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July 9, 2020
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Magic Leap withdraws conditional layoff notices after raising $350 million

Magic Leap withdraws conditional layoff notices after raising $350 million

May 22, 2020 | By Chris Kerr

Augmented reality company Magic Leap has raised $350 million in funding from existing and new investors, according to The Information.

The news comes a month after Magic Leap laid off a reported 1,000 employees to help it "adapt to new market realities."

In a memo sent out to staff, Magic Leap chief exec Rony Abovitz explained the funding would allow the company to continue normal operations. 

The CEO has also withdrawn the conditional layoff notices sent to remaining employees back in April, and said the company isn't planning more layoffs. 

Before the latest cash injection, Magic Leap had raised well over $2 billion in lifetime funding to create an augmented reality headset, but sales of its debut Magic Leap One headset failed to meet expectations. 

Back in March, there were rumblings that the company was exploring the possibility of a sale at a $10 billion valuation, with suitors including Facebook and medial giant Johnson & Johnson having reportedly shown tentative interest.

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