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Magic Leap gets another $502 million in funding for its mysterious product

Key Points
  • Magic Leap announced new funding on Tuesday
  • Participants include Temasek, Grupo Globo and Janus Henderson.
  • The company has not yet announced a product

Magic Leap is developing augmented reality technology
Source: Magic Leap

Magic Leap said on Tuesday it has received an additional $502 million in funding.

The announcement confirms a report from last month that said the company was about to secure new funds from, among other players, Temasek, a company based in Singapore. Janus Henderson Investors and Grupo Globo also contributed to the D-round of investments.

Magic Leap is an extremely secretive company that is aiming to produce a new sort of virtual reality experience, though little is known about the project or how it works. The company, founded in 2010, has never given a broad public demonstration of its technology. It will likely compete directly with Microsoft's Mixed Reality products and other VR initiatives, such as Facebook's Oculus Rift and the HTC Vive.

The company had previously raised more than $1 billion in venture funding from high-profile investors such as Alibaba, Alphabet's Google Ventures and Andreessen Horowitz.