On October 18, foreign media reported that the Public Investment Fund, which manages Saudi Arabia's sovereign wealth, recently injected another $205 million into AR glasses company Magic Leap.
Image source: Magic Leap official website
Previously, Saudi Arabia had invested $400 million in Magic Leap through its sovereign wealth fund in 2018. In 2022, Saudi Arabia invested $450 million in Magic Leap, acquiring more than 50% of the shares and gaining control of Magic Leap.
Alibaba, a well-known Chinese technology company, invested $793.5 million in Magic Leap in 2016. In addition, Google, Qualcomm, Warner, Morgan Stanley, and other companies have also invested in Magic Leap.
According to available information, Magic Leap was founded in 2011 and is headquartered in Florida, USA. In 2018, its first product, the Magic Leap One MR glasses, was released, but the market response did not meet expectations. Subsequently, the company shifted its focus to the enterprise AR market.
Subsequently, in 2022, Magic Leap released the Magic Leap 2, an AR headset targeting the enterprise market. Utilizing an LCoS optical engine, it could be used in fields such as medical, industrial, military, and energy. However, it's worth noting that Magic Leap has never achieved profitability since its inception. (Compiled)
