TLDR:
– Saudi Arabia’s Public Investment Fund has invested an additional $590 million into Magic Leap, just as Apple plans to launch its competing product.
– Leia, the leading provider of 3D PCs and tablets, has announced a new CEO, Fabio Esposito.
– Kopin, the AR hardware company, is shifting its focus to software and AI.
– Vuzix, the AR smart glasses manufacturer, is cutting 25% of its workforce.
– LG has confirmed that it will release an XR headset.
Saudi Arabia’s Public Investment Fund has invested an additional $590 million in Magic Leap, just as Apple prepares to launch its competing product, the Apple Vision Pro. This investment comes one year after the fund added $450 million, giving it a 50% stake in the company. Magic Leap has been struggling in recent years and has shifted its focus to medical applications, with new CEO Ross Rosenberg stating that the company is now entering a new chapter focused on commercial adoption of its technology.
Leia, the leading provider of 3D PCs and tablets, has announced Fabio Esposito as its new CEO. The company, which creates 3D effects without the need for glasses, acquired its biggest competitor, Dimenco, in early 2023. The new CEO will oversee the company’s expansion as 3D without glasses becomes more popular.
Kopin, the AR hardware company, has shifted its focus to software and AI and is no longer solely focused on optical systems. Michael Murary, the new CEO of Kopin, has shared the company’s new direction and highlighted its NeuralDisplay architecture, which uses eye tracking and AI to make AR/VR solutions more useful. This change in focus has enabled the company to collaborate with other contractors and enter the defense market.
Vuzix, the AR smart glasses manufacturer, has announced plans to cut 25% of its workforce. The company will be focusing its efforts on select AR smart glasses products, technology development, and its OEM business. This announcement suggests that Vuzix is struggling to sell enough AR devices.
LG has confirmed that it will release an XR headset, although few details are known about the device. The company previously announced a collaboration with Meta to design and build the headset, with the first product expected in 2025.