Magic Leap lands $793.5 million in mega-funding round led by Alibaba

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Magic Leap’s future is coming into focus, as a historic mega-round of funding could sharply accelerate its path to commercialization.

The secretive South Florida technology company working on a computing platform that simulates reality has raised $793.5 million in a new round of venture capital financing led by Chinese e-commerce giant Alibaba Group.

In the largest funding round of its kind, Magic Leap’s Series C investors also include Warner Bros., Fidelity Management and Research Co., JPMorgan Chase & Co. and Morgan Stanley Investment Management, Magic Leap said Tuesday. Existing investors Google, which led a previous funding round of $542 million in late 2014, and Qualcomm Ventures also participated. Alibaba Executive Vice Chairman Joe Tsai will sit on Magic Leap’s board, joining Google CEO Sundar Pichai.