Magic Leap raises $793.5 million in funding round led by Alibaba

Magic Leap Inc, a startup focused on augmented reality technology, said on Tuesday it had raised $793.5 million in a funding round led by Chinese ecommerce giant Alibaba Group Holding Ltd.Magic Leap, which counts Alphabet Inc and Qualcomm Inc among its investors, said money also came from Time Warner's Warner Bros unit and investment arms of Fidelity, J.P. Morgan and Morgan Stanley .The Florida-based company is developing a computing platform that it says will enable users to combine digital experience with their physical lives.Magic Leap had raised $542 million in a funding round earlier led by Google Inc. CEO Rony Abovitz had said that his company's mission was to "develop and commercialize.. the most natural and human-friendly wearable computing interface in the world."Sundar Pichai, CEO of Google is also part of Magic Leap's board.A key part of Magic Leap's plans involves a wearable device that will track users' eyeballs and project images on to them, sources told technology blog Re/code in an earlier report.Reuters