Mojo Vision halts AR smart contact lens development, lays off 75% of staff
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AR smart contact lens producer Mojo Vision pivots to MicroLED after failing to find investors for its Mojo Lens product.
The company is laying off 75% of its team members.
Mojo Vision, the first AR smart contact lens developer, has stopped developing Mojo Lens due to a lack of funding and an uncertain future. Instead, Mojo Vision is shifting its focus to Micro-LED technology.
In a blog post, Mojo Vision CEO Drew Perkins wrote that the company has significantly advanced in the past years with the development of Mojo Lens and demonstrated the prototype of the lens. However, the company has been facing challenges in raising capital caused by the slumping global economy, tight capital markets, and not yet proven AR product potential. Mojo Vision couldn’t find private funding to accelerate the development of Mojo Lens.
As the official website states, “Mojo Lens uses unique, purpose-built microelectronics and the world’s densest, dynamic microLED display to layer digital images and information.” The Lens’ wearer can receive information during an activity through AR. For instance, if you were running a marathon, through the lens, you would seamlessly see your progress, the map, the number of kilometers you had run, and similar information without needing to check any device.
The company is now pivoting its business focus on Mojo’s Micro-Led technology, which was developed as an essential component of Mojo Lens. The company believes that Micro-LED will disrupt and bring the $160 billion display industry closer to success.
“We are directing company resources toward the continued development and commercialization of our world-class Micro-LED display technology, where we know there is significant near-term market potential,”Perkins wrote.
As Mojo Vision has put AR contact lens production on hold, the startup has laid off 75% of its workforce in different roles and divisions across the company.
Finally, Perkins stated that the AR-powered Mojo Lens will not be forgotten, and the company is convinced that “there will be a future market for Mojo Lens” and it’s expecting “to accelerate it when the time is right.”
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