We may not know what a Magic Leap products looks like, or even how much it costs, but the secretive startup has plans to rise up to $1 billion in new funds. Reuters reports that a filing posted in the state of Delaware states the company’s intent to sell more than 37 million shares at $27 dollar each.
In the past Magic Leap has faced criticism for advertise its work with videos portraying special effects and not actual, working augmented reality technology, but it announced a partnership with Madefire to develop mixed-reality comics through Motion Books, Madefire’s app currently used by comic powerhouses DC and Marvel.
“Magic Leap is developing the ultimate stage for storytelling – with the same belief in the power of stories and creators. We couldn’t be more thrilled to bring the Madfire approach to Magic Leap and a library of new exciting stories to mixed reality,” said Ben Wolstenholme, Madefire’s CEO, during the most recent NY ComicCon where the companies participated in a forum about the future of comics.
This is the first solid promise made by the Florida-based startup that is currently valued at $4.5 billion in market value and has raised up to $1.4 billion in past funding rounds that included Google and Kleiner Perkins. For the new round of fundings, Magic Leap is considering an investment from Temasek Holdings, from Singapore, which is willing to put about $500 million in funding, according to Bloomberg, which first reported the investment firm’s interest.
“The filling is an administrative thing every company needs to go through, and so we have nothing else to say at this point,” Magic Leap’s representative Julia Gaynor told Business Insider about the new round of funding.
Magic Leap has been very secretive about the development of its first product. Various reports signal that the company is preparing to present a headset “not smaller than Google glass and not bigger than a VR set” that will overlay computer generated images into real life. The gadget is expected to be priced between $1,200 and $2,000.
Since Magic Leap made its debut in the startup ecosystem, virtual reality and augmented reality have been gaining ground, propelled by efforts from Facebook, Google and Apple. The three tech giants, however, pivoted their approach from an ambitious first attempt to develop whereables that are AR- and VR-ready to developing a myriad of apps that seize the new and improved cameras on mobiles to explore AR and VR until the wearables are ready to market.
The stakes are high for Magic Leap. While it searches for funds, we can all agree that they have our attention.