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AR startup Magic Leap raises $461 million from Saudi Arabia fund

Magic Leap, a secretive startup working in the augmented reality space, said on Wednesday it raised $461 million in its latest funding round, led by the Kingdom of Saudi Arabia’s sovereign investment arm.

The company said it raised $963 million in the series D round, taking the total funding to over $2.3 billion to date. he Saudi Arabian fund contributed $400 million of the raise, with “new investors” fronting the rest, the company said.

Saudi Arabia’s Public Investment Fund joins a clutch of global names such as Alphabet Inc’s (GOOGL.O) Google, Alibaba Group (BABA.N), Qualcomm Inc (QCOM.O), Time Warner’s (TWX.N) Warner Bros and J.P. Morgan Investment Management which have invested in Magic Leap.

Magic Leap in October raised $502 million in a capital funding round, led by Singapore government-owned investment firm Temasek Holdings [TEM.UL].

The latest financing round comes as Magic Leap readies to ship in 2018 its long-awaited debut product, “Magic Leap One, Creator Edition”, an AR headset built for developers.

“The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future,” CEO Rony Abovitz said in a statement.

Magic Leap said Allen & Co LLC served as its financial advisers.

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