Home / / Saudi Arabia invests $461m in Magic Leap AR company

Saudi Arabia invests $461m in Magic Leap AR company

Saudi's Public Investment Fund joins Singapore's government in backing controversial AR startup

Saudi Arabia invests $461m in Magic Leap AR company
Saudi's PIF has invested $460m in Magic Leap.

Saudi Arabia's Public Investment Fund has made $461m investment in AR startup Magic Leap.

The investment was part of the latest round of funding for the company, which totalled $963 million.

Magic Leap, which has received over $2.3 billion in funding to date, is promising to launch an AR headset and creators kit, which will produce photo-realistic augmented and mixed reality experience.

The Magic Leap One headset Creator Edition, the company's first AR headset and developer kit, is due for launch in "Spring 2018".

Some tech commentators have been highly critical of Magic Leap for talking up its technology while failing to provide any firm details or show actual products. The company has also been accused of using Hollywood special effects passed off as the actual AR experience the headset will deliver.

Other investors in the company include Alphabet (Google), Alibaba Group, Qualcomm, Warner Bros. and JP Morgan Investment Group. The Singapore government's Temasek Holdings also led a round of funding which raised $502m in October.

"The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future," CEO Rony Abovitz said in a statement.

Follow us to get the most comprehensive IT infrastructure news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.