Mojo Vision, a startup that has spent years working on smart contact lenses with built-in displays, has pivoted from its focus and laid off three-quarters of its staff.
why it matters: Many ambitious initiatives in tech, especially in augmented and virtual reality, are facing challenges amid a slowing economy and worsening funding conditions.
detail: The company said in a blog post on Friday that it was shifting its immediate work to focus on the Micro LED display technology it developed for use in smart contacts.
between lines: The company demonstrated a working prototype last year, but it’s still years away from commercialization.
- In a blog post, CEO Drew Perkins said, “While making significant progress in product development, Mojo faced significant funding challenges.
- “With a sluggish global economy, extremely tight capital markets, and an unproven market potential for advanced AR products, Mojo Vision is in a position to find additional private funding to continue the development of Mojo Lens. I could not do it. “
Big picture: Mojo Vision isn’t the only company pursuing smart contacts.
- Google has invested in developing lenses that can be used to measure blood sugar levels, but this has proven difficult.
- Other big names, including Samsung, are also exploring this space, as are startups such as Innovega.
