Google is leading the funding round for the company, the website cited sources as saying. (http://on.recode.net/1tXLKnb)
Venture capital firm Andreessen Horowitz may be one of the other investors in the consortium, Re/Code said.
Google, Andreessen Horowitz and Magic Leap could not be reached for a comment outside of business hours.
Magic Leap said in February it had raised more than $50 million to develop its proprietary technology platform.
(Reporting by Yashaswini Swamynathan in Bangalore; Editing by Ken Wills)