Investors may not be done shoveling money into Magic Leap’s augmented reality ambitions quite yet.
The Plantation, Florida-based startup is reportedly in talks with Singapore-based Temasek Holdings to raise upwards of $500 million, valuing the AR company at around $6 billion, Bloomberg reports.
Sources also told Bloomberg that Magic Leap will likely begin shipping devices to a “small group of users” in six months time and that the device could likely end up costing between $1,500-$2,000.
We have reached out to Magic Leap for comment.
After having officially announced nearly $1.4 billion in funding, the augmented reality giant, with backers including Google, Alibaba and Andreessen Horowitz, has yet to even fully tease the consumer release of the headset that it’s billing as the Magic Leap One. Though the company has been given lengthy profiles in publications like Wired and Fortune, there haven’t been a ton of details in terms of a final product.
All we have seen are a slew of videos “shot directly through Magic Leap technology” that give a sense of what is possible with a football helmet-sized rig, but perhaps not in their final consumer product, which the company believes will be sized like a pair of sport sunglasses.
While the company has talked the big talk in interviews and marketing materials, it’s also lost some executives in charge of messaging as that too has fallen apart. The company’s director of PR and director of marketing both left the AR startup to flock to smartphone startup Essential, which they have both since left, as well.
In December, a report in The Information (paywalled) detailed that Magic Leap was having difficulty miniaturizing a number of their key display components and had given up on fitting other technologies into the company’s consumer product.
The AR landscape has evolved since Magic Leap has come barreling toward it, and though Apple and Google have showcased major leaps in phone-based augmented reality tracking utilizing more basic RGB cameras, there has been little movement from others in the space on the headset side. Microsoft has yet to show off an updated version of HoloLens, Andy Rubin-backed CastAR has shut down, Meta is still fulfilling aged pre-orders and ODG is still back-ordered on its last-gen enterprise R-7 glasses while it looks to launch its consumer-focused R-8 glasses later this year.
The landscape is full of hopeful entrants, and while most are aiming at an eventual staggered entrance into consumer markets with developer kits, none have been quite as outspoken as Magic Leap when it comes to how their technology will change consumers’ lives.