Magic Leap Announces $793.5 million in New Funding

Alibaba Leads Investment

DANIA BEACH, Fla., Feb. 2, 2016 /CNW/ -- Magic Leap, Inc. ("Magic Leap") announced $793.5 million in new funding today, led by Alibaba Group. Continued investment comes from Google Inc., Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, and others. New investment also comes from Warner Bros. and tier-one financial institutions, including Fidelity Management and Research Company, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Wellington Management Company.

"Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield™ experience to everyone," said Rony Abovitz, Founder, President, and CEO of Magic Leap, Inc. "We are excited to welcome Alibaba as a strategic partner to help introduce Magic Leap's breakthrough products to the over 400 million people on Alibaba's platforms."

"We invest in forward-thinking, innovative companies like Magic Leap that are developing leading products and technologies," said Joe Tsai, Executive Vice Chairman at Alibaba. "We believe Alibaba can both provide support to and learn from such a partner, and we look forward to working with the Magic Leap team."

Alibaba, Warner Bros., Fidelity Management and Research Company, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, Inc., Wellington Management Company, and others join Magic Leap's existing investors: Google Inc., Qualcomm Ventures, Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and others.

Allen & Company LLC served as financial advisors to Magic Leap in connection with the transaction.

About Magic Leap, Inc.
Magic Leap is developing the next computing platform that will enable you to seamlessly combine and experience your digital and physical lives. Magic Leap is headquartered in Dania Beach, Florida, with locations in Santa Cruz, Los Angeles, Mountain View, Seattle, Austin, the UK, New Zealand, and Israel.

Media Contacts:
Andy Fouché
Head of PR and Government Affairs
Magic Leap, Inc.
afouche@magicleap.com
+1.206.697.3678

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SOURCE Magic Leap, Inc.

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