Report: Google Is About To Invest In A Technology That Competes With Oculus Rift

It's called "cinematic reality," and according to a report from Re/code, Google is about to invest in it in a big way.

Specifically, they're reporting that the tech company and other investors are planning to put in $500 million in a company called Magic Leap.They also say that Andreessen Horowitz may be one of the other investors involved.

In February, Magic Leap said that it had raised more than $50 million to develop its proprietary technology platform. Re/Code also notes "They say they can deliver a more realistic 3-D experience than the kind offered by current technologies, including Oculus Rift, the 3-D headset..."

The company's founder, Rony Abovitz, explained this idea of "cinematic reality" best in an interview with the South Florida Business Journal in February. He said:

Those are old terms - virtual reality, augmented reality. They have legacy behind them. They are associated with things that didn't necessarily deliver on a promise or live up to expectations. We have the term cinematic reality because we are disassociated with those things. … When you see this, you will see that this is computing for the next 30 or 40 years. To go farther and deeper than we're going, you would be changing what it means to be human.

Check out this video below where Abovitz talks directly about what the company is working on.