We review products independently, but we may earn affiliate commissions from buying links on this page. Terms of use. Magic Leap announced in April that it would reduce its workforce significantly, but it appears layoffs are no longer planned as investors rallied to inject the startup with $350 million.Business Insider and The Information report that Magic Leap CEO Rony Abovitz notified employees that they're not getting laid off. In a last-minute effort, both existing and new investors supplied Magic Leap with enough cash to retain around 1,000 employees who were set to exit and continue developing its augmented reality platform. Magic Leap fell into despair after One sales disappointed and the COVID-19 outbreak limited operations.Still, it's likely that Magic Leap laid off employees prior to late April and will not ask them to return. Magic Leap burns through cash rapidly, and the company needs to make a concerted effort to reduce costs. Abovitz also indicated last month that Magic Leap would exit the consumer market to focus on enterprise applications. Both reports suggest that'll remain the strategy even after the latest investment."We are making very good progress in our healthcare, enterprise, and defense deals," Abovitz said in a note to employees. "As these deals close, we will be able to announce them."With $350 million secured, it's likely that Magic Leap can survive through the arrival of its next AR headset or until a buyer purchases the entire business. Magic Leap's 'Two' is expected to feature a simplified design that includes a wider field of view and 5G connectivity. Yet there's no official word on when Magic Leap will introduce the in-development product to enterprise customers. Further Reading Business Reviews Business Best Picks

weiterlesen: RSS Quelle öffnen