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AR house Magic Leap raises $500 million in funding

12 October 2021
The Magic Leap headset was designed for both gaming and industrial use. Source: Magic Leap

Augmented reality (AR) vendor Magic Leap has raised $500 million in funding to fuel the roll out of its next generation AR system.

The total valuation of Magic Leap is now at $2 billion, and the new system is slated to be introduced to the market in 2022.

Magic Leap’s first-generation product is a heads-up display equipped with sensors and allows users to see mixed reality environments for gaming or industrial use. The AR system uses three core processors to run apps and can support heavy-duty 3D visualization and collaborative co-presence as well as concurrent web apps.

Magic Leap 2, the second-generation device coming next year, will be smaller and lighter than the current system and be developed for enterprise system. The headset will include dimming and increased field of view to increase business adoption of AR, Magic Leap said.

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