Google is leading a $542 million investment in a company called Magic Leap, an augmented reality company based in Florida, which is working on what it calls "cinematic reality."

Such "reality" will supposedly produce a more realistic 3D experience than anything else created so far. The company is reportedly working on hardware and software that can deliver augmented reality, including adding computer-generated images as an overlay onto what people can already see.

"We are excited and honored to have such an extraordinary group of investors to help us bring our vision and products to the world," said CEO and founder of Magic Leap, Rony Abovitz. "Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play."

An interesting thing to note is this funding is being led by Google and not Google Ventures or Google Capital. As such, Sundar Pichai, senior vice president of Android, Chrome and Apps at Google, will join the board at Magic Leap.

While Magic Leap's goal is a little vague, its website shows impressive images of an elephant hovering in someone's hands or a submarine that is floating around in a city.

"It's so badass you can't believe it," said Thomas Tull, CEO of Legendary Entertainment, a media company that targets fan audiences and produced the Dark Knight trilogy. "It's one of the few things I've ever experienced in my life where I came out and said, 'This changes everything. This is a marker of the future.' "

Magic Leap has partnered with the likes of Weta Workshop, which is the special effects team behind movies such as "Lord of the Rings" and "The Hobbit."

"The space program had Mercury, Gemini, and Apollo missions, and we're in our Apollo phase," continued Abovitz. "We know that space travel is possible. We're in the middle of full-blown product development and commercialization."

While there is no specific release date for the technology, the company says the program should be released in the short term and while they want to get their technology out, they also want to take the time to make it right.

"It's very near term. But although we're trying to deliver on certain date, we're also trying to achieve an, 'Oh my god, I feel like I'm a kid again' experience," said Abovitz.

As for exactly what we will see, only time will tell. However, considering the fact that they now have $542 million from Google, we're sure to see something magical.