Mixed reality startup Magic Leap has raised $793.5 million through a new funding round led by Chinese e-commerce outfit, Alibaba.

Magic leap is no stranger to huge investments, having previously raised $542 million back in 2014, although the size of this latest cash injection is perhaps even more notable given the company has yet to release a single product.

Despite keeping its tech under wraps, demo videos released online suggest Magic Leap will eventually release a device similar to Microsoft's HoloLens headset.

Described as a "mixed reality lightfield" experience by Magic Leap CEO, Rony Abovitz, the mysterious tech is being pitched as a "computing platform" that will let users "seamlessly combine and experience their digital and physical lives."

It looks like the device might become a video game platform in the future, with the startup having brought in a number of game industry veterans including 7th Guest creator, Graeme Devine.