Public Investment Fund Commits $461 Million to Augmented Reality Startup

Magic Leap, the Plantation, Florida-based augmented reality startup announced that it has raised $461 million from the Kingdom of Saudi Arabia’s sovereign investment arm, The Public Investment Fund. The Saudi Arabian fund contributed $400 million of the raise, with “new investors” fronting the rest, the company said.

“The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future,” CEO Rony Abovitz said in a statement.

Augmented Reality: Saudi Arabia’s Latest High-Tech Venture

Saudi Arabia has made investment in technology a cornerstone of its economic diversification strategy. In June 2016, Japan’s SoftBank Group announced that it would partner with the Saudi Arabian Public Investment Fund to form a fund to make global investments in the technology sector. The Fund is managed in the United Kingdom by a subsidiary of SBG and deploys capital from SBG and investment partners. The Fund will aim to be one of the world’s largest of its kind.

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