Magic Leap's breakthrough augmented reality project continues to generate support

It feels a little sudden, but we’re here: Magic Leap is working to create the most augmented reality device possible.

The Florida-based startup is developing a project called a Dynamic Digitized Lightfield Signal, which projects images directly onto a user’s retina, according to Core 77. The technology will allow users to see 3D images that blend into their natural world.

The project is well supported. Both Google and e-commerce company Alibaba back it. Magic Leap raised $542 million in 2014 and the company is near raising a $1 billion round at a $4.5 billion valuation. It is one of the largest rounds of funding ever, comparable to what Uber and Facebook raised during the last few years.

While Magic Leap has released a few video demonstrations of its product, there is no word yet as to when this might be available and how much it might cost.