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Saudi Arabia’s Public Investment Fund Takes Control of Magic Leap

XR Today - Augmented Reality tag

To close 2022, Magic Leap’s leadership team underwent a major restructuring following a significant investment from Saudi Arabia’s sovereign wealth fund. The augmented reality (AR) headset manufacturer gained $450 million from the Saudi Arabian Public Investment Fund (PIF). Head pose and eye-tracking.

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IGS 2022 Miami: XR Today Expert Round Table

XR Today - Mixed Reality tag

Such tools needed a strong ROI to “compensate for those costs,” namely by reducing risks and creating on-demand training solutions. From a top-down perspective, technology firms needed to create “complex” systems for digital assets with “the geometry, rig, animation, shaders,” and other tools.

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