The Telegraph reports that Saudi Arabia is investing $590 million in Magic Leap. Saudi Arabia has acquired a majority stake in Magic Leap in 2022.
According to the British news site, the startup has raised a staggering $4.5bn in investment capital to date. Magic Leap itself has not yet confirmed the new round of investment. The news comes two weeks before the launch of the Apple Vision Pro.
The company has been developing AR headsets since 2010. The first headset, Magic Leap One, released in 2018, was a commercial failure. With the second headset called Magic Leap 2, which was launched in 2022, the company completed a strategic pivot towards enterprise customers. In October 2023, CEO Peggy Johnson stepped down and was replaced by Ross Rosenberg.