A name that may sound familiar to some and probably not to most, Rony Abovitz founder of Magic Leap almost 9 years ago,is stepping down from the augmented-reality company. When judging success, it’s confusing to see how much this company raised in terms of venture capital while still struggling to find commercial success. While raising over $3 billion dollars they have yet to find any real success, just last month they laid off about 1,000 employees.
This comes just before they raised $350 million in funding, which will stall their employee layoffs luckily. It seems Magic Leap’s investors have come to the conclusion a new CEO is needed to run the augmented reality company valued at about $7 million dollars. This list of investors include some big names like Google parent company Alphabet, Alibaba Group, AT&T, the Kingdom of Saudi Arabia, etc.
After only releasing only the Magic Leap 1 headset, the company is switching gears and going to start focusing on selling enterprise-grade devices to companies as opposed to their previously consumer facing business. Abovitz and the board believe this to be the natural next step. Rony Abovitz has amassed a net worth of around $4.5 billion dollars with over the years.
From his time as co-founder and head of development and technology for MAKO Surgical, who developed human interactive robotics for orthopedic surgery which was acquired for $1.65 Billion in 2013, Abovitz founded Magic Leap in 2011. Though he has to step down as CEO, the augmented reality founder will be on the board to aid with strategic planning and is excited for the new role.
While it is a bittersweet step as he is the founder of the company and managed the company since it’s inception, it is a nice weight off his shoulders to be able to sit back and enjoy the fruits of his labor. Wishing nothing but the best for this serial entrepreneur as he takes his next logical progression through life!