Magic Leap, a Hollywood-based company developing wearable technology and a product it calls "Cinematic Reality," said it closed its Series A venture capital round. Magic Leap said it has now raised more than $50 million in its series seed and A rounds to develop its proprietary technology platform. Few details were released, including who led the investment.
So just what is Cinematic Reality? In the founder's own words ...
"Cinematic Reality is the new human computing user experience delivered by Magic Leap's proprietary technology platform. Cinematic Reality is a new medium for human visual/sensory interaction with the digital world," said Rony Abovitz, Magic Leap's co-founder, president and CEO (pictured). "We are working on some things that we believe are groundbreaking and revolutionary in terms of human-computing interaction - something that is very friendly and organic to the normal workings of human biology."
Prior to launching Magic Leap in 2011, Abovitz was the co-founder and head of development and technology for MAKO Surgical, a Broward-based manufacturer of robotic surgery tools that was recently acquired by Stryker Corp. for $1.65 billion. He would not say how many people are on his current team, only that "we now have a critical mass of jedis, wizards, and ninjas - but we continue to hire and grow rapidly." He would not name his investors, but said "they are all technology entrepreneurs (East Coast and West Coast) with a proven track record of major innovation."
On Magic Leap’s board of directors and listed as a co-founder is Academy Award winner Richard Taylor, founder of Weta Workshop, a design studio/manufacturing facilily that has worked on The Hobbit, Man of Steel, Lord of the Rings Trilogy, Avatar and other movies. “What Rony and the Magic Leap team have created is nothing short of remarkable and will forever change the way we interact with images and information,” Taylor said in the press release. “We are now at the threshold of giving people a dynamic image interface that harmonizes with their senses in a completely natural way.... "The Magic Leap team has created something truly game changing. It is like a rocket ship for the mind.”
In remarks on Friday, Abovitz also used the rocket analogy: "We are focusing on building great, amazing products that will make our technology feel magical for everyone. I think of what we are doing in a way similar to the Apollo mission to the moon (not quite as hard, but we have our challenges). The recent funding will get us to the moon orbit, maybe a test landing. It will also push us well down the road of transitioning from early stage R&D to commercialization."
Posted: Feb. 6
This post was updated on Feb. 7.