Startup Magic Leap raises half a billion in new funding

Augmented reality company had aimed for US$1 billion

Magic Leap, a well-funded and secretive startup, said on Tuesday it has raised US$502 million in a new capital funding round led by Temasek Holdings an investment firm owned by the government of Singapore.

New investors in the latest series D funding also include EDBI, a Singapore-based global fund, Grupo Globo from Brazil, and Janus Henderson Investors, Magic Leap said in a statement. (http://bit.ly/2zvsF74)

The new financing round comes as Magic Leap readies a long-awaited debut product, a headset that shows images overlaid against the real world, known as augmented reality.

According to a corporate filing earlier this month, the Florida-based startup was seeking to raise up to $1 billion in fresh funding.

Magic Leap said some existing investors were also part of the latest funding. They included Alibaba Group Holding Ltd, Fidelity Management and Research Co, Google LLC, J.P. Morgan Investment Management and T. Rowe Price Group Inc.

Bloomberg reported last month that Temasek was considering to participate in a new financing round of more than $500 million, valuing Magic Leap close to $6 billion.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

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