The founder of Magic Leap will step down from his role as CEO of one of South Florida's most high-profile technology companies.
Rony Abovitz wrote in an announcement on the spatial computing company's website that he and the company's board agreed to bring in a new leader who can commercialize its product for the private sector. The Plantation-based company did not specify when it would appoint a successor, but Abovitz's post says it is actively recruiting candidates. Abovitz will remain the company's CEO until then.
The news comes after the company reportedly secured enough funding to reverse its recent layoffs.
"We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships," Abovitz stated in the announcement. Magic Leap has not confirmed the amount of the funding with the Business Journal and has not said whether the restored jobs are in South Florida.
Abovitz founded Magic Leap in 2011 out of his garage. He was able to attract more than $2.6 billion in funding from backers including AT&T and Alibaba, and scaled the company to over 1,000 employees in South Florida. A serial entrepreneur, Abovitz is also one of the founders of Mako Surgical, which sold for $1.65 billion in 2013.
Under Abovitz's leadership, Magic Leap garnered international attention and raised the profile of South Florida's nascent startup sector. Its funding rounds have made the company No. 1 in Florida for venture capital raised most years since its founding. The company released its first product in 2018, which was marketed mainly for consumers. The company has since pivoted to focusing on the private sector for its growth.
"We have created a new field. A new medium. And together we have defined the future of computing," Abovitz stated in the May 28 announcement. "I am amazed at everything we have built and look forward to everything Magic Leap will create in the decades to come."
Magic Leap is currently developing Magic Leap 2.