Saudi Public Investment Fund invests $400 million in augmented reality startup Magic Leap

As reported two weeks ago, the news has been confirmed now. Saudi sovereign wealth fund that is known as the Public Investment Fund has invested $400 in American augmented reality startup Magic Leap. The investment is part of the round in which Magic Leap has raised $461 million, with the rest of $61 million from other investors.

This takes company’s total investment close to $2.4 billion. PIF is not the only high-profile investor in Magic Leap. It has previously raised investment from big names like Andreessen Horowitz, Morgan Stanley, Alibaba, and Google.

Founded in 2011, Magic Leap is yet to release any product. Company’s first product, The Magic Leap One Creator Edition, was announced in December last year.

It’s a pair of smart glasses and belt-mounted computer and as the name suggests, it is aimed at creators (developers) only. It is supposed to be shipped later this year. Magic Leap did not share the details about the price at the time of the announcement. The company, however, had said it will also be launching a Creator Portal in early 2018 that will provide developers with documentation and tools to get started.

This is Public Investment Fund’s second big investment in a US-based startup. The sovereign wealth fund had previously invested $3.5 billion in Uber in 2016.