The augmented reality technology developer, which counts several large corporates as investors, aims to raise $1bn in funding, according to a securities filing.

Magic Leap, the US-based augmented reality technology developer backed by corporates Alibaba, Qualcomm, Warner Bros, Alphabet and Legendary Entertainment, is looking to raise up to $1bn in funding, TechCrunch reported yesterday.

The company has authorised the sale of up to 37 million shares of Series D preferred stock priced at $27 per share, according to a filing seen by CB Insights, but no investors have yet been revealed. It will be valued at between $6.5bn and $7bn, according to various…