AT&T Inc. (NYSE: T) on Wednesday announced a strategic, exclusive partnership with the secretive augmented reality start-up, Magic Leap, focused on distribution, content, network and technology.
Under the agreement, AT&T will become the exclusive wireless distributor of Magic Leap products for U.S consumers. Magic Leap’s first product, Magic Leap One, is expected to ship to designers and developers later this year. Magic Leap One, the Creator Edition, is a lightweight, wearable computer that will enrich real world experience with digital content.
"AT&T is excited to pair our pioneering technologies, unmatched network, content platform, and vast customer ecosystem with Magic Leap's efforts to build the next generation of computing," said AT&T Communications CEO, John Donovan, who has observer rights with Magic Leap's board. "We're designing and offering the future of entertainment and connectivity, and this exclusive arrangement, in combination with our 5G leadership position, will open up new opportunities and experiences."
Magic Leap raised USD 461 Million in its latest funding round in March. The Company raised over USD 2 Billion so far. Investors included Google, Qualcomm, Chinese e-commerce giant Alibaba and Singapore government-owned investment firm Temasek Holdings.
"We've joined with AT&T because we believe in a combined vision of expanding high-speed networks, edge computing, and deep integration with creative content," said Rony Abovitz, Founder, President and CEO of Magic Leap.