The company that is working on smart contact lens is calling it quits. The MicroLED display tech it built during its work on the Mojo Lens will be the focus of the company. According to a news post from the company's CEO, around 75% of its workers will be laid off as it restructures. The company had around 150 employees.

According to the post, the reason for the change is that the company hasn't been able to raise enough money to work on its smart contact lens. The slumping global economy, extremely tight capital markets, and the still-to-be proven market potential for advanced augmented reality products have all contributed to a situation where Mojo Vision has been unable to find additional private funding.

At the Consumer Electronics Show in 2020, the company showed off the Mojo lens, but it wasn't a hit with the public. The demo unit seemed to do its job, but it had to be connected to an external battery and processor in order to wear it on your eye. In June 2022, a video was posted showing a prototype being worn by Perkins. The company said in a March post that it would take a long time before consumers could purchase its products.

It wouldn't have been an assured success if Mojo had been able to sell its contacts. It is not clear if the general public has come around to the idea of face-mounted computers since they largely rejected them. Even if that is something we're okay with now, it could have been a tough fight. Meta is pouring billions of dollars into the field of augmented reality. In a slightly different form factor, glasses could theoretically provide the same function as smart contacts.

The MicroLED display market will be pursued by more than one person. The TVs that use the tech are larger than the displays that have been shown by the company. At this year's Consumer Electronics Show, the world's smallest and most affordable MicroLED screen was presented bySamsung. The smallest MicroLED TV it showed off was 50 inches, but it was still a lot bigger than something that would fit on your eye. The other MicroLED TVs have 99-inch-plus displays and cost much more than $120,000.

A number of companies have stopped work on eye-based Wearables. Verily halted its research on contact lens that can monitor a wearer's diabetes levels.