It seems that Magic Leap the design and development company looking to push augmented reality into the hands of consumers is failing. When Magic Leap was first unveiled after receiving initial investment Magic Leap founder and CEO Rony Abovitz was planning to sell 1 million headsets in the first year. This was then later revised to at least 100,000 headsets but unfortunately for the company they have only sold around 6,000 Magic Leap One headsets. “Magic Leap had sold around 6,000 Magic Leap One headsets six months after release, compared to a goal of 100,000.” explains the Verge
Adding to the company’s problems Magic Leap was burning through cash at around $40-$50 million a month during the financial year of 2018. Through its development phases Magic Leap has raised over $2.6 billion from investors the latest being NTT Docomo who invested 280 million back in April 2019. Back in August 2019 Magic Leap assigned its patents to JPMorgan Cha 1900s revealed by KGuttag to be an assignment for collateral for a loan.
Magic Leap was founded by Rony Abovitz in 2010. In October 2014, when the company was still operating in stealth mode developing applications and hardware for augmented reality and computer vision. It will be interesting to see how long the company can survive selling just a few headsets to consumers.
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