Magic Leap, a name not associated commonly with AR glasses is reportedly calling it a day. It has come to the knowledge that Magic Leap is rethinking strategic options.
Magic Leap, the Google funded manufacturer of Augmented Reality glasses is ejecting itself out of the race and is up for sale. The start up is considering options such as roping in a partner or selling an equity stake in the company ahead of a stock listing as told to the media by Bloomberg.
Unlike Virtual Reality (VR) which gives users an immersive experience by transiting him in an ethereal digital world to excite his senses, Augmented Reality is very different superimposing images onto the real world by creating characters such as Pokemon Images that were superimposed onto the picture screens and the real world amidst parks and streets. AR is also the force behind treating eye-sight impairments leading to a remedy for glaucoma infected patients.
Magic Leap was founded in 2011 and has approximately spent $ 2.3 billion evolving its AR glasses and for the better part the business was dormant till of late in 2018 fall, it released its first headset. The Magic Leap glass was launched with a highly priced $2,295 which featured displays, audio support and was fitted with camera sensors on the exterior of the glass.
However the irony here is that the company just managed to sell 6000 virtual reality headsets at the close of the year since the launch of the product. This was way off the target set by CEO Rony Aboviz’s aim of selling 100,000 pieces in that year.