We've watched the startup's contact lens development for years. These kinds of things take a lot of time and money, and these days it's hard to find them. Significant challenges in raising capital were cited as the reason for the firm's decelerating work.
Drew Perkins blamed the bad economy and the lack of proven market potential for advanced augmented reality products for the project's inability to raise the necessary funding.
Perkins writes that they 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 expect to accelerate it when the time is right.
The Micro-LED technology that powers it is the main focus of the company. A 14,000 ppi microLED display was the product's foundation. Perkins believes that Micro-LED will disrupt the entire display industry.
Along with the pivot, the company has cut its staff in half. Roles and divisions will be impacted by the lay.
Perkins says that the Mojo might return to the project.
Although we haven’t had the chance yet to see it ship and to 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 year ago, the company announced a Series B-1 funding round. The company didn't say anything else.
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