NVIDIA Acquires RayScale Software - Bringing Ray Tracing to the GPU
 

RayScale was a startup based out of the University of Utah and has built a hybrid renderer that merges the two techniques - all of the reflections in the image they showed were indeed done with ray tracing alone. The engine was not up to real-time frame rates on the images but they said they have spent the last two weeks working on adding features, not performance, and that it should be "no problem" to get his running in real-time.

http://www.pcper.com/comments.php?nid=5674