Recently, the augmented reality technology startup Magic Leap announced that it has raised 500 million US dollars and will release the second-generation AR headset Magic Leap 2 globally in 2022.
Magic Leap was founded in the United States in 2011, initially focusing on the research and development of consumer AR headsets, and then turning to the enterprise market. Since its inception, Magic Leap has received nearly $3 billion in financing, and its technological innovation is mainly integrated in micro products. In 2015, Magic Leap released a whale video that caused a sensation in the industry, but a year later it was proved to have misleading propaganda, making the company even more mixed.
From last year to the beginning of this year, as the AR and VR markets did not improve, the popular AR star company also reported negative news such as layoffs of thousands of employees, runaway executives, and the abolition of consumer businesses, which was embarrassing. However, in recent months, the concept of “meta universe” has brought new enthusiasm to the VR and AR industries. Now Magic Leap is also ushering in the double good news of capital and product business after the new CEO.
Magic Leap CEO Peggy Johnson was full of praise when talking about the company’s latest products, saying that Magic Leap 2 is the smallest and lightest device in the industry.
01 Raising US$500 million to support the implementation of second-generation AR products
By 2020, Magic Leap has laid off 1,000 employees, accounting for about half of its employees, and it is reported that the company is abandoning its consumer business. Co-founder and CEO Rony Abovitz left the company in July 2020 and Peggy Johnson took over as CEO.
Johnson resigned from Microsoft during the new crown pneumonia outbreak and joined Magic Leap as CEO. She sees the huge development potential of AR technology, and believes that Magic Leap has a diversified, high-performance team and a powerful technology platform, and is one of the most robust intellectual property portfolios among companies of the same size.
According to Johnson’s statement issued on October 11, Magic Leap is currently adjusting its organizational structure to focus more on providing services to enterprise-level customers, helping new customers achieve industry-leading goals, and laying a solid foundation for the company’s capital and technology. Magic Leap has seen significant development in the past year, but 2022 will be equally important.
Johnson said that the completion of Magic Leap’s financing gives it greater financial and resource flexibility, which can help maintain Magic Leap’s continued development of industry-leading AR technology growth momentum.
Talking about the new generation of AR products, Johnson stated as early as April this year that the limited Magic Leap 2 headset is 20% lighter than the first generation, and the field of view is doubled. He believes that the product will be the industry’s so far The smallest and lightest device manufactured by the enterprise is designed to increase the enterprise application of AR technology.
02 Enterprise-level demand is strong, and the consumer market has not completely given up
Johnson said in his post that the outbreak of the new crown epidemic has changed the way consumers work and has become a major catalyst for the adoption of AR technology across industries. The demand for advanced remote work technology has increased sharply. Due to restrictions on travel and interpersonal communication, the new crown epidemic has stimulated the demand for innovative technologies such as AR in training, manufacturing, healthcare, national defense and security, and the public sector.
Citing research by Internet Data Center (IDC), she said that by the end of 2024, the AR/VR market is expected to grow to nearly 140 billion U.S. dollars. Magic Leap has been in the field of artificial intelligence for more than ten years, and has invested billions of dollars in the development of industry-leading technology.
Johnson maintains communication with the founders and managers of many industries in the industry and understands that they face the ever-changing situation in their daily work and need to find new ways to improve performance and collaboration.
For example: the person in charge of the medical industry wants to find new ways to train hospital networks with complex procedures; the CEO of a high-tech manufacturer wants to improve training methods and empower front-line employees; the person in charge of a financial company wants to improve the market Leading text legibility technology to promote screen replacement and enhance AR data visualization; CTOs are also looking for ways to relieve the fatigue of video conferencing.
Even though Magic Leap’s core business goal is focused on enterprise solutions, the application of Magic Leap technology in the consumer sector has a high degree of attention. In fact, Magic Leap has received multiple technology license requests and is actively seeking opportunities to enhance the company’s position and innovation capabilities in the entire market.
03 Focus on the enterprise market, Ericsson and Heru Ophthalmology are the customers
Speaking of market conditions, Johnson pointed out that as the team introduced new technologies into the enterprise-level market, many companies showed great excitement. In the past year, the company has reached cooperation with a number of corporate customers.
Magic Leap cooperated with Ericsson to use AR technology to improve the workflow on the factory floor, increase efficiency and collaboration; the ophthalmologist of AR vision inspection company Heru used Magic Leap technology to develop an AR solution for eye examinations, which is more affordable The visual diagnostic tool replaces expensive and cumbersome diagnostic machines; Farmers Insurance recently used Magic Leap to remotely train newly hired claims adjusters during the global pandemic, thereby eliminating the need for travel to tax the environment.
In addition, Magic Leap recently announced the establishment of partnerships with Google Cloud, PTC, NVIDIA, and VMWare to introduce its market-leading applications and technologies to the Magic Leap platform, which can further provide enterprises with the necessary tools to further strengthen Magic Leap’s commitment to various companies. Support from companies of all sizes.
Johnson said that enterprise applications are no longer abstract concepts. Magic Leap is promoting the application of its advanced technology in important industries such as healthcare, manufacturing, and the public sector.
04With optimized structure and abundant funds, Magic Leap will usher in its second spring?
After CEO Peggy Johnson took office, he focused on strengthening team building, strengthening the strategic focus on the corporate market, further promoting Magic Leap technology, and having more customers.
To achieve the above goals, Magic Leap established a new leadership team to promote the development of the next generation of Magic Leap, and appointed new chief software and cloud service officers, chief financial officers, chief legal officers, chief commercial officers, chief marketing officers, and The Chief Transformation and Human Resources Officer has strengthened the team and expanded the number of world-class talents the company has.
Magic Leap’s recent $500 million financing strengthened the company’s financial foundation, and the new valuation of approximately $2 billion reflects the company’s significant progress and confidence in the future. Johnson said that at present, Magic Leap is working hard to increase its share of overall market opportunities and gradually strengthen its current listing capabilities to provide augmented reality solutions and upgrade business transformation results for corporate customers.
Johnson said that the most important thing at present is that Magic Leap has been working hard to bring the second-generation product Magic Leap 2 to the market, and it is expected to be on the market in 2022.
05 Conclusion: Key financing for Magic Leap blood transfusion
As a benchmark augmented reality technology start-up company, Magic Leap has once again raised large sums of funds after going through a series of layoffs and coaching changes, and plans to launch the second generation of AR headsets. This is not only for its own It is good news, and it also reflects the trend of the entire enterprise AR industry showing new appeal to capital.
AR technology is entering medical, industrial and other industries, and it is still in its infancy. Whether Magic Leap can make the enterprise-level market business prosperous, we need to find the answer from its subsequent landing cases and revenue results. AR and VR technologies are expected to completely subvert the business mode of operation, thereby greatly improving efficiency. We look forward to this day soon.
This article is from the WeChat public account “Zhidxcom” (ID: zhidxcom)