German publisher Axel Springer, Europe’s largest publisher, has backed Magic Leap, the US augmented reality company that’s raised nearly $2 billion from Google and Alibaba.
The investment was made through the publisher’s investment arm, Axel Springer Digital Ventures. No figures were disclosed.
Magic Leap’s chief product, Magic Leap One, a headset that delivers 3D images over real-world objects. The company was founded in 2011 and has generated a lot of buzz around its augmented reality hardware and thanks to the slew of big name investors that have pumped money into it. It finally unveiled the product last December; it is scheduled for shipping to developers later this year.
Axel Springer, which owns Business Insider, Bild, and Die Welt, said in a statement that it was backing companies like Magic Leap to find new ways to present its journalistic content through avenues like AR. The publisher has also backed startups like Scroll, a subscription software for media companies, and owns a stake in Uber.
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