Magic Leap Is Raising a Series E

Magic Leap is an AR startup that’s raised mountains of cash. Magic Leap is also a capital-intensive business with a high burn rate, in need of more mountains of cash.

On Monday, Variety reported the Florida-based startup is raising a Series E.

• It’s already raised ~$2.6 billion (including $280 million in April).
• Previous investors = Google, Alibaba, Warner Bros, AT&T, a16z, Kleiner Perkins, the Saudi sovereign wealth fund, and JPMorgan.
• Magic Leap reportedly has a headcount of more than 1,800 employees across 19 offices.

Where it’s at now: Magic Leap started shipping its headset last year and now says it’s focused on a second-gen device and its AR content ecosystem. But despite its prodigious fundraising, the startup has failed to gain traction as consumer-grade AR headsets remain years away.

+ Speaking of...Apple’s skunkworks AR project, which employs about 1,000 engineers, needs more magic time. The Information reported Apple wants to ship an AR headset in 2022 and AR glasses in 2023.