Deals
Magic Leap Valued at $4.5 Billion With Funding From Alibaba
- Google, Qualcomm also participated in $793.5 million round
- Funding will accelerate and scale production to get to market
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Magic Leap Inc., the secretive startup working on a device that simulates reality, has raised a new round of funding led by Alibaba Group Holding Ltd., valuing the company at $4.5 billion.
Magic Leap added $793.5 million to its arsenal, the company said Tuesday. That will provide a long enough runway to get to sustainability and help accelerate bringing the company’s first product to the market, Chief Executive Officer Rony Abovitz said.