OpenAI Hustles to Beat Google to Launch ‘Multimodal’ LLM Read more

Rony Abovitz, founder and CEO of Magic Leap, arrives at Allen & Co. in 2017. Photo by Bloomberg

Magic Leap in Talks to Raise Money From ‘Major Health Care Company,’ CEO Tells Staff

By  |  May 5, 2020 1:17 PM PDT
Photo: Rony Abovitz, founder and CEO of Magic Leap, arrives at Allen & Co. in 2017. Photo by Bloomberg

Magic Leap is in talks to secure funding from a health care company, according to emails CEO Rony Abovitz sent to staff. The capital could save the highly valued startup from making further cuts to its already diminished workforce.

Abovitz said last week that Magic Leap signed a term sheet and was in advanced negotiations with “a major health care company that will drive our enterprise strategy forward,” while also fielding “ongoing interest from many players in health care.” He said the company would provide the company’s augmented reality headsets to help surgeons, although his emails didn’t name any companies.

One company whose name has circulated within Magic Leap as a possible investor is Zimmer Biomet, according to people familiar with the matter. The Warsaw, Indiana, company, which has a market cap of $24 billion, develops medical devices to help treat bone and joint injuries.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
OpenAI's Greg Brockman (left) and Google's Demis Hassabis (right). Photos by Getty.
AI Agenda google ai
OpenAI Hustles to Beat Google to Launch ‘Multimodal’ LLM
As fall approaches, Google and OpenAI are locked in a good ol’ fashioned software race, aiming to launch the next generation of large-language models: multimodal.
Photo by Getty
Exclusive google ai
Google Nears Release of Gemini AI to Challenge OpenAI
Google has given a small group of companies access to an early version of its highly anticipated conversational artificial intelligence software, according to three people with direct knowledge of the matter.
Flexport founder, Ryan Petersen. Photo by Bloomberg via Getty.
Exclusive e-commerce
Flexport’s Revenue Dropped 70% in First Half of 2023
Flexport’s revenue fell nearly 70% in the first half of the year to $700 million and the company burned through cash, people familiar with the company’s financials said.
Paradigm co-founders Fred Ehrsam (left) and Matt Huang (right). Photos via Flickr and AP
Exclusive startups ai
The Paradigm Shift in Crypto That Wasn’t
Earlier this year, as some of the less die-hard crypto investors and entrepreneurs began distancing themselves from that turbulent sector, Paradigm—one of the largest venture firms specializing in crypto—also seemed to wobble.
Org Charts enterprise Finance
The People in Power at Tech Private Equity Juggernaut Thoma Bravo
Orlando Bravo may be the face of Thoma Bravo, but he’s not the only one calling the shots. The hard-charging, helicopter-riding managing partner has become the most recognizable person at the software-focused private equity firm.
Gigafund co-founders Luke Nosek and Stephen Oskoui. Art by Clark Miller; Oskoui photo courtesy Gigafund.
The Big Read space entertainment
The Elon Musk Investors With Dreams of a New Social Order
In February 2021, a Mormon film producer named Jeffrey Harmon returned home to Provo, Utah, raving about an exclusive gathering he’d just attended in Austin, Tex.