It’s official: The secretive “cinematic reality” startup Magic Leap has raised $793.5 million in Series C funding at an astounding $4.5 billion post-money valuation.
And according to Magic Leap CEO Rony Abovitz, that means the company’s mysterious “mixed reality lightfield” technology — which has been described by some as a combination of virtual reality and an acid trip — is getting closer to launching.
Abovitz tells Business Insider that the roughly 500-person team needed the hefty cash infusion to help it accelerate the manufacturing and launch phase of its product.
“We’re now setting up a production line to mass fabricate,” he said. “We’re sort of past the ‘sciencing the heck out it’ phase and now getting this pilot production level of it.”
When exactly the technology will become available to the public is still undetermined. Abovitz says he doesn’t want to put a date on it yet.
What is it?
So, what exactly is Magic Leap making?
Unlike virtual reality products like Facebook’s forthcoming Oculus Rift, the company doesn’t create a 3D world for you inside of a headset that a consumer must wear.
And Abovitz also describes it as “very different” from what people call augmented reality like Google Glass or Microsoft’s HoloLens, in which digital images are overlayed on real world scenery. Although Microsoft hasn’t revealed exactly how its holographic goggles will work, either, Magic Leap describes its technology as projecting digital light fields onto your retina, helping your eyes and brain see things that look like they’re part of the real world.
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