“Projecting a digital light field into the user’s eye” involves technologies that could be used in augmented reality and computer vision, according to Magic Leap, Inc., an American startup company that released a head-mounted virtual retinal display called Magic Leap One. It’s working on a silicon photonics light-field chip. On Monday, 11th of October 2021, Magic Leap revealed that it had received $500 million in investment and was ready to debut its second augmented reality headset, the Magic Leap 2, early next year. According to the firm, the headgear will go on general sale next year and “certain consumers” are already taking advantage of it as part of an early access program.
When it comes to financial freedom and resources, CEO Peggy Johnson said: “Magic Leap will have the greater financial flexibility and the resources necessary to continue our development trajectory as we build on our industry-leading augmented reality technology.” On Monday, she appeared on CNBC to introduce the new gadget. After receiving almost $3 billion in funding for its consumer-friendly augmented reality headset, Magic Leap changed the title of the device from Magic Leap 1 to The Magic Leap One Creator Edition to attract professional users. In 2020, the firm lay off 1,000 workers, or around half of its staff, and it was rumored that the consumer business was being abandoned. In July 2020, Rony Abovitz, the company’s co-founder and former CEO, stepped down and succeeded Johnson. According to Johnson, the Magic Leap 2 headgear, which is 20% lighter and has a doubled field of view, is expected to launch later this year, which announced the plan in April. On Monday, it was announced that Magic Leap 2 will be the industry’s thinnest and lightest corporate device, “intended to boost business adoption of augmented reality.”
The Magic Leap CEO reminisced on her first year in a separate article on Monday. To back up her claim, she referenced the “increasing demand for AR” across industries, as well as statistics from International Data Corp. (IDC) showing that the AR/VR industry is anticipated to reach $140 billion in sales by 2024. She cited several business clients, including Ericsson and Farmers Insurance, the latter of which used the company’s technology to educate new hires while the epidemic was occurring. According to Johnson, Magic Leap has strategic relationships with Google Cloud, PTC, NVDIA, and VMWare. A lot of interest is still being shown in the applicability of Magic Leap’s technology to consumers, Johnson said, even though Magic Leap’s primary business is focused on enterprise solutions. Our technology has been requested to be licensed, and we will actively explore these options if they help us innovate in the enterprise sector.