Augmented reality startup Magic Leap has just raised a record-breaking $793.5m in Series C funding - before even releasing a product.
Chinese e-commerce giant Alibaba led the round, which leaves the virtual reality firm with a $4.5bn valuation, according to a spokesperson.
Alibaba’s executive vice chairman Joe Tsai joins Google chief Sundar Pichai on the company’s board.
Magic Leap has been very secretive about its work, but is allegedly developing a mysterious “cinematic reality” device described as “part-Matrix, part-Harry Potter.”
No product has yet been launched, and there’s no word yet on when one might be announced, although Rony Abovitz, founder, president and chief exec of Magic Leap has said that this funding will allow the firm to get its product to market faster:
Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone.
We are excited to welcome Alibaba as a strategic partner to help introduce Magic Leap’s breakthrough products to the over 400 million people on Alibaba’s platforms.