No, you're not hallucinating. That's just a Magic Leap augmented-reality robot.

The start-up is developing an eyeglass-like device that projects computer-generated images over a real-life setting. Ultimately, it wants to build "an operating system for reality," CEO Rony Abovitz said on stage at this week's WSJD technology conference.

Unlike the entirely immersive virtual reality worlds built for the Oculus Rift and Samsung Gear VR, augmented reality superimposes images and videos onto the real world. "There's no special effects...no post-production, no editing," Magic Leap Chief Content Officer Rio Caraeff said during the event.

The only difference between humans and AR objects, Abovitz explained, is atoms. And as long as you don't try to touch, smell, or taste what you see, "it's neurologically true," the CEO said.

See for yourself in the video above, which features Gimbal the robot and a working model of the solar system.

"We can't on video actually give you the experience you'll have when you use our system," Abovitz said of the teaser. "There actually is not a replacement for the actual experience, but this will be pretty close."

Hiding under a desk, the shy Gimbal waves at the viewer, interacting with his environment.

"Effectively, you experience Gimbal as a complete neurologic reality in the world with you—flying around, going behind things, [sitting] on top of tables," Abovitz explained. "So he's really there."

Headquartered in Florida, the start-up was born out of the idea that people should come first, and computing and technology should fit our needs. A group of Silicon Valley giants agreed, investing $542 million in the company last year.

In the year since, Magic Leap has named science-fiction writer and game designer Neal Stephenson Chief Futurist, and teased its advanced augmented reality tech via a game played with physical props and a headset.

Over the summer, the company announced plans to launch its software development kit, with support for Unity, Unreal, and custom 3D engines.