Magic Leap Raises An Additional $350 Million In Funding Despite Layoff Announcements
To many people’s surprise, Magic Leap has managed to raise $350 million in additional capital to prevent the 1,000 employee layoff that was announced last month.
According to Business Insider, CEO Rony Abovitz, the company has managed to secure this large funding which will help avoid the planned layoff of a big portion of their team.
“We are making very good progress in our healthcare, enterprise, and defense deals,” Abovitz says. “As these deals close, we will be able to announce them.”
Just a month ago Abovitz stated the following:
“To better prepare Magic Leap for the future, we have taken a close look at our business and are making targeted changes to how we operate and manage costs. This has made it necessary for us to make the incredibly difficult decision to lay off a number of employees across Magic Leap.
This has been a painful process, as every member of our Magic Leap team has demonstrated not only unparalleled talent but a true passion for our company’s mission. But after lengthy, careful consideration, I have determined this is ultimately necessary to give us the best chance for future success. These changes will occur at every level of our company, from my direct reports to our factory employees.”
Magic Leap is really honed in on their enterprise sales and will see how it develops this niche and pipeline for their Magic Leap headsets.