Magic Leap is turning to a major health care company to save its future, potentially raising as much as $100 million
, Magic Leap CEO Rony Abovitz told staff in a memo that the company had signed a term sheet with "a major health care company" to drive its strategy forward.
However, the name of the company itself is not yet known. According to The Information's report, one name being passed around internally is Zimmer Biomet, which is based in Warsaw, Indiana and develops treatments for bone and joint injuries. The potential of an acquisition by a medical company would represent the culmination of a striking change of fortune for one of the most hyped startups in years. At one point valued at $6 billion by investors including Google and Warner Brothers, Magic Leap mesmerized tech industry insiders and celebrities alike, with private demos of augmented reality technology that offered an almost hallucinogenic experience.
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