Magic Leap raises $350 million and puts layoffs on hold

Magic Leap has been having difficulties for pretty a whilst now, but the earlier year has been specially complicated thanks to very poor gross sales and the coronavirus pandemic. Back in April, the firm introduced that it is laying off workers at just about every degree, and The Data documented that all-around one,000 people would lose their jobs. Now, the mixed-reality headset-maker has last but not least caught a crack — according to Business enterprise Insider and The Data, firm chief Rony Abovitz told his workers in a memo that Magic Leap has managed to increase $350 million from present and new traders.

As a consequence, Abovitz has reportedly withdrawn the layoff notices despatched to remaining personnel in April. It is unclear how several workers dropped their jobs prior to this, but all those nonetheless with the firm won’t have to be concerned about obtaining laid off in the in the vicinity of upcoming at minimum. Despite the hardships the firm has experienced to facial area in current several years, Magic Leap started off powerful and raised $two.six billion to create its mixed reality headset. Sadly, that’s nevertheless to translate to industrial success. Bloomberg documented in March that the firm chose to change its focus on enterprise and to commence locating a buyer for a sale that could fetch up to $ten billion thanks to the lackluster gross sales of its AR headset.