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AT&T backs mixed reality firm Magic Leap

Magic Leap One headset

AT&T has invested in Magic Leap, completing the mixed reality firm’s previously-announced Series D funding round.

While the value of AT&T’s investment was not disclosed, the deal establishes AT&T as the exclusive wireless distributor of Magic Leap products for consumers in the US.

“We’ve joined with AT&T because we believe in a combined vision of expanding high-speed networks, edge computing, and deep integration with creative content,” said Rony Abovitz, founder, president and CEO of Magic Leap.

“Coupling the strength of the evolving AT&T network with Magic Leap’s spatial computing platform can transform computing experiences for people.”

AT&T Communications CEO John Donovan, who now has observer rights with Magic Leap’s board, said: “We’re designing and offering the future of entertainment and connectivity, and this exclusive arrangement – in combination with our 5G leadership position – will open up new opportunities and experiences.”

Magic Leap announced in October 2017 that it had raised US$502 million in Series D equity funding, led by Singapore-headquartered investment company Temasek.

New backers announced at the time included Brazilian media giant Grupo Globo, fund management firm Janus Henderson Investors, and the EDBI – the corporate investment arm of the Singapore Economic Development Board.

Return investors included Google, Alibaba Group, Fidelity Management and Research Company,  J.P. Morgan Investment Management, and T. Rowe Price.

In March this year, the company reportedly raised another US$461 million in funding led by the Kingdom of Saudi Arabia’s sovereign investment arm, The Public Investment Fund, taking its Series D round at that point to US$963 million.

Magic Leap is headquartered in Plantation, Florida, with locations in Los Angeles, Mountain View, Seattle, Austin, Dallas, the UK, New Zealand, and Israel. The company is due to launch its first product, its Magic Leap One mixed reality headset, this summer.

Tags: AT&T, Magic Leap