The augmented reality technology of Magic Leap has reached the critical point at which the investors will soon want to see what it has achieved so far. The company's augmented reality device, PEQ (for "product equivalent"), makes it one of the most intriguing startups in the world, and also one of the most secretive. No wonder then that when details of the technology are revealed, they arouse widespread interest.
In early January, Magic Leap released pictures of its prototype device in "Business Insider" magazine. Earlier this month the company raises $793.5 million at a company value of $4.5 billion.
For those not in the know, Magic Leap was founded in Israel by CEO Rony Abovitz before establishing its headquarters in the US. It still maintains offices in Herzliya, and came into the world with a promise in the form of MR spectacles, which are a combination of VR (virtual reality) spectacles and AR (augmented reality) spectacles that can add entities to existing reality.
The result is an enriched reality that can produce amazing effects such as a virtual whale leaping out of the floor of a real basketball court, robots wandering around the room, and so on.
The publication of the pictures is not happenstance. Seven days from now Magic Leap is due to present its progress to its investors, among them companies like Google and Alibaba. Magic Leap has raised $1.4 billion in total, and rumor has it that the upcoming presentation represents a critical crossroads for the company, as the gap between promise and reality is still wide.
Abovitz previously co-founded MAKO Surgical, which produces human-interactive robotics for orthopedic surgery, and was sold to Stryker for $1.65 billion in 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2017
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