Google, Inc. backed augmented reality startup Magic Leap, Inc. has raised $827 million Series C on a $3.7 billion valuation.

Details on the round were obtained by Forbes via a Delaware filing which did not include who the investors were.

Founded in 2011, Magic Leap is attempting to bring to market an augmented reality product that combines inherent visual ability with mobile computing, delivering what the company describes as a “visual output equivalent to when you step outside into the world, but powered by the mobile tech you carry around.”

The core of the as yet launched augmented reality headset is said to be the use of a technology the company refers to as the Dynamic Digitized Lightfield Signal that delivers the ability to generate images indistinguishable from real objects and then being able to place those images seamlessly into the real world; when the company released a demo video of its yet to be released product in March this year, SiliconANGLE’s Kyt Dodson described Magic Leap’s vision of augmented reality as “breathtaking.”

Magic Leap has been busy in the last year in the run-up to its promised 2016 launch including the provision of support for third-party developers, including the release of a dedicated software development kit (SDK) in June, one that also includes support for both the Unreal and Unity game engines.

When?

News that Magic Leap was attempting to raise the round first emerged in October when it was reported that the company was attempting to raise $1 billion on a $4.5 billion; whether the final figure being less is significant or not is speculative but it does beg the question: how much more money does Magic Leap need to finally come to market?

It’s one thing for a startup, and a unicorn at that, to raise new rounds but it’s rather rare for one to continue raising money without actually having a product yet.

There was no shortage of hype around the virtual and augmented reality space in 2015, and clearly the investors see something in the company others can’t, but given that hype has yet to turn into a tangible reality it remains an unproven risk to take.

Including the new round Magic Leap has raised $1.42 billion over three rounds from investors including Obvious Ventures, Legendary Entertainment, Qualcomm Ventures, Andreessen Horowitz Kleiner Perkins Caufield & Byers and Google.

Image credit: Magic Leap.