Secretive tech start-up Magic Leap adds a $502-million equity investment to its $1.8-billion coffer. The end goal? An industry redefining augmented reality headset that uses “light-field” technology.

There are very few details known about Magic Leap‘s augmented reality headset. However, that hasn’t stopped the company from raising more than $1.8 billion across four investments rounds.

A constant source of speculation (and ridicule), the company’s near-mythic AR headset has yet to be revealed in any meaningful way to the public. And yet, behind closed doors, it knocks it out of the park for big-company tie-ups and funding.

Investors Google, Qualcomm, Alibaba and others are now joined by Singapore-based investment firm Temasek Holdings.

But what exactly are Magic Leap doing with all that dosh? Well, we can only speculate as to the progress on the device. Bloomberg reports that insiders close to the project claim a small user-group will get to test out the goggles within the next six months. But again, no one really knows.

What Is Magic Leap’s AR Headset?

The company claims its initial Magic Leap headset will be less clunky than other VR headsets. Siting somewhere in the middle between Google Glass and the likes  of Oculus Rift. Similarly rumored is a price tag between $1,500 and $2,000.

Technologically speaking, Magic Leap’s AR headset is said to rely on a proprietary system. Beaming light rays directly into the eye, its supposed capabilities read like a futuristic implementation of digital content onto the real world. Rather than placing people’s eyes up against a screen, it would overlay the digital onto users’ vision. This could lead to the elimination of nausea induced by screen-based headsets like VR.

For all the secrecy surrounding the company and its work, there are a number of high profile visual effects and tech companies and personnel involved. For example Richard Taylor, head honcho of Weta Workshop — the vfx studio responsible for the Lord of the Rings and Hobbit movies — is involved as founder-director alongside Rony Abovitz.

But impressing us most of all is the company’s 2016 announcement of a strategic content partnership with Disney’s Lucasfilm and its ILMxLAB R&D unit. Indeed, they released a nifty proof-of-concept video starring Star Wars droids C-3PO and R2-D2 (above). A tantalizing glimpse at what may be.

We’re in two minds over Magic Leap. It sure smells a lot like vaporware, and perhaps the company’s plans for proprietary tech is outpacing their ability and funds. On the other hand, for all the big-names involved — especially content-wise — we wait in hope that the company will one day make the leap and show us a little magic (hardy har har).

Source: Variety