Magic Leap Still Kicking

Last time Virtual Reality Observer focused on Magic Leap, the Florida-based “spatial computing” company headed by Rony Abovitz, things weren’t looking too promising. Announcing a significant reduction in its workforce in late April, many predicted Magic Leap would not be long for this world.

As reported by The Information and Business Insider, Abovitz recently sent an internal memo halting the dismissal of employees and announcing that Magic Leap has raised $350 million from existing and brand new investors. Though the company has struggled to find commercial success since its founding in 2010, this new investment will help Magic Leap maintain a presence as it aims to bring its “spatial computing” to the masses.