Projection smartwatch raises $1m despite no evidence it exists (video)

Smartwatch fans hold onto your hats as a new innovation is set to blow the virtual hands of all its competitors with revolutionary skin projection technology and enthusiastic backers have already funded it with $1 million [£610,000] despite no prototype being ready.

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Ritot, the name of the watch, uses a digital light procession [DLP] matrix inside a wristband to project an image of the time, tweets or even Facebook posts and has an ambitious February 2015 ship date even though all the images on the Indiegogo site are impressions of what it will look like.

"Currently we don't have a fully working prototype, the photos in campaign are computer renderings of what we envision the device to look like,” read the Ritot page on Indiegogo, which closed last night after raising $1,240,712 [£751,830] – 2,481 per cent of its original $50,000 [£30,300] target.

If the watch ever sees the light of day it will come in a wide range of over 20 colours, is waterproof, has four different sizes and fitness tracker features that let it compete against the other wearables currently available.

In addition to showing the time, tweets and Facebook posts it can also display caller ID and texts when connected to a smartphone and there is currently no indication as to which operating systems it will be compatible with.

Ritot’s developers, who are based in Ukraine, have already started assembling the first components including the accelerometer, processor, controller of the DLP matrix, Bluetooth controller, battery charge controller and WVGA digital micro-mirror device.

Related: An in-depth look at how wearable technology will develop in 2014

Most of the 6,910 people that backed the project will now play a guessing game to see if the $120 [£72] smartwatch turns up on the doormat come February 2015.