Google Leads $542M Series B for VR Startup Magic Leap
October 22, 2014
In its second funding round of 2014, Magic Leap has raised $542 million in Series B funding led by Google, with participation from major VC firms Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Vulcan Capital, among others; in February, the company raised $50 million in a Series A round. Staying coy on details of its business, the company will use proceeds from the funding to accelerate product development, release software development tools and commercialize its mobile wearable system, which will use mobile computing and augmented and virtual realities to change how people communicate, purchase, learn, share and play. Sundar Pichai of Google will join the Board of Directors, while Dr. Paul Jacobs of Qualcomm and Don Harrison of Google will join the Board as observers.