Google Inc (GOOGL) to be a Major Contributor in $500 Million Funding for Magic Leap

The world’s leading tech giant company, Google Inc (NASDAQ:GOOGL), is all set to lead the $500 million funding program for Magic Leap, tech company that boasts about its “cinematic reality” technology.

Magic Leap, the Florida based tech company, is likely to receive funding of $500 million with Google as the lead investor followed by Andreessen Horowitz among other significant investors. None of the three parties has confirmed the same. The tech company announced earlier that it has received $50 million funding earlier this year and the company is attracting key investors from the Silicon Valley and Hollywood.

Google (GOOG)

Rony Abovitz, CEO of Magic Leap, said that the company is involved in “what we believe will be the most natural and human-friendly wearable computing interface in the world” without disclosing any further details. The company is said to offer more comprehensive 3D experience than what the current companies are offering. Abovitz further said their technology would help users visualize a real 3D-object.

Abovitz earlier said, “Those are old terms — virtual reality, augmented reality. They have legacy behind them. They are associated with things that didn’t necessarily deliver on a promise or live up to expectations. We have the term ‘cinematic reality’ because we are disassociated with those things. … When you see this, you will see that this is computing for the next 30 or 40 years. To go farther and deeper than we’re going, you would be changing what it means to be human.”

Magic Leap was founded in 2011 with over 100 experts working as a team including the hiring of Brian Wallace, involved in Samsung’s “Next Big Thing” campaign and Google Inc (NASDAQ:GOOGL)’s Motorola Unit. Wallace was caught saying that looking at the demo of Magic Leap was “one of the most profound moments I’ve ever had.”

This article has been written by Prakash Pandey.

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