Magic Leap talked a giant game, and few were extra in price for fostering a cult of hype and pleasure around its imaginative and prescient of the future than the corporate’s founder and CEO Rony Abovitz. At the present time, the CEO announced that the corporate has certainly secured a brand new bout of funding, nonetheless that the corporate will seemingly be attempting to mount a major turnaround without him at the helm.
In accordance to a memo despatched to workers, first bought by Industry Insider, Abovitz will continue on with the corporate by a transition interval nonetheless that the corporate has been “actively recruiting candidates” to interchange him.
“We believe closed vital new funding and believe very certain momentum in opposition to closing key strategic endeavor partnerships,” the workers memo reads. “Because the Board and I deliberate the modifications we made and what Magic Leap wants for this subsequent centered portion, it grew to changed into certain to us that a exchange in my characteristic used to be a natural subsequent step. I talked about this with the Board and now we believe agreed that now is the time to bid in a brand new CEO who can encourage us to commercialize our centered conception for spatial computing in endeavor.”
The announcement comes after the augmented reality startup announced remarkable layoffs earlier this month and announced that it’d be pivoting from increasing particular person merchandise to completely focusing on its endeavor industry. It used to be reported earlier this month that Magic Leap had locked down a further $350 million in funding which would encourage the startup steer certain of extra layoffs.
The startup has raised billions of endeavor capital funding below Abovitz’s tenure, nonetheless the startup has moreover undergone tons of hurdles as they attempted to outdo Apple, Microsoft and Facebook within the speed to prefer a mainstream AR design. Abovitz step by step perceived to believe a particular person focal point for his company, so it’s unsurprising that the corporate’s board would behold elsewhere as the corporate shifts focal point to endeavor.
