<div>
  <ul>
    <li>
      <p>
        Magic Leap reportedly raised USD 590 million from Saudi Arabia's Public Investment Fund (PIF) through convertible debt. The latest funding round brings the company's total funds raised to over USD 4.5 billion.
      </p>
    </li>
    <li>
      <p>
        Funding utilization remained undisclosed, and Magic Leap has yet to formally confirm the funding round. Notably, the reported round comes a few weeks before the launch of the Apple Vision Pro.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake:</b>
         Magic Leap raised numerous funding rounds via Saudi Arabia&rsquo;s PIF, including its USD 400 million investment in 2018, when it focused on the consumer market. Notably, in 
        <a href="https://sp-edge.com/updates/15481">
          December 2022
        </a>
        , Saudi Arabia&rsquo;s PIF acquired a controlling stake in Magic Leap via a USD 450 million investment. The funds allowed PIF to secure four out of eight seats on Magic Leap&rsquo;s board of directors. 
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.telegraph.co.uk/business/2024/01/15/saudi-arabia-invests-590m-magic-leap/">
      The Telegraph
    </a>
  </p>
</div>


Extended Reality

ANALYST_QUICK_TAKE

<div>
 <p>Magic Leap, an augmented reality company, has reportedly secured USD 590 million in funding through convertible debt from Saudi Arabia's Public Investment Fund (PIF). This raises the company's total funding to over USD 4.5 billion. However, the company has not formally confirmed this funding round and its usage remains undisclosed. This funding news comes as the launch of Apple Vision Pro is imminent.</p> 
</div> <p><b>Analyst QuickTake:</b> Magic Leap raised numerous funding rounds via Saudi Arabia’s PIF, including its USD 400 million investment in 2018, when it focused on the consumer market. Notably, in <a href="https://sp-edge.com/updates/15481"> December 2022 </a> , Saudi Arabia’s PIF acquired a controlling stake in Magic Leap via a USD 450 million investment. The funds allowed PIF to secure four out of eight seats on Magic Leap’s board of directors.</p>

Magic Leap reportedly raises USD 590 million in debt funding from Saudi Arabia’s Public Investment Fund

DISRUPTOR_PRESENT

PROMINENT_CATEGORY

<div>
 <ul>
  <li><p>Magic Leap released its version 1.4.0 update for its Magic Leap 2 device, which aims to bolster the device's core capabilities, such as hand-tracking accuracy and positional tracking.</p></li>
  <li><p>The update claims to add a 6x increase in hand-tracking precision, a 10% reduction in latency, and a 63% improvement in positional tracking accuracy. It also introduces biometric unlocking via eye recognition, better casting and capturing for sharing experiences, and new developer tools for debugging and application optimization.&nbsp;</p></li>
 </ul>
</div> <p><b>Analyst QuickTake:</b> The update follows previous updates to the Magic Leap headset in <a href="https://sp-edge.com/updates/20882"> August 2023 </a> . This included the introduction of 1) improved hand-tracking capabilities for intuitive interactions with digital content and 2) AR Cloud, which allows multiple users to access and interact with the same digital content in physical spaces in real time, among other features.&nbsp;</p>

Magic Leap launches update 1.4.0 providing improved hand tracking

<div>
 
 <ul>
  <li><p>Peggy Johnson, the current chief executive officer (CEO) of Magic Leap, will step down from her position effective November 1, 2023. Ross Rosenberg will succeed her.</p></li>
  <li><p>Rosenberg will focus on expanding the commercial adoption of Magic Leap’s AR headsets, addressing the needs and challenges of target customers in the enterprise market. Rosenberg is an executive with a background in operating, strategy, and marketing. He has held leadership roles at Bain Capital, Danaher, First Solar, and Belden, leading initiatives for the development of new technologies, products, and services.&nbsp;</p></li>
  <li><p>Johnson’s step down follows the company’s pivot toward enterprise solutions and the launch of the Magic Leap 2.&nbsp;</p></li>
 </ul>
 
</div>

Magic Leap appoints Ross Rosenberg as new CEO

SentiAR has announced that its CommandEP interface, integrated with Magic Leap 2, has received a second FDA 510K clearance. This interface provides physicians with a real-time 3D holographic interface of a patient's heart anatomy, allowing for more precise cardiac ablation therapy. The system can be worn by doctors, offering hands-free manipulation of patient data during procedures. SentiAR plans to conduct new clinical studies later this year. Analyst QuickTake: SentiAR initially received FDA clearance for its CommandEP platform, accessible via Microsoft’s HoloLens headset in September 2020 , making it the first holographic guidance system to be used during an invasive cardiac procedure. The launch of the platform on the Magic Leap 2 will further democratize access to its HealthTech solutions, with the company having raised USD 8.5 million to expand clinical deployments of its platform in April 2023 .

All Updates

Magic Leap reportedly raises USD 590 million in debt funding from Saudi Arabia’s Public Investment Fund

Magic Leap launches update 1.4.0 providing improved hand tracking

Magic Leap appoints Ross Rosenberg as new CEO

SentiAR announces FDA clearance for CommandEP interface on Magic Leap 2

Magic Leap introduces series of updates to boost XR collaboration and immersion

Mercedes-Benz introduces Vision One-Eleven concept car featuring Magic Leap 2 AR glasses

Meta to partner with Magic Leap to license its AR technology for Meta devices

NextechAR subsidiary ARway announces platform integration with Magic Leap AR glasses

Magic Leap announces OpenXR support for its Magic Leap 2 headset

Audi partners with Magic Leap to develop concept car with AR interface