Magic Leap raised $542 million in a funding round led by Google Inc (NASDAQ GOOG) on Tuesday. The number 1 mobile chipmaker, Qualcomm Inc (NASDAQ QCOM) is invested in this funding round as well as Andreessen Horowitz, KKR, Obvious Ventures and Legendary Entertainment.

The company’s Founder and CEO, Rony Abovitz said its mission is to “develop and commercialize… the most natural and human-friendly wearable computing interface”. The funding will be used to implement plans for a wearable device that can track user’s eyeballs and project images on to them as well as other projects.

In July, Facebook (NASDAQ FB) acquired the virtual reality pioneer and 3D headset maker, Oculus Rift for $2 Billion. Oculus Rift and all other augmented reality experiences allow the user to see flat and floating objects in a certain space and fixed distance.

Google Inc (NASDAQ GOOG) News: Startup Funding

When you are as successful a company as Google Inc (NASDAQ GOOG), it can be tough to meet the sky-high expectations of investors who have become used to having Google meet their sky-high expectations.

Hence, Google’s 3Q2014 results were a bit of a disappointment for certain analysts. However, Google is mostly doing quite well — it continues to dominate search and search advertising even as it continues to invest heavily in building up infrastructure such as data centers and in research and development as it seeks to enter entirely new industries such as robotics and driverless cars.

Google Inc Financial News (NASDAQ GOOG)

Wouldn’t it be cool if we could see reality with digital enhancements containing artificial information that can be manipulated? The startup Magic Leap Inc. concentrates on augmented reality and development of the technology that will allow us to experience exactly that.

As it sheds its Motorola handset unit, Google is realigning itself and this is normal in the technology business where even the heavyweights including IBM and HP are going through tough times or making changes — none more than HP which is breaking itself up into two companies.

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