Industry News
Mojo Vision Redirects Its Smart Contact Lens Technology Toward Micro-LED Development
Mojo Vision, the company behind the development of the first augmented reality smart contact lens, Mojo Lens, has announced that it is shifting its focus to its Micro-LED technology due to challenges in raising capital for the development of Mojo Lens.
The company has reduced its workforce by 75% as part of this change in direction. While Mojo Lens development will be decelerated, the company believes that there will be a future market for the product and expects to return to its development at a later date.
The pivot to Micro-LED technology, which has the potential to disrupt the US$160 billion display industry, will allow Mojo Vision to focus on near-term success, with investor support and customer interest in the technology.
Mojo Vision CEO Drew Perkins said: "Over the past seven years, I along with CTO Mike Wiemer and other talented leaders, have had the good fortune and honor to lead this exceptional Mojo team toward the audacious goal of reinventing personal computing. Mojo Lens is a monumental technical and medical achievement that others have only dreamed of. Although we haven’t had the chance yet to see it 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. For now, though, this pivot will give Mojo the best opportunity to channel its efforts into nearer-term success. We have investor support, customer interest, and market excitement around our Micro-LED technology – this has the potential to be a very big business."
