Magic Leap withdraws conditional layoff notices after raising $350 million

Augmented truth corporate Magic Soar has raised $350 million in investment from current and new traders, in step with The Knowledge.

The scoop comes a month after Magic Soar laid off a reported 1,000 staff to assist it “adapt to new marketplace realities.”

In a memo despatched out to body of workers, Magic Soar leader exec Rony Abovitz defined the investment would permit the corporate to proceed customary operations. 

The CEO has additionally withdrawn the conditional layoff notices despatched to ultimate staff again in April, and mentioned the corporate is not making plans extra layoffs. 

Prior to the newest money injection, Magic Soar had raised smartly over $2 billion in lifetime investment to create an augmented truth headset, however gross sales of its debut Magic Soar One headset failed to fulfill expectancies. 

Again in March, there have been rumblings that the corporate was once exploring the potential for a sale at a $10 billion valuation, with suitors together with Fb and medial massive Johnson & Johnson having reportedly proven tentative pastime.

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