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Magic Leap

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Magic Leap, Inc.
Type of businessPrivate
HeadquartersPlantation, Florida
Founder(s)Rony Abovitz[1][2][3]
CEORoss Rosenberg[4]
URLwww.magicleap.com
Launched2010 (2010)
Current statusActive

Magic Leap, Inc. is an American technology company that released a head-mounted augmented reality display, called Magic Leap One,[5] which superimposes 3D computer-generated imagery over real world objects. It is attempting to construct a light-field chip using silicon photonics.[6]

Magic Leap was founded by Rony Abovitz in 2010[7] and has raised $2.6 billion from a list of investors including Google[8] and Alibaba Group.[9][10] In December 2016, Forbes estimated that Magic Leap was worth $4.5 billion.[11] On July 11, 2018, AT&T invested in the company and became its exclusive partner. On August 8, 2018, the Magic Leap One was made available in the United States through AT&T.

On May 28, 2020, Rony Abovitz announced that Magic Leap had raised $350 million in new funding and that he would be stepping down as CEO.[12] On July 7, 2020, the company announced their new CEO would be former Microsoft executive Peggy Johnson.[13][14]

History

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Magic Leap One headset

2010–2014: founding and secrecy

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Magic Leap was founded by Rony Abovitz in 2010.[7] According to past versions of its website, the startup evolved from a company named "Magic Leap Studios" which around 2010 was working on a graphic novel and a feature film series, and in 2011 became a corporation, releasing an augmented reality app at Comic-Con that year.[15] In October 2014, when the company was still operating in stealth mode (but already reported to be working on projects relating to augmented reality and computer vision), it raised more than $540 million of venture funding from Google,[16] Qualcomm, Andreessen Horowitz and Kleiner Perkins, among other investors.[17][18]

A November 2014 analysis by Gizmodo, based on job listings, trademark registrations and patent applications from Magic Leap, concluded that the company appeared to be building a competitor to the Google Glass and Oculus Rift that would "blend computer-generated graphics with the real world".[15] It had also been compared to Microsoft HoloLens.[19]

Before Magic Leap, a head-mounted display using light field had been demonstrated by Nvidia in 2013, and the MIT Media Lab has also constructed a 3D display using "compressed light fields"; however, Magic Leap asserts that it achieves better resolution with a new proprietary technique that projects an image directly onto the user's retina.[7] According to a researcher who studied the company's patents, Magic Leap is likely to use stacked silicon waveguides.[6]

Richard Taylor of special effects company Weta Workshop is involved in Magic Leap alongside Abovitz.[15] Science fiction author Neal Stephenson joined the company in December 2014.[19] Graeme Devine is their Chief Creative Officer & Senior VP Games, Apps and Creative Experiences.[20]

2015–2018: product teases and reveal

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On March 19, 2015, Magic Leap released a demo video titled "Just another day in the office at Magic Leap". The video includes augmented reality gaming and productivity applications but it was unclear if the video was actual footage using their technology or a simulated experience.[21]

On October 20, 2015, Magic Leap released actual footage of their product. While still not showing any hardware, the footage claims that it was filmed through a Magic Leap device without the use of special effects or compositing.[22] The video suggests that virtual 3D objects can be occluded by real objects, which may be predefined geometry in the scene but led to speculation about 3D spatial mapping being used.[citation needed] It also shows virtual lights reflecting from a real table, which seem to be incorrectly placed in space, and therefore may suggest that the reflections are part of the virtual scene without interacting with the real world (similarly to "fake" shadows in early video games).[according to whom?] The video showcases only quite bright objects superimposed over dark areas of the real world. This suggests that the hardware can only add new light without blocking incoming light from the real world. This would allow it to render only fully transparent objects which emit or reflect light, and may not allow virtual objects to occlude real objects.[citation needed]

On December 9, 2015, Forbes reported on documents filed in the state of Delaware, indicating a Series C funding round of $827m. This funding round could bring the company's total funding to $1.4 billion, and its post-money valuation to $3.7 billion.[23] On February 2, 2016, Financial Times reported that Magic Leap further raised another funding round of close to $800m, valuing the startup at $4.5 billion.[24]

On February 11, 2016, Silicon Angle reported that Magic Leap had joined the Entertainment Software Association.[25]

On June 16, 2016, Magic Leap announced a partnership with Disney's Lucasfilm and its ILMxLAB R&D unit. The two companies would form a joint research lab at Lucasfilm's San Francisco campus.[26]

On December 20, 2017, Magic Leap unveiled their Magic Leap One, to be shipped the following year.[27]

In December 2017, UK technology news site The Register described Magic Leap as a vaporware company that "has received nearly $2bn in funding over four years, values itself at $6bn, and has yet to produce anything but fake technology".[28]

On March 7, 2018, Magic Leap raised $461 million in Series D funding led by the Public Investment Fund of Saudi Arabia, the country's sovereign wealth fund.[29]

In June 2018, the company's first headset, called the Magic Leap One, was showcased for the first time online, only showcasing the device visually but performing no demonstration of its functionality.[30][31]

On July 1, 2018, the device was finally demoed, confirming its use of NVIDIA TX2 hardware. The general reaction was of disappointment with what was shown, based on what had been promised up to that point.[32][33]

2018–present: product launches

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On July 11, 2018, AT&T invested in the company, set to become its exclusive partner. Magic Leap One became the first product to be sold only in AT&T-owned stores across the United States. Also AT&T Communications' CEO John Donovan is set to become a board member of the company.[34][35]

On October 10, 2018, Magic Leap introduced Mica, a human-like AI assistant.[36]

In April 2019, it was reported that Magic Leap had raised an additional $280 million from NTT Docomo as part of a partnership announced by the two companies.[37]

In November 2019, it was reported that Magic Leap assigned all of its US patents to J.P. Morgan Chase in August 2019. The company also announced a significant financing round, which would become its series E when complete.[38]

On April 22, 2020, Magic Leap indicated a major company restructuring and that half of the company's staff would be laid off due to the COVID-19 pandemic.[39][40] Despite the job cuts, the company raised $350 million in May 2020.[41]

In September 2020, The Information reported that the company valuation was $6.4 billion in 2019 and by June 2020 it dropped to $450 million, by 93 percent in six months.[42]

In October 2021, Venture Beat reported that the company's valuation was $2 billion after raising $500 million from an unidentified source and that the company would unveil the new Magic Leap 2 AR headset in 2022 (“select customers” are already using it in 2021 as part of an early access program).[43]

In October 2021, Magic Leap's CEO announced Magic Leap 2 would be the "industry’s smallest and lightest device" for business uses, with a significantly larger field of view, and include a dimming feature to be used in brightly lit settings.[44]

On September 30, 2022, Magic Leap officially released its latest AR Headset, the Magic Leap 2.[45]

On December 31, 2024, cloud services for Magic Leap 1 will no longer be available, core functionality will reach end-of-life and the Magic Leap 1 device and apps will stop working.[46]

In July 2024, Magic Leap cut about 75 jobs, including its entire sales and marketing teams. The company is also partnering with Google.[47][8]

By August 2024, Magic Leap had raised at least $3.5 billion, including $750 million from Saudi Arabia's Public Investment Fund.[48]

Acquisitions

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  • April 18, 2016: Israeli cybersecurity company NorthBit.[49]
  • February 18, 2017: the 3D division of Swiss computer vision company Dacuda.[50]
  • Early 2018: military startup Chosen Realities.[51]
  • May 2019: Belgian startup Mimesys, developer of volumetric video conferencing software for the Magic Leap platform.[52]

See also

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References

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  1. ^ Robertson, Adi (July 7, 2020). "Magic Leap names former Microsoft executive as CEO". The Verge. Retrieved July 30, 2020.
  2. ^ Griffith, Erin; Weise, Karen (July 7, 2020). "Magic Leap Hires Top Microsoft Executive as C.E.O." The New York Times. ISSN 0362-4331. Retrieved July 30, 2020.
  3. ^ "Magic Leap Hires Top Microsoft Executive as C.E.O." Miami Herald.
  4. ^ Heater, Brian (July 7, 2020). "Magic Leap has a new CEO". TechCrunch. Retrieved September 21, 2024.
  5. ^ "Magic Leap: Founder of Secretive Start-Up Unveils Mixed-Reality Goggles". Rolling Stone. Archived from the original on December 20, 2017. Retrieved December 21, 2017.
  6. ^ a b Bourzac, Katherine (June 11, 2015). "Can Magic Leap Do What It Claims with $592 Million?". MIT Technology Review. Retrieved June 13, 2015.
  7. ^ a b c Markoff, John (July 14, 2014). "Real-Life Illness in a Virtual World". New York Times.
  8. ^ a b Paul, Katie. "Exclusive: Google, augmented reality startup Magic Leap strike partnership deal". Reuters.
  9. ^ "Magic raises $ 1.4 billion". Yahoo Tech. Associated Press. May 27, 2016. Archived from the original on June 2, 2016. Retrieved May 28, 2016.
  10. ^ 孙迟. "AR glasses firm gets boost from Alibaba". www.chinadaily.com.cn. Retrieved September 21, 2024.
  11. ^ Ewalt, David M. "Inside Magic Leap, The Secretive $4.5 Billion Startup Changing Computing Forever". Forbes. Retrieved November 3, 2016.
  12. ^ Takahashi, Dean (May 28, 2020). "Magic Leap CEO Rony Abovitz is stepping down". venturebeat.com. Retrieved May 29, 2020.
  13. ^ Shieber, Jonathan (July 7, 2020). "Magic Leap has a new chief executive and its former Microsoft exec Peggy Johnson". TechCrunch.
  14. ^ Foley, Mary Jo. "Microsoft Business Development Chief Peggy Johnson becomes Magic Leap CEO". ZDNet. Retrieved September 16, 2020.
  15. ^ a b c Hollister, Sean (November 19, 2014). "How Magic Leap Is Secretly Creating a New Alternate Reality". Gizmodo.
  16. ^ The company, not its investment arm Google Ventures
  17. ^ David Lidsky (October 21, 2014). "So Badass You Can't Believe It". Fast Company.
  18. ^ David Gelles and Michael J. de la Merced (October 21, 2014). "Google Invests Heavily in Magic Leap's Effort to Blend Illusion and Reality". The New York Times.
  19. ^ a b Lapowsky, Issie (February 24, 2015). "Magic Leap CEO Teases 'Golden Tickets' for Its Augmented-Reality Device". Wired.
  20. ^ EmTech Digital, MIT Technology Review. "10 Breakthrough Technologies 2015 - Magic Leap". MIT Technology Review. Retrieved June 9, 2015.
  21. ^ Etherington, Darrell (March 19, 2015). "Watch Magic Leap's Video Of Seamless Augmented Reality Office Game Play". TechCrunch. Retrieved October 21, 2015.
  22. ^ "Stunning Magic Leap demo is as real as augmented reality gets - CNET". CNET. Retrieved October 21, 2015.
  23. ^ "Secretive Augmented Reality Startup Magic Leap Raising $827 Million". Forbes. Retrieved December 9, 2015.
  24. ^ Bradshaw, Tim (February 2, 2016). "Magic Leap raises $800m from Alibaba, Warner Bros and Google". Financial Times. ISSN 0307-1766. Retrieved February 3, 2016.
  25. ^ "AR and VR firms Magic Leap and Virtuix join the Entertainment Software Association". SiliconANGLE. February 11, 2016. Retrieved February 12, 2016.
  26. ^ Spangler, Todd (June 16, 2016). "Lucasfilm Developing 'Star Wars' Augmented-Reality Content Under Pact With Magic Leap (VIDEO)". Variety. Retrieved June 22, 2016.
  27. ^ Crecente, Brian (December 20, 2017). "Magic Leap: Founder of Secretive Start-Up Unveils Mixed-Reality Goggles". Variety. Retrieved April 9, 2019.
  28. ^ at 21:35, Kieren McCarthy in San Francisco December 20, 2017. "Magic Leap blows our mind with its incredible technology... that still doesn't f**king exist". www.theregister.co.uk.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  29. ^ "Magic Leap Raises $461 Million From Saudis". Bloomberg.com. March 7, 2018. Retrieved March 16, 2018.
  30. ^ Stein, Scott. "What we just learned about the Magic Leap One's hardware". CNET.
  31. ^ McCarthy, Kieren (June 6, 2018). "At last: Magic Leap reveals its revolutionary techno-goggles – but wait, there's a catch". www.theregister.co.uk.
  32. ^ "Magic Leap Finally Demoed Its Headset And It Is… Disappointing - Digg". digg.com. July 11, 2018.
  33. ^ Leswing, Kif. "Magic Leap CEO says critics can't understand the multibillion-dollar startup's technology without trying it: 'You could never experience TV on the radio'". Business Insider.
  34. ^ Kharpal, Arjun (July 11, 2018). "AT&T strikes partnership and invests in secretive Google-backed 'mixed reality' start-up Magic Leap". CNBC.
  35. ^ "AT&T Joins Roster of Magic Leap Investors Ahead of Product Debut". Bloomberg.com. July 11, 2018.
  36. ^ "Magic Leap's Mica is a human-like AI in augmented reality". VentureBeat. October 10, 2018. Retrieved January 30, 2019.
  37. ^ Swartz, Jon. "Magic Leap's Deal With NTT Docomo Is Another Step in the Virtual Reality Game". www.barrons.com. Retrieved November 11, 2019.
  38. ^ "Virtual reality company Magic Leap announces fifth round of venture funding". www.miamiherald.com. Retrieved November 14, 2019.
  39. ^ "Magic Leap Cuts Half of Jobs In Major Restructuring". Bloomberg.com. April 22, 2020. Retrieved May 12, 2020.
  40. ^ "Magic Leap halves headcount in struggle for survival". Financial Times. April 22, 2020. Retrieved May 12, 2020.
  41. ^ Heater, Brian (May 21, 2020). "Magic Leap has apparently raised another $350 million, in spite of itself". TechCrunch. Retrieved May 22, 2020.
  42. ^ Weinberg, Cory (September 2, 2020). "Biggest Startup Markdowns: Magic Leap, WeWork, Airbnb". The Information (company). Retrieved September 4, 2020.
  43. ^ Lyons, Kim (October 11, 2021). "Magic Leap raises $500M and unveils Magic Leap 2 AR headset for next year". Venture Beat. Retrieved October 11, 2021.
  44. ^ "My First Year at Magic Leap and the Opportunity Ahead | Magic Leap". www.magicleap.com. Retrieved December 17, 2021.
  45. ^ "Magic Leap 2 Now Available to Customers as the Most Immersive Augmented Reality Headset for Enterprise". www.magicleap.com. September 30, 2022. Retrieved December 15, 2022.
  46. ^ "Magic Leap 1 AR Headsets Will "Cease To Function" After 2024". www.uploadvr.com. August 30, 2023. Retrieved December 3, 2023.
  47. ^ Gorelick, Evan; Brustein, Joshua (July 19, 2024). "Augmented-Reality Startup Magic Leap Cuts Sales, Marketing Teams". Bloomberg.com. Retrieved July 22, 2024.
  48. ^ Bergen, Mark (August 6, 2024). "Saudi PIF Has Poured $750 Million Into Depleted AR Firm Magic Leap". Bloomberg.com. Retrieved August 7, 2024.
  49. ^ Ackerman, Gwen (April 18, 2016). "Magic Leap Acquires Israeli Cyber Security Company NorthBit". Bloomberg.com. Retrieved April 19, 2016.
  50. ^ Colaner, Seth (February 19, 2017). "Magic Leap Acquiring Dacuda's 3D Scanning Assets". Tom's Hardware. Retrieved March 5, 2017.
  51. ^ Burstein, Joshua (September 21, 2018). "Magic Leap is bidding on an Army combat contract". seattletimes.com. Retrieved September 21, 2018.
  52. ^ Matney, Lucas (May 17, 2019). "Magic Leap buys Belgian startup building hologram teleconferencing software". TechCrunch. Retrieved May 19, 2019.

Further reading

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