Google-backed startup Magic Leap could be raising $1 billion in funding - one of the biggest deals ever

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Magic Leap

Magic Leap Website

Magic Leap, the Google-backed "cinematic reality" startup that's made huge waves in the technology community, is close to raising a $1 billion round of new venture funding, reports the South Florida Business Journal.

According to that report, such a deal would value Magic Leap at $4.5 billion. South Florida Business Journal is Magic Leap's hometown newspaper of record, theoretically placing it close to the source.

The only other tech companies to ever raise $1 billion in a single round were Uber, which managed to raise $1.2 billion twice in 2014, and Facebook, which raised $1.5 billion in 2010. 

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Magic Leap's technology is still largely top secret. But we know that it's an augmented reality platform, similar on the surface to Microsoft's HoloLens, which will project three-dimensional images into your field of view.

On October 21st, 2014 - almost exactly a year ago - Google led a $542 million investment in Magic Leap.

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Expectations are high. But after a long run of staying silent, Magic Leap showed off its first-ever video demonstration of what it promises is its actual technology, running in real-time, earlier this week.

You can see the full Magic Leap demo below:

Magic Leap declined to comment when Business Insider reached out.

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