Excessive-flying augmented reality startup Magic Leap is attempting to lift $500 million at a $6 billion valuation, according to a report in Bloomberg.

The Florida startup has already raised $1.three billion to fund its AR glasses, which have been the topic of a lot hypothesis as a result of they’ll reportedly create animations over the true world which are of a really high high quality. Magic Leap has been engaged on its wearable device for years, and it seems it wants more cash.

Citing unnamed sources, Bloomberg reported that Temasek Holdings, an funding firm owned partially by the Singapore authorities, is contemplating collaborating within the new financing spherical. If true, it’s one other signal that Asian funding firms are serious about buying Western applied sciences within the AR, virtual reality, and gaming markets. We’ve requested Magic Leap for remark and haven’t heard something.

Magic Leap has already drawn investments from Alibaba Group Holding, Qualcomm, and Google. Google CEO Sundar Pichai is on Magic Leap’s board. The earlier spherical reportedly valued the corporate at $four.5 billion.

Above: Magic Leap and Lucasfilm have an alliance.

Picture Credit score: Magic Leap

Bloomberg stated that the newest funding spherical hasn’t closed, and that Magic Leap hopes to ship a device within the subsequent six months. That headset will reportedly value $1,500 to $2,000. The primary device can be greater than a pair of glasses and smaller than VR headsets reminiscent of Fb’s Oculus Rift. On top of that, Magic Leap’s device would require users to hold a puck-like device that would supply processing and data to the glasses.

Magic Leap has raised some huge cash for AR since 2014 — more cash than simply about each different AR firm mixed. However the tech firm began getting damaging news within the publications reminiscent of The Information in December 2016, when doubts rose about whether or not Magic Leap might pull off its bold venture. The duty is big as a result of Magic Leap, which has greater than 1,000 workers, has to make its personal hardware, software, and preliminary content material. The corporate is reportedly utilizing a type of light-field expertise to superimpose 3D imagery on the true world.

Magic Leap’s massive financing wants and the lengthy gestation of its product are due, partially, to its bold purpose: Growing its personal hardware and software together with expensive digital elements required for the device. Magic Leap is being carefully watched by nearly all people in games due to its potential to create a brand new gaming platform.

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