Temasek may join Magic Leap financing round

FLORIDA: Magic Leap Inc, a startup that’s raised more than US$1.3 billion (RM5.47 billion) to build a wearable computing device, is trying to raise even more cash as it readies a long-awaited debut product.

Temasek Holdings Pte Ltd was considering taking part in a new financing round of more than US$500 million, valuing Magic Leap close to US$6 billion, said sources.

Magic Leap has already attracted high-profile investments from companies including Alibaba Group Holding Ltd, Qualcomm Inc and Alphabet Inc, which invested directly in the firm and put chief executive officer Sundar Pichai on the board.

Magic Leap’s last financing round, led by Alibaba, valued the company at US$4.5 billion.

The latest round has not closed. Magic Leap hopes to ship its first device to a small group of users within six months, according to three people familiar with its plans.