Magic Leap talked a giant sport, and few had been extra chargeable for fostering a cult of hype and pleasure round its imaginative and prescient of the longer term than the corporate’s founder and CEO Rony Abovitz. At present, the CEO introduced that the corporate has certainly secured a brand new bout of funding, however that the corporate shall be trying to mount a significant turnaround with out him on the helm.

In line with a memo despatched to employees, first obtained by Business Insider, Abovitz will proceed on with the corporate by a transition interval however that the corporate has been “actively recruiting candidates” to interchange him.

“We now have closed vital new funding and have very optimistic momentum in direction of closing key strategic enterprise partnerships,” the employees memo reads. “Because the Board and I deliberate the adjustments we made and what Magic Leap wants for this subsequent targeted section, it turned clear to us {that a} change in my position was a pure subsequent step. I mentioned this with the Board and we now have agreed that now could be the time to herald a brand new CEO who may also help us to commercialize our targeted plan for spatial computing in enterprise.”

The announcement comes after the augmented actuality startup introduced substantial layoffs earlier this month and introduced that it could be pivoting from creating shopper merchandise to completely specializing in its enterprise enterprise. It was reported earlier this month that Magic Leap had locked down an extra $350 million in funding which might assist the startup keep away from additional layoffs.

The startup has raised billions of enterprise capital funding underneath Abovitz’s tenure, however the startup has additionally undergone loads of hurdles as they tried to outdo Apple, Microsoft and Fb within the race to create a mainstream AR gadget. Abovitz at all times appeared to have a shopper focus for his firm, so it’s unsurprising that the corporate’s board would look elsewhere as the corporate shifts focus to enterprise.

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