At each CES for several years, we’ve seen Mojo Vision’s AR contact lenses progress. Yet, it’s not easy to acquire the necessary time and money nowadays. Therefore, today the California-based firm announced that due to trouble in obtaining capital, their work on the Mojo Lens is “decelerating.”
CEO Drew Perkins announced on the company’s website that insurmountable headwinds, including a weak economy and uncertain market potential for advanced AR products, have made it impossible to raise enough funding to keep the project alive.
Perkins states that the development of Invisible Computing from science fiction to technical reality has been proven. Even if Mojo Lens’ full potential is yet to be seen, their vision for it remains strong and they’ll be ready when the time is right.
Mojo has shifted its focus to Micro-LED technology, the driving force behind Lens. With their 14,000 ppi microLED display as a base, they are confident this tech will revolutionize the $160B display industry. “Our advanced technology puts us in a leading position,” says Perkins.
The company has dramatically reduced its staff by 75%, impacting roles and divisions across the startup.
“I don’t think it’s the end of Mojo at all.”
Perkins believes the Mojo will come back, asserting, “It’s not game over for Mojo yet.”
Although we haven’t had the chance yet to see it ship and to reach its full potential in the marketplace, we have proven that what was once considered science fiction can be developed into a technical reality. Even though the pursuit of our vision for Invisible Computing is on hold for now, we strongly believe that there will be a future market for Mojo Lens and expect to accelerate it when the time is right.
Although we haven’t seen Mojo Lens ship yet or realized its potential in the market, we’ve proven that what was once science fiction can be a technical reality. Though our vision for Invisible Computing is paused for now, there will definitely be a future market and we’ll jump start it when the time is right.
One year ago tomorrow, the company announced a $45 million Series B-1 funding round. No further comment was provided.
