Saudi PIF investing $400 mln in augmented reality startup Magic Leap

Rony Abovitz, founder president and CEO of Magic Leap (R) unveils a view of his companies augmented reality with Rio Caraeff, chief content officer, at the Wall Street Journal Digital Live ( WSJDLive ) conference. (Reuters)

Saudi Arabia’s Public Investment Fund (PIF) announced that it has participated in the Series D equity funding by Magic Leap, Inc. (Magic Leap), investing $400 million, joining a number of prominent global investors in the company.

Magic Leap is developing world-leading technologies around head-mounted virtual retinal displays and expected to launch its first generation product in 2018.

This investment forms part of PIF’s International Investments and is in line with PIF’s strategy to enable the creation of new sectors and opportunities that will shape the future global economy. Furthermore, the transaction supports PIF’s mandate of building strong global investment partnerships, and developing Saudi Arabia into a global investment powerhouse.

PIF’s International Investments portfolio aims to consolidate and strengthen the Fund’s performance as active contributor in the international economy and partner of choice for international investment opportunities.

Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56