Saudi Arabia features management of AR developer Magic Leap for $450 million


The Telegraph stories that Saudi Arabia has gained majority management of developer Magic Leap in a deal price $450 million. 

By way of its sovereign wealth fund often known as Public Funding Fund (PIF), Saudi Arabia now has a stake within the firm over 50 p.c. Per sources chatting with the Telegraph, “the PIF is entitled to nominate 4 of the eight administrators of the board of administrators of Magic Leap.”

In 2018, Saudi Arabia raised $400 million in funding for Magic Leap, so it is clear that it is wished to realize management of the developer for a while. With majority management within the developer, the area now has a presence in augmented and digital actuality, which presently options Meta (through its Quest headsets) and Sony (PlayStation VR).

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Magic Leap is the developer behind the augmented actuality headset of the identical title. The unique Magic Leap headset launched in 2018 and following its lower-than-expected gross sales, the developer laid off dozens of employees throughout a number of departments. Earlier this 12 months, the Magic Leap 2 launched for $3299, although gross sales numbers have but to be disclosed.

When Magic Leap first gained consideration within the mid-2010s, numerous tech firms resembling Google and Warner Bros. offered funding to the developer. In 2016, the studio reportedly raised $4 billion in funding.

At time of writing, Magic Leap didn’t present a press release to The Telegraph, nor has it stated something in any respect about its current improvement.

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