Editor's Note: Though Magic Leap is not a New York City startup we think the technology employed by this company bears watching (pun intended). Magic Leap describes its technology, "... as projecting digital light fields onto your retina, helping your eyes and brain see things that look like they're part of the real world." Along with Oculus Rift, Microsoft's LoloLens, and other Virtual and Augmented Reality technologies this promises to alter how we visually experience the world. We're moving into what was previously science fiction. Keep your eyes on this story...
It's official: The secretive "cinematic reality" startup Magic Leap has raised $793.5 million in Series C funding at an astounding $4.5 billion post-money valuation.
And according to Magic Leap CEO Rony Abovitz, that means the company's mysterious "mixed reality lightfield" technology — which has been described by some as a combination of virtual reality and an acid trip — is getting closer to launching.
Abovitz tells Business Insider that the roughly 500-person team needed the hefty cash infusion to help it accelerate the manufacturing and launch phase of its product.
"We're now setting up a production line to mass fabricate," he said. "We're sort of past the 'sciencing the heck out it' phase and now getting this pilot production level of it."
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