Magic Leap, the “cinematic reality” startup backed by Google, is in the process of raising $827 million in new equity funding, based on documents filed in Delaware.
There had been reports back in October that the company was raising nearly $1 billion from investors like Alibaba Group, which was expected to invest around $200 million. The documents do not identify any investors, nor do they say whether the entire $827 million has been spoken for.
Prior to this round, Florida-based Magic Leap had raised nearly $600 million from Google, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Kohlberg Kravis Roberts & Co., Obvious Ventures, Vulcan Capital, Qualcomm Ventures, Peter Diamandis and Legendary Entertainment.
Private market data provider VC Experts says that Magic Leap would be valued at around $3.7 billion were it to place all of the new Series C stock. A different research firm, PitchBook, puts the figure closer to $4.33 billion, apparently based in the inclusion of previously authorized common stock that has not necessarily been placed yet.
A Magic Leap spokesman declined comment.
Below is a demo of the Magic Leap technology, although the company’s actual product is not yet commercially available:
This article originally appeared on Fortune.com
Unsupported block: core/classic-editor
More Must-Reads From TIME
- Jane Fonda Champions Climate Action for Every Generation
- Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
- Why We're Spending So Much Money Now
- The Financial Influencers Women Actually Want to Listen To
- Breaker Sunny Choi Is Heading to Paris
- Why TV Can’t Stop Making Silly Shows About Lady Journalists
- The Case for Wearing Shoes in the House
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com