Augmented reality company Magic Leap has raised $350 million in funding from existing and new investors, according to The Information.
Before the latest cash injection, Magic Leap had raised well over $2 billion in lifetime funding to create an augmented reality headset, but sales of its debut Magic Leap One headset failed to meet expectations.
The news comes a month after Magic Leap laid off a reported 1,000 employees to help it “adapt to new market realities.”
The CEO has also withdrawn the conditional layoff notices sent to remaining employees back in April, and said the company isn’t planning more layoffs.