Magic Leap raises another $502 million in financing

What is there besides this elephant

What is there besides this elephant?Image magic leap

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.

Singapore's Temasek Holdings has led a US$502 million Series D funding round of US-based Augmented Reality company Magic Leap.

The announcement confirms a report last month by Bloomberg on the company's talks for its latest round of funding.

Magic Leap said new investor Temasek was joined by other new backers in the round, including Brazilian media giant Grupo Globo, fund management firm Janus Henderson Investors, and the EDBI - the corporate investment arm of the Singapore Economic Development Board. According to Business Insider, "Magic Leap describes its technology as projecting digital light fields onto your retina, helping your eyes and brain see things that look like they're part of the real world".

Founded in 2010, Magic Leap counts Google and Alibaba Group as early investors, not to mention Qualcomm, Andreessen Horowitz and Kleiner Perkins.

In a glimpse of what Magic Leap is developing, previous year Disney's Lucasfilm and its ILMxLAB R&D unit announced a strategic partnership with Magic Leap and released a proof-of-concept video with "Star Wars" droids C-3PO and R2-D2. Headquartered in Plantation, Fla., Magic Leap also has locations in Los Angeles, Sunnyvale, Seattle, Austin, Dallas, Zurich, New Zealand, and Israel. The company's mission is to harmonise human interaction with technology.

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