Secretive billion-dollar startup Magic Leap just added another $659 million to its war chest

Magic leapMagic LeapA concept video by Magic Leap depicts a giant whale jumping out of a gymnasium floor.

Florida-based startup Magic Leap announced on Tuesday that it had raised $US502 million ($AU639.65 million) in a round of funding led by Singapore’s Temasek.

The $US502 million in capital is in addition to $US1.4 billion the company already raised in previous funding rounds from some of Silicon Valley’s most prestigious investors, including Google.

The company’s series D includes two other new investors, Grupo Globo from Brazil, and Janus Henderson Investors, according to the announcement.

Existing investors including Google, Alibaba, Fidelity, JP Morgan, and T. Rowe Price also chipped into the Series D.

Its current valuation could not be immediately learned. An incorporation document filed in Delaware suggested that the Series D shares could be valued at $US27 per share. Magic Leap was previously valued at $US4.5 billion.

The startup is building a pair of smart glasses that will use advanced computers and cameras to integrate graphics into the real world. It’s the most richly valued private company developing augmented reality, a hot technology that’s been promoted by companies like Apple, Google, and Facebook.

Magic Leap has not yet launched nor publicly revealed a product, although it’s expected to launch a software development kit for its glasses by the end of the year, potentially in December.

Several notable technology figures and celebrities have tried Magic Leap’s technology, although everyone who has donned the glasses signs an NDA.

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