It now appears that the augmented reality company Magic Leap is at risk of imploding. The Florida-based company reportedly laid off half of its employees on April 22. A new report from The Information’s Alex Heath on Tuesday says the company is now looking for new funding, or a buyer, and if it can’t find either it will lay off the rest of its staff by June 21.
You can find a range of theories about what happened to this company, perhaps the most-hyped tech startup of the past decade. It’s raised more than $2.6 billion from some big-time investors, including Google, Qualcomm, Andreessen Horowitz, and Kleiner Perkins. In 2016 it was valued at $4.5 billion.
Some say Magic Leap just showed up too soon.
“Basically, they were too ahead of their time,” says Creative Strategies analyst Ben Bajarin in a message to Fast Company. “They could not keep raising money and so revenue was critical, but the market is still too many years away.”
Others say that Magic Leap turned out to be…
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Source : fastcompany.com
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