Mojo Vision Eyes Pivot with $22.4 Million Raise After Losing Sight of Its Initial Pitch

In a surprising turn of events, Mojo Vision has announced that it is putting its smart contact lens project on hold and laying off a significant portion of its staff. This news came as a shock to many in the tech industry, who had been following the company’s progress with great interest.

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The Vision: From Science Fiction to Reality

Mojo Vision’s vision for Invisible Computing was always ambitious, aiming to integrate technology into everyday life through innovative products like smart contact lenses. The company made significant strides in developing this technology, but ultimately found it difficult to navigate the complex landscape of regulatory and market forces.

In a statement at the time, (now former) CEO Drew Perkins wrote, "Although we haven’t had the chance yet to see [the product] ship and 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."

A New Direction: Commercializing Micro-LED Technology

While the news of Mojo Vision’s pivot may have felt like a definitive end to its ambitious project, the company is actually moving forward with its plans. The firm has announced a new Series A funding round of $22.4 million, which will be used to commercialize the micro-LED display technology at the heart of its lenses.

This technology has a much larger addressable market than the original product, and Mojo Vision’s leadership team believes that it is more manageable in terms of development and deployment. The company’s new CEO, Nikhil Balram, brings significant expertise in AR/VR to the role, having previously served as the CEO of EyeWay Vision and done R&D for various Google hardware projects.

Specifications and Details

Mojo Vision has released some specifications and details about its micro-LED technology, which include:

Dynamic displays up to 28,000 pixels per inch: This level of resolution is unprecedented in the industry.
Efficient blue micro-LED devices at sub-µm scale: The company’s use of sub-micron-scale technology enables high efficiency and brightness.
High efficiency quantum dot ink for red and green: Mojo Vision’s use of quantum dots allows for improved color accuracy and vibrancy.
A display system that incorporates an optimized CMOS backplane, wafer-to-wafer bonding, and custom micro-lens optics: The company’s proprietary display system enables high performance and efficiency.
High volume manufacturing process based on 300mm gallium nitride (GaN) on Silicon: Mojo Vision has developed a scalable manufacturing process that can be used to produce large quantities of its micro-LED displays.

Investors and Funding

The new Series A funding round includes existing backers NEA and Khosla Ventures, as well as new investors Dolby Family Ventures, Liberty Global Ventures, Fusion Fund, Drew Perkins, Open Field Capital, and Edge. The $22.4 million raise will be used to accelerate the development and deployment of Mojo Vision’s micro-LED technology.

Conclusion

Mojo Vision’s pivot may have come as a surprise to some, but it is actually a strategic move that positions the company for long-term success. By commercializing its micro-LED display technology, Mojo Vision is able to tap into a much larger market and leverage its expertise in AR/VR. With its new leadership team and funding in place, the company is well-positioned to make significant strides in the industry.

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