Magic Leap PIF (Programmatic Immersive Field) Magic Leap PIF, also known as Programmatic Immersive Field, is a groundbreaking technology developed by Magic Leap, a mixed reality startup. It aims to redefine the way we interact with digital information and merge it seamlessly with our physical world. Magic Leap PIF creates an immersive experience by overlaying virtual objects onto the real environment using advanced computer vision and augmented reality techniques. Traditional virtual reality (VR) and augmented reality (AR) experiences often suffer from limitations such as restricted field of view, discomfort, and cumbersome hardware. However, Magic Leap PIF offers a new approach to bridging the gap between the digital and physical worlds. It involves creating a mixed reality environment where users can perceive and interact with virtual objects in real-time, without sacrificing their natural field of vision.
Saudi Arabia’s Public Investment Fund now owns over 50% of US augmented reality firm Magic Leap, report says
Saudi Arabian sovereign wealth fund Public Investment Fund (PIF) is now a controlling shareholder in Magic Leap, a US developer of augmented reality software and headsets, after spending US$450 million to raise its stake in the firm, according to a report in The Telegraph.
Citing unnamed sources, the UK paper says PIF’s shareholding in Magic Leap is now over 50% and that the fund is entitled to appoint four of the eight directors on the firm’s board.
This, according to the report published on December 27, comes after PIF invested $400 million in Magic Leap for an undisclosed stake in 2018.
Magic Leap launched its first model of augmented reality headsets in 2018, and followed with the second model in February this year, priced at $3,299 each. It does not disclose sales figures for the headsets.
PIF had $620 billion of assets under management as of end-March.
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Saudi Arabia gains control of AR developer Magic Leap for $450 million Saudi Arabia gains control of AR developer Magic Leap for $450 million
With its majority stake in Magic Leap, Saudi Arabia now has a foot in the augmented and virtual reality businesses.
December 27, 2022
1 Min ReadThe Telegraph reports that Saudi Arabia has gained majority control of developer Magic Leap in a deal worth $450 million.
Through its sovereign wealth fund known as Public Investment Fund (PIF), Saudi Arabia now has a stake in the company over 50 percent. Per sources speaking to the Telegraph, "the PIF is entitled to appoint four of the eight directors of the board of directors of Magic Leap."
In 2018, Saudi Arabia raised $400 million in funding for Magic Leap, so it's clear that it's wanted to gain control of the developer for some time. With majority control in the developer, the region now has a presence in augmented and virtual reality, which currently features Meta (via its Quest headsets ) and Sony ( PlayStation VR ).
Magic Leap is the developer behind the augmented reality headset of the same name. The original Magic Leap headset released in 2018 and following its lower-than-expected sales, the developer laid off dozens of staff across multiple departments. Earlier this year, the Magic Leap 2 launched for $3299, though sales numbers have yet to be disclosed.
When Magic Leap first gained attention in the mid-2010s, various tech companies such as Google and Warner Bros. provided funding to the developer. In 2016, the studio reportedly raised $4 billion in funding.
At time of writing, Magic Leap did not provide a statement to The Telegraph, nor has it said anything at all about its recent development.
Saudi Arabia acquires majority stake in Magic Leap
According to a report by The Telegraph, Saudi Arabia is investing $450 million in Magic Leap through its sovereign wealth fund PIF. The state already invested $400 million in Magic Leap through its sovereign wealth fund in March 2018.
Saudi Arabia is said to own more than 50 percent of Magic Leap after the new investment. This is expected to give the state control over the once-hyped AR company. Saudi Arabia is said to be able to appoint four out of eight board members. Magic Leap has not yet commented on the investment.
The sovereign wealth fund's investment in Magic Leap could be part of a larger Metaverse strategy unveiled by Dubai Municipality this summer.
It involves creating a mixed reality environment where users can perceive and interact with virtual objects in real-time, without sacrificing their natural field of vision. The core of Magic Leap PIF technology lies in the Lightwear headset, which uses complex optics and sensors to track the user's head movements and accurately place virtual objects in the real world. The device is designed to be lightweight and comfortable for extended use, allowing users to seamlessly transition between the physical and virtual realms.
Magic Leap evolved from revolutionary smartphone killer to B2B niche product
Magic Leap founder and tech visionary Rony Abovitz once wanted the company to become the Apple for AR headsets and replace the smartphone. He won over investors like Google and Alibaba, who poured billions into the company.
However, technical advances didn't come fast enough and Magic Leap ran into financial trouble during the corona pandemic at the latest. Abovitz left the company along with about half of the staff, and former Microsoft executive Peggy Johnson took the helm.
She strengthened the B2B focus and launched the Magic Leap 2, which already existed as a prototype, in September 2022 for $3,300. Like Microsoft's Hololens, the device is aimed at companies and professional users.
Magic Leap 2 was rated well in reviews and is said to be superior to its predecessor and Hololens in many areas. Johnson does not rule out a return to the B2C market, but no timetable is known.
In addition to the Lightwear headset, Magic Leap PIF employs a wireless controller that enables users to manipulate virtual objects, navigate through menus, and interact with the digital content intuitively. The controller uses responsive touch and haptic feedback to enhance user immersion and provide a more tactile experience. Magic Leap PIF opens up a world of possibilities across various industries, including gaming, entertainment, education, healthcare, and more. Developers can create applications and experiences that blend digital content with the physical environment, offering unique and revolutionary user experiences. The potential applications of Magic Leap PIF are vast. In the gaming industry, players can enjoy fully immersive and interactive experiences, where virtual characters and objects coexist in the real world. In healthcare, doctors can visualize and manipulate medical imagery, providing more accurate diagnoses and better surgical planning. In architecture and design, professionals can overlay 3D models onto physical spaces, enabling clients to visualize and interact with their future projects in real-time. Overall, Magic Leap PIF represents a significant technological advancement in the field of mixed reality. With its ability to seamlessly combine digital and physical worlds, this technology has the potential to revolutionize how we interact with information, entertainment, and the world around us..
Reviews for "Enhancing Productivity with Magic Leap PIF: How It Can Transform the Workplace"
1. John - 2 stars - I had such high expectations for the Magic Leap pif but I was sorely disappointed. The graphics were mediocre at best and the overall experience was underwhelming. The device itself was clunky and uncomfortable to wear for long periods of time. The interactions felt sluggish and the tracking was inconsistent. Overall, I think there's a lot of room for improvement before this product can be considered a true competitor in the augmented reality market.
2. Sarah - 3 stars - I found the Magic Leap pif to be an interesting concept, but it fell short in execution. The image quality was decent, but there were noticeable lag and latency issues when using the device. The tracking was hit or miss, often resulting in objects appearing in the wrong place or not at all. The limited app selection also left much to be desired. While the idea of augmented reality is exciting, the Magic Leap pif just didn't deliver on its promises for me.
3. Robert - 1 star - The Magic Leap pif was a complete disappointment for me. The visuals were blurry and lacked the sharpness I expected from an augmented reality device. The field of view was extremely limited, making it feel like I was looking through a narrow window, rather than being fully immersed in the augmented world. The headset was uncomfortable to wear and left my face sweaty after just a short period of use. The overall experience was frustrating and not worth the steep price tag. I would not recommend the Magic Leap pif to anyone looking for a quality augmented reality experience.
4. Emily - 2 stars - The Magic Leap pif was a letdown in terms of both hardware and software. The headset was heavy and uncomfortable, causing discomfort and neck strain after just a short time of wearing it. The available apps and games were lackluster and didn't provide the immersive experience I was hoping for. The tracking accuracy was also poor, with objects often drifting or disappearing altogether. I was left feeling unsatisfied and underwhelmed by the Magic Leap pif, and wouldn't recommend it to others.