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Bloomberg, citing sources, said on Thursday that Temasek is considering taking part in a new funding round of more than $500 million that could value the start-up close to $6 billion. A source familiar with the company's business confirmed to CNBC that the round is in the works but not closed.
Magic Leap, a virtual and augmented reality start-up, has raised more than $1.3 billion according to the report. It is backed by prominent investors including Jack Ma's Alibaba Group, Alphabet's subsidiary Google and Qualcomm. Both Temasek and Magic Leap declined to comment to Bloomberg.
The start-up is trying to build a mixed reality platform where virtual images are embedded into normal human vision when seen through a headset. It is similar to the Microsoft HoloLens, and will begin shipping to select testers within 6 months at a price between $1,500 and $2,000, though that could change, Bloomberg reports.
Earlier in February, Business Insider published what it claimed was a photo of a working prototype of Magic Leap's portable augmented reality device. But the start-up's president, CEO and founder, Rony Abovitz, said the photo showed a Magic Leap research and development test rig used to collect room and space data for machine learning work.
WATCH: Inside 'Magic Leap's augmented reality