Magic Leap CEO Rony Abovitz confirmed he has raised a new round of funding, and he also said that he will step down as the augmented reality company’s top executive.
In a statement, Abovitz confirmed rumors that the company had raised a last-minute round of funding, but he didn’t say where it came from and he didn’t say the amount raised. The company is pivoting to focus its spatial computing platform on the enterprise market.
A week ago, The Information reported that Magic Leap had raised $350 million as a lifeline, just after the company announced it was cutting 1,000 jobs and exiting the consumer business for its Magic Leap One AR headset, which overlays animated images on the real world. Here’s his full statement:
As we’ve shared over the last several weeks, in order to set Magic Leap on a course for success, we have pivoted to focus on delivering a spatial computing platform for enterprise.
We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships.
As the board and I planned the changes we made and what Magic Leap needs for this next focused phase, it became clear to us that a change in my role was a natural next step. I discussed this with the board and we have agreed that now is the time to bring in a new CEO who can help us to commercialize our focused plan for spatial computing in enterprise. We have been actively recruiting candidates for this role and I look forward to sharing more soon.
I have been leading Magic Leap since 2011 (starting in my garage). We have created a new field. A new medium. And together we have defined the future of computing. I am amazed at everything we have built and look forward to everything Magic Leap will create in the decades to come.
I will remain our CEO through the transition and am in discussions with the board with regards to how I will continue to provide strategy and vision from a board level. I remain super excited about Magic Leap’s future and believe deeply in our team and all of their incredible talent and capabilities.
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