Magic Leap Raises $502 Million, Led by Singapore’s Temasek

(Bloomberg) -- Magic Leap Inc., the richly funded startup developing an augmented-reality device, has added more cash to its arsenal, though it has yet to release a product.

The latest funding round of $502 million was led by Temasek Holding Pte., Singapore’s state-owned investment company. Brazil-based Grupo Globo and Janus Henderson Investors also participated, along with Alibaba Group Holding Ltd., Fidelity Investments and other existing investors, Magic Leap said in a statement. This brings total funding for the Florida-based startup to more than $1.8 billion.

Bloomberg first reported last month that Temasek was considering taking part in the financing round, which was expected to Magic Leap at about $6 billion. The company declined to comment on the valuation. Magic Leap hopes to ship its first device to a small group of users within five months, people familiar have said.

Magic Leap has wowed investors with a promise to create a headset using a type of light-field technology that would result in superior augmented reality experiences, an area most major consumer technology companies are chasing. But it has never given a launch date for its device, nor offered much detail on how it would work.