News: The technology layers digital images through special eyeglasses.
Augmented reality startup Magic Leap has reportedly raised $827m in a new Series C round of funding, raising the value of the company to $3.7 bn.
The company works on augmented reality which layers digital images on top of real images through special eyeglasses, with the tech projecting "digital lightfields" into the user’s eyes for greater realism.
The technology is considered to be more ambitious than virtual reality which is used by Facebook’s Oculus and Samsung VR headset.
However, Magic Leap‘s augmented reality device is expected to be similar to Microsoft’s HoloLens, which has similar technology and uses stereoscopic techniques to create a 3D illusion.
Until now, the company has only showcased its potential capabilities, as in September it released a video supposedly "shot directly through Magic Leap technology" with "no special effects", reported Forbes.
The company has not disclosed the details about the investors of the current round, but according to reports, the existing funding came from Google, Qualcomm Ventures, KKR, Vulcan Capital, KPCB, Andreesen Horowtiz, Obvious Ventures and others.
In October the company had raised $542m from Google along with Andreessen Horowitz , and prior to that, in February, Magic Leap raised over $50m as part of efforts to develop its own technology platform.
During an October funding round the company said it will use the proceeds to speed up product development, release software development tools, expand its content ecosystem, and commercialise its proprietary mobile wearable system.
Magic Leap president and CEO Rony Abovitz said at that time: "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."