Magic Leap has raised $500 million in funding and is getting ready to release a new AR headset, the Magic Leap 2.

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Making a comeback

On Monday, Magic Leap announced it has raised $500 million in funding at a $2 billion valuation from existing investors. Last year Magic Leap decided to shut down its consumer division and laid off about 1,000 employees, or half its workforce, so it looks like the company is starting to turn things around.

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Better than ever

The new capital will allow Magic Leap to focus on delivering its upcoming next-generation headset, Magic Leap 2, in 2022. According to Magic Leap, it is the smallest AR device built, which features design tweaks to make it even “more immersive and even more comfortable.”

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Transforming the future

Peggy Johnson, Chief Executive Officer of Magic Leap, commented on the funding, saying, “This investment is an important step in advancing Magic Leap’s mission to transform the way we work.” “Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology.”

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