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Magic Leap Secures $542 Million in Funding for Tech that Will ‘Transcend’ VR

Technology enthusiasts may well have heard the name Magic Leap over the course of the past week. The company has recently teased a new mobile wearable system that seems to offer some sort of augmented reality (AR) experience. Although the technology doesn’t immediately appear to be related to VR, recent comments from CEO Rony Abovitz’s following a new round of financing for the company seem to suggest otherwise.

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Magic Leap today announced that it had raised $542 million USD in funding from companies such as Google, Qualcomm, Legendary Entertainment and more. The money will be used to ‘accelerate’ production of its mobile wearable device, which is still yet to be officially revealed. The funding also sees Sundar Pichai, SVP of Android, Chrome and Apps at Google, join Magic Leap’s board of directors.

“We are excited and honored to have such an extraordinary group of investors to help us bring our vision and products to the world,” Abovitz said of the funding. “Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play.”

Magic Leap’s site reveals that its technology uses the company’s own ‘Dynamic Digitized Lightfield Signal’ to create images said to be indistinguishable from real life. Just how relevant this will be to VR enthusiasts remains to be seen, then. Will the company’s device resemble something like the Oculus Rift head-mounted display (HMD) or instead be similar to Google’s own Google Glass AR system. VRFocus will continue to follow the company and the device closely, reporting back with any VR-related updates.