Magic Leap of Hollywood raises $50 million in funding


Magic Leap, a Hollywood-based company developing wearable technology and a product it calls "Cinematic Reality," announced this week that it closed a venture capital round and has now raised more than $50 million to develop its proprietary technology platform. Few details were released, including who led the investment.

Rony Abovitz, Magic Leap's co-founder, president and CEO, was also vague on product details, but on Friday said: “Cinematic Reality is a new medium for human visual/sensory interaction with the digital world...We are working on some things that we believe are groundbreaking and revolutionary in terms of human-computing interaction -- something that is very friendly and organic to the normal workings of human biology."

Prior to launching Magic Leap in 2011, Abovitz was the co-founder and head of development and technology for MAKO Surgical, a Davie-based manufacturer of robotic surgery tools that was recently acquired by Stryker Corp. for $1.65 billion. On Magic Leap’s board of directors and listed as a co-founder is Academy Award winner Richard Taylor, founder of Weta Workshop, a design studio/manufacturing facilily that has worked on The Hobbit, Man of Steel, Lord of the Rings Trilogy, Avatar and other movies.

Nancy Dahlberg

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