Saudi Investment fund pumps millions into Magic Leap
Saudi Arabia’s sovereign wealth fund is investing heavily in virtual reality, with a focus on rivaling Apple’s Vision Pro glasses. The investment of €540 million highlights the increasing competition in the AR and VR market and demonstrates the country’s ambition to play a key role in technological advancement.
The investment directly confronts Magic Leap with Apple’s latest VR product, the Vision Pro glasses, which will be launched soon.
Magic Leap, founded in 2010, has yet to turn a profit despite previous investments from big names such as Google and AT&T.
Magic Leap launched advanced AR glasses in 2015, but achieved little commercial success. The company has shifted its strategy from consumers to businesses and is seeking licensing opportunities for its intellectual property.
This move highlights the growing interest in AR and VR technologies, not only in the consumer market, but also in business applications. It also illustrates the broader trend of sovereign wealth funds investing in technology as part of their diversification strategy away from traditional assets.
Magic Leap’s total amount raised to more than €4 billion.
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