Magic Leap said Tuesday that it raised $794 million in new funding in a round led by Alibaba Group, confirming earlier speculation that the secretive augmented-reality company was raising a large new round of funding. Together with a previous round of $542 million led by Google, this brings Magic Leap’s total raised since late 2014 to about $1.34 billion.
So what’s Magic Leap doing with all that money? A lot of things. The Florida-based company has spent several years now working on hardware to build its so-called “cinematic reality” technology into a head-worn device that makes it possible to see all kinds of digital images—monsters, robots, and more—as though they’re actually in front of you.
