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magic leap still
Still from a Magic Leap demo video

Mysterious augmented reality startup Magic Leap is looking to raise $827 million in a Series C funding round, according to a Delaware filing given to Forbes. If able to raise that much, Magic Leap would have about $1.4 billion in total funding, putting it well into unicorn territory.

While such $1 billion+ companies are becoming more and more common, Magic Leap stands out as a secretive product that still aims for consumer appeal. The company has so far teased just a handful of demos, which show only what a viewer will supposedly see while wearing the augmented reality headset. So far, the company hasn’t given any details about the hardware besides saying that it will look like eyeglasses (duh).

Investors in Magic Leap’s latest round weren’t named in the filing, but a $542 million funding round was led by Google last year. The round also included investors like Qualcomm, Paul Allen’s Vulcan Capital, KKR, Kleiner Perkins Caufield & Byers, and Andreessen Horowitz.

If Magic Leap’s demos are true to life, the tech with directly compete with Microsoft’s HoloLens. However, Microsoft has already announced a ship date for developer units (early next year), and given thorough demos to the tech press. The HoloLens also runs on Windows 10, which may be easier for developers to code in when building augmented reality apps.

While Magic Leap’s investors have likely seen a little more proof than the general public, Microsoft will likely have a leg up both in recognizability and in developer support when it debuts.

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