AN EARLY UNICORN: Can a company be an unicorn without a product? Apparently so. Magic Leap, an augmented reality company that promises to merge real and digital world, has raised $900 million in a Series C round that values it at $ 5 billion, TechCrunch estimates. The company has yet to release a product, offering only demos.
Alibaba's CEO, Jack Ma, who is sitting on Magic Leap's board of directors, led the round. The presence of the magnate signifies Magic Leap’s interest in the Chinese entertainment market. The company’s Series B round in October 2014 raised $ 542 million and was led by Google, Inc.
