Mojo Vision puts contact lens production on hold as 75% of staff are laid off • Alaska Green Light Blog
#Mojo #Vision #puts #contact #lens #production #hold #staff #laid #Alaska Green Light Blog Welcome to Alaska Green Light Blog, here is the new story we have for you today:
We’ve met with Mojo Vision for several CES and watched the startup’s AR contact lenses evolve year after year. Of course, this kind of thing costs a lot of time and money – and nowadays it seems to be more and more difficult to find both. Today the California-based company announced that it is “slowing down” work on the Mojo Lens and citing “significant challenges in raising capital.”
In an announcement published on his website, CEO Drew Perkins blames insurmountable headwinds, including the poor economy and “unproven market potential for advanced AR products,” on his ability to raise the necessary funds needed to bring the project through to hold water.
“While we have not yet had the opportunity to bring it to market and realize its full potential, we have proven that what was once considered science fiction can be developed into a technical reality,” writes Perkins. “Although the pursuit of our vision for invisible computing is on hold for now, we strongly believe there is a future market for Mojo Lens and expect to accelerate it when the time is right.”
Rather than focusing on Lens, Mojo focuses its resources on the micro-LED technology that powers it. As the basis of the product, the company had developed a micro-LED display with 14,000 ppi. “We believe micro-LEDs will revolutionize the entire $160 billion display industry, and our unique technology puts us at the forefront of that revolution,” added Perkins.
Along with the transition, the company has also drastically reduced headcount, reducing its workforce by 75%. The lays impact roles and departments across the startup.
The company’s most recent funding round was a $45 million Series B-1, which was announced a year ago tomorrow. The company declined further comment.