This Secretive Google-Backed Startup Is Raising Almost $1 Billion

Magic Leap, the “cinematic reality” startup backed by Google, is in the process of raising $827 million in new equity funding, based on documents filed in Delaware.

There had been reports back in October that the company was raising nearly $1 billion from investors like Alibaba Group, which was expected to invest around $200 million. The documents do not identify any investors, nor do they say whether the entire $827 million has been spoken for.

Prior to this round, Florida-based Magic Leap had raised nearly $600 million from Google, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Kohlberg Kravis Roberts & Co., Obvious Ventures, Vulcan Capital, Qualcomm Ventures, Peter Diamandis and Legendary Entertainment.

Private market data provider VC Experts says that Magic Leap would be valued at around $3.7 billion were it to place all of the new Series C stock. A different research firm, PitchBook, puts the figure closer to $4.33 billion, apparently based in the inclusion of previously authorized common stock that has not necessarily been placed yet.

A Magic Leap spokesman declined comment.

Below is a demo of the Magic Leap technology, although the company’s actual product is not yet commercially available:

This article originally appeared on Fortune.com