We met Mojo Vision at several CESs and watched the startup’s AR contact lenses grow year after year. Of course, these kinds of things cost a lot of time and money. Today, the California-based company announced it was “slowing down” work on Mojo Lens, citing “significant funding challenges.”
In an announcement posted on its site, CEO Drew Perkins said that the ability to raise the funding needed to keep the project alive was due to the weak economy and that “the market potential for advanced AR products is still unproven.” not,” blaming the insurmountable headwinds.
“We haven’t had a chance to ship it and reach its full potential in the market yet, but it has proven that what was once considered science fiction can develop into a technological reality.” Perkins writes, “While the pursuit of our vision of invisible computing is put on hold for now, we strongly believe there is a future market for Mojo Lens and look forward to accelerating it when the time is right.” doing.”
Instead of focusing on the lens, Mojo is focusing its resources on the Micro LED technology that powers it. The company developed his 14,000 ppi microLED display as the basis for the product. “We think MicroLED will disrupt his entire $160 billion display industry, and our unique technology puts us at the forefront of this disruption,” Perkins adds.
Along with the pivot, the company also significantly cut headcount, cutting staff by 75%. Raises impact roles and departments across startups.
Perkins added that Mojo could return to the project, writing:
While it has yet to ship and have a chance to reach its full potential in the marketplace, it has proven that what was once considered science fiction can develop into a technological reality. Although on hold for now, we strongly believe there is a future market for Mojo Lens and hope to accelerate it when the time is right.
The company’s latest funding round came a year ago with a $45 million Series B-1 announced tomorrow. The company declined to comment further.
