Magic Leap Inc., the startup that raised more than $2 billion to build an augmented-reality device, is exploring options including a sale, according to Bloomberg.
The company is working with an adviser to consider strategic options that could also include forming a partnership or selling a significant stake ahead of a potential listing, the report claims.
Magic Leap, which counts Alphabet Inc.’s Google and Alibaba Group Holding Ltd. among its largest investors, is gauging potential interest from large tech companies including Facebook Inc. and medical giant Johnson & Johnson.
However, an initial meeting between Facebook and Magic Leap never progressed to deal talks, according to Bloomberg. Facebook is developing its own virtual reality headsets.
Representatives for Magic Leap declined to comment.
AR hardware may be limited to enterprise uses for the next several years. This means that whoever buys Magic Leap needs to have the financial capacity to carry the products through as AR is still evolving.
The Magic Leap 2 product is expected to be released next year, and Magic Leap hopes that it could help it build a consumer presence.