The watch, called Ritot, has raised over USD 1 million on crowdfunding website Indiegogo.
The waterproof device will use a digital light procession (DLP) matrix to beam the time onto the back of the wearer's hand.
As well as the time, the watch will be able to show texts, Facebook updates, tweets and caller ID if hooked up to a smartphone, according to a description of the watch on Indiegogo.
The projection disappears automatically in 10 seconds.
Currently, the development of the first components is under way, including an accelerometer, processor, the DLP matrix and battery.