The future is uncertain right now. For the wearables industry, the same can be said for the short-term. However, it seems inevitable that wearable tech will become increasingly intertwined with our lives in the long run.
Perhaps that’s how Mojo Vision, a startup focusing on augmented reality (AR) enabled contact lenses, was able to close a $51 million funding round in the midst of a global pandemic. The startup has some noteworthy names on its payroll and early demos of its tech are promising. Mojo Vision’s latest cash injection is a show of confidence that, one day, smart contacts will be all the rage.
Money Equals Confidence
In the tech startup world, a vote of confidence is everything. A few well-utilized investments can be the difference between failing and taking over an industry. But what about before an industry even takes shape? At that point, finding investors willing to part with their cash to fund your dream is difficult.
For a startup developing a piece of smart tech that users will wear on their eyeball, there are certainly some hurdles to overcome.
Nonetheless, Mojo Vision is making all the right moves. It announced on Wednesday that it has acquired another $51 million in funding. That brings its total to more than $159 million. Of course, that’s an impressive sum for any startup. It’s also a positive sign of things to come.
The latest round included participation from noteworthy investors including the likes of New Enterprise Associates (NEA), Gradient Ventures, Dolby Family Ventures, Motorola Solutions Venture Capital, and more.
What makes this funding acquisition even more impressive is the fact that Magic Leap, another advanced wearable startup, just announced deep cuts to its staff.
What Makes Mojo Vision Special?
The thing that sets Mojo Vision apart from its competitors is the fact that it aims to deliver an AR experience without a bulky headset or handheld device. Rather, all of the hardware is housed in a flexible contact lens that users can wear all day.
Steve Sinclair, the startup’s vice president of product and marketing, said, “We’ve been hard at work creating the world’s first true smart contact lens, and by true we mean it really builds in all the capabilities of a solution that you can wear all day, and project augmented reality information to the wearer whenever you need it.”
That sort of wearable would revolutionize not only the industry but the entire world.
During CES 2020 this January (which feels like forever ago), Mojo Vision showed off a prototype of its smart contact lens. The tiny device lets people see text, sports scores, weather information, and notifications in their field of vision.
Moreover, the startup showed off special features to some reporters. One of particular note is a night vision mode that lets users see their environment in the dark without any external gear.
Mojo Vision has already secured an FDA Breakthrough Device designation for its smart contact. This will help fast track an approval when a more complete prototype is ready.
All of these factors have come together as a perfect combination to drive Mojo Vision forward despite the current uncertainties in the world. Thanks to its new funding, slowing down won’t be a problem anytime soon.