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Magic Leap Raise $590m for Chapter 3

Newly appointed CEO Ross Rosenberg and CTO Daniel Diez recently spoke with Venturebeat at CES in Las Vegas, where they shared some detail on their latest fundrasing round and some market insight. Check out our summary below: 
Number 1 - This next chapter, Chapter 3, for Magic Leap is about scale adoption.
How are they going to do that?
  • Three areas of focus are:
    • Content 
    • Use Cases 
    • Commercial adoption
Magic Leap Focus

When asked about competition, namely the recently released Apple Vision Pro and Meta's Quest device, Rosenberg & Diez highlighted that the Magic Leap 2 was built for industry, whereas other devices on the market are not fit for "sub-millimeter" precision.
When asked to explain the term, Rosenberg went into a UK Medical Company called Medical Eyesight that were using Magic Leap to:
  • To access parts of the brain that couldn't be accessed before, to remove clots.
  • Clots that caused damage if left for too long.
  • Groundbreaking as the timescales associated with medication based treatment took too long.

Magic Leap 2 Precision

He elaborated that Magic Leap's customers started conversations with:
  • How can we train faster?
  • How can we design quicker?
  • How can we repair things faster?

Magic Leap 2 Use Cases

And that the company's focus was now taking their advanced tool, Magic Leap 2 and showing how its precision could be used for helping:
  • The military achieve mission critical objectives 
  • Medical communities solve problems faster 
  • Assist Police or first responders where time critical information saved lives or fixed real life issues quicker 
  • SWAT teams deal with active shooter situations
He was very clear that the company had passed Chapter One's innovation stage, cleared Chapter Two (the productisation phase) and was now extremely focused on "Go to Market" listening to customers and channel partners and delivering.

   Chapter 3 Magic Leap Raise $590M