Augmented reality has already become a growing market, with Oculus continuing to sell thousands of their "developer kits," and Samsung announcing the Gear VR, a virtual-reality headset that uses the Galaxy Note 4 as the display.

Magic Leap, a VR startup, wants to go beyond what is currently available. The team is silent when it comes to future devices, but recently managed to grab $542 million in Series B funding, lead by Google (GOOG), with Qualcomm (QCOM) and others investing in the startup.

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Other investors include Andreessen Horowitz, KKR (KKR), Vulcan Capital, Legendary Entertainment and CEO Thomas Hull, Obvious Venture and a few other smaller investments. This is Magic Leap's second series of investment, since opening in 2011.

Google invested in Magic Leap through its own company, instead of its Google Venture's group. This comes on top of Sundar Pichai and Don Harrison, two executives from Google, both joining Magic Leap's board.

A rumor two weeks ago claimed Google would be acquiring the virtual-reality startup, but it looks like Google will partner with them on some projects. Google recently revealed Cardboard VR at Google I/O, a cheap cardboard VR design, which works with a phone.

Magic Leap is looking to create "magic" according to its website - with new virtual reality simulations that create impossible creatures and situations. This augmentation has not been achieved yet, and Magic Leap will need to use real-world elements to create true augmentation.

Facebook (FB) recently acquired Oculus for $2 billion, the biggest investment in a virtual reality company ever. It looks like other big tech companies are looking to get a stake in virtual reality, everyone apart from Apple has been interested in one VR startup or another. 

TagsMagic Leap, Virtual Reality, Qualcomm