– Saudi Arabia’s Public Investment Fund (PIF) has invested $750 million into Magic Leap Inc. since the beginning of 2023, becoming the majority owner of the augmented-reality company.

– Magic Leap, which has raised over $3.5 billion, announced it needs further funding later this month and in January and June 2025 to “meet its obligations as they fall due.”

– The company, once a pioneer in augmented reality, has pivoted to business applications after its initial product flop, recently cutting 75 jobs and focusing on licensing its technology.

Saudi Arabia’s Public Investment Fund (PIF) has injected $750 million into Magic Leap Inc. since the start of 2023, solidifying its position as the majority owner of the augmented-reality company.

Magic Leap, a 14-year-old firm that has raised over $3.5 billion to date, disclosed in a recent UK filing that it requires further funding later this month, as well as in January and June 2025, to “meet its obligations as they fall due.”

PIF became the majority shareholder of Magic Leap in 2022. The sovereign wealth fund contributed $590 million in 2023 and an additional $160 million in 2024 through convertible debt, as outlined in Magic Leap’s UK filings. This investment aligns with PIF’s broader strategy to diversify its assets beyond oil by focusing on gaming and sports.

Founded in 2010, Magic Leap initially aimed to revolutionize computing with its augmented-reality technology. However, its first product, launched in 2018, did not succeed. The company subsequently reduced its workforce by nearly 80% and shifted its focus to business applications. Recently, Magic Leap cut another 75 jobs, including its sales and marketing teams, to concentrate on licensing its technology, according to Bloomberg News.

In its UK filing, Magic Leap indicated it will seek additional funds through equity investments or debt.