It looks like Magic Leap could raise up to $1 billion in new funding round

pulse

October 12, 2017 8:19 PM

The augmented reality company, which has yet to release a product, has already raised $1.4 billion.

Stealthy augmented reality company Magic Leap looks set to raise another $1 billion in a new round of venture funding.

The company is now authorized to issue up to 37 million shares of a new class of preferred stock at a price of $27 per share, according to an amended certificate of incorporation flagged by CB Insights that the company filed on Wednesday in Delaware. If Magic Leap sold all of those new Series D shares, it would raise more than $1 billion.

However, the filing is a stock authorization, and Magic Leap could end up raising less.

The price for Magic Leap stock in the secondary market may be lower than $27 per share, according to people who hold shares.

It wasn't clear from the document who would be investing in the new round of funding.

"The filing is an administrative thing every company needs to go through and so we have nothing else to say at this point," Magic Leap representative Julia Gaynor said, adding that there will be more to share soon.

Magic Leap has already raised $1.4 billion in previous funding rounds from some of Silicon Valley's most prestigious investors, including Google and Kleiner Perkins, previously valuing the company at $4.5 billion.

Bloomberg reported last month that the Florida based-startup was in talks with Singapore's Temasek Holdings for additional financing.

Magic Leap is building a pair of smart glasses that will use advanced computers and cameras to integrate graphics into the real world. It has not yet launched nor publicly revealed a product, but Magic Leap is expected to announce a software development kit in December.

Here's the latest promo video from the company:

Magic Leap | How It All Began

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