500-million-investment-in-magic-leap-tech-website/ar-BB9b6h0
http://traderhub.org/global-market/mergers-acquisitions/google-set-to-lead-500-mln-investment-in-magic-leap-tech-website/
