Magic Leap Takes on Funding from Media Company Axel Springer

Magic Leap Takes on Funding from Media Company Axel Springer

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German media company Axel Springer today announced that it has taken part in a new round of financing of Magic Leap. The company hasn’t disclosed the amount of the investment, or mentioned whether other companies have also taken part in the new round.

As first reported by Tech Crunch, Axel Springer says their investment in Magic Leap will allow them to “actively participate in innovative technologies bearing the potential to present journalistic content and classifieds in new formats and environments.” Exactly what that means for Magic Leap’s upcoming AR headset, Magic Leap One, we’re not entirely sure. It’s possible the investment will allow Axel Springer’s publications to occupy a premium spot in One’s upcoming app ecosystem – although that’s pure conjecture at this point.

As the largest digital publishing house in Europe, Axel Springer produces several German magazines including Die Welt and Bild, and online publication Business Insider. According to their data report, the company posted €3.29 billion in total revenue in 2016, and has over 15,000 employees.

Image courtesy Magic Leap

Magic Leap most recently completed their Series D financing round October last year, taking on $502 million lead by Singapore-based finance firm Temasek Holdings. Not counting whatever sum Alex Springer invested in the company, Magic Leap has taken on a total of $1.9 billion in funds.

The Magic Leap One Creator Edition is said to start shipping in early 2018. No hard specs or pricing information has been made public at this time.

The post Magic Leap Takes on Funding from Media Company Axel Springer appeared first on Road to VR.

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