Temasek to consider investing in Magic Leap

SAN FRANCISCO: Magic Leap Inc, a Floridabased startup that’s raised more than US$1.3bil to build a wearable computing device, is trying to raise even more cash as it readies a long-awaited debut product.

Temasek Holdings Pte, an investment company owned by Singapore, is considering taking part in a new financing round of more than US$500mil, valuing Magic Leap close to US$6bil, according to people familiar with the situation.

Magic Leap has already attracted high-profile investments from companies including Alibaba Group Holding Ltd, Qualcomm Inc and Alphabet Inc’s Google, 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$4.5bil.

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.

A spokeswoman from Magic Leap declined to comment.

Temasek declined to comment. Magic Leap has wowed investors with a promise to perfect a futuristic field, augmented reality, that all the leading consumer technology companies are actively chasing.

But it has never given a launch date for its device and offered few details on how it would work.