Having burned through $2.6bn – that’s billion – on its way to producing an AR headset that has so many limitations it seemingly has zero chance of becoming a consumer device, the upstart has announced it is now part way through series E funding.
That’s just a Silicon Valley way of saying it’s on a fifth formal round of begging to banks and venture capitalists to help it keep going before the biz finally starts making money. In reality, it is the manufacturer’s eighth funding round, with the most recent being a cash influx of $280m in April this year. That money appears to be running out, or just simply not enough, just six months later.
www.theregister.co.uk/2019/11/14/magic_leap_imoney/
MagicLeap loses cfo Scott Henry and effects wizard John Gaeta following news of funding woes