Mojo Vision, the company behind the development of the Mojo Lens, a smart contact lens that overlays augmented reality (AR) information on top of the user’s field of vision, has announced that it will pivot its business and focus on its micro-LED technology instead. In an announcement on its website, CEO Drew Perkins cited “significant challenges in raising capital,” including the economic downturn and the “yet-to-be proven market potential for advanced AR products,” as the main reasons for the decision.
The Mojo Lens was unveiled at CES 2020 and was still in the early stages of development, requiring an external battery and processor. In March 2021, the company stated that the next step for the lens was “extensive user testing and analysis, software application prototyping, and overall system and product optimization,” suggesting that it was still some time away from being made available to consumers.
Instead of continuing work on the Mojo Lens, the company will focus its resources on the micro-LED technology that powers it. Mojo has developed a 14,000 pixel-per-inch micro-LED display for the lens, which it believes will “disrupt the entire $160 billion display industry” and put the company at the forefront of this disruption.
As part of the pivot, the company is also cutting its workforce by 75%, with layoffs affecting roles and divisions across the startup. Mojo’s most recent funding round was a $45 million Series B-1 announced a year ago.
While the decision to pivot away from the Mojo Lens is undoubtedly disappointing for the company and its employees, it’s not uncommon for startups working on new and innovative technologies to face challenges in securing funding. The development of the Mojo Lens has certainly not been without its setbacks, but the company’s focus on micro-LED technology could potentially lead to new and exciting opportunities in the future.