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Google set to lead investment in Magic Leap: Re/Code

Justin Solomon | CNBC

Google and other investors are planning a huge investment in Magic Leap, a secretive but boastful company building hardware and software it says will deliver "cinematic reality."

Sources say Google is leading what could be a $500 million funding round for the Florida-based company; Andreessen Horowitz may be one of the other investors in the consortium. Magic Leap already announced $50 million in funding earlier this year.

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Google, Andreessen Horowitz and Magic Leap reps declined to comment.

Aside from a few cryptic interviews and press releases, Magic Leap has kept a low profile until recently, but it has drawn increasing interest from Hollywood and Silicon Valley. CEO Rony Abovitz, who previously co-founded a surgical robotics company that sold for $1.65 billion, has said the company is working on "what we believe will be the most natural and human-friendly wearable computing interface in the world," but has kept it mostly behind wraps.

By Liz Gannes and Peter Kafka, Re/code.net.

CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.