Mojo Vision is putting an end to its AR smart contact lens project and reducing its workforce by 75%.
In Brief
After struggling to secure investors for its Mojo Lens product, Mojo Vision is shifting gears towards MicroLED technology.
The company is undergoing a substantial reduction in staff, letting go of three-quarters of its employees.
Mojo Vision, the first AR The developer behind the smart contact lens has halted the Mojo Lens project due to funding issues and a murky future ahead. They are now pivoting towards Micro-LED technology.
In a blog post According to CEO Drew Perkins, Mojo Vision has made significant strides over the years with the Mojo Lens prototype. However, they've encountered significant obstacles in fundraising, primarily due to the current global economic downturn, tight investment markets, and the uncertain viability of AR products. The company was unable to secure private investment to fast-track the Mojo Lens development.
As the official website states The Mojo Lens incorporates specially designed microelectronics and the highest density dynamic microLED display, which overlays digital graphics and information onto the real world. For instance, a marathon runner wearing the lens could effortlessly track their stats in real time, such as distance covered and navigation, without having to glance at separate devices.
Now, Mojo Vision is redirecting its business strategy towards the Micro-LED technology, initially conceived as a critical part of the Mojo Lens framework. They believe that Micro-LED stands to revolutionize the $160 billion display market.
We are focusing our resources to further advance and commercialize our exceptional Micro-LED display technology, where we recognize significant immediate market possibilities.
Perkins wrote.
With the suspension of AR contact lens production, Mojo Vision has had to let go of 75% of its workforce across various roles and departments within the organization.
Ultimately, Perkins assured stakeholders that the AR-enhanced Mojo Lens is not off the table and expressed confidence that a market for the product will eventually emerge, with plans to ramp up development when the timing is favorable.
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