Mojo Vision received the breakthrough device designation from the US Food and Drug Administration for the development of Mojo Lens in January
➨ Mojo Vision has raised more than $51 million in its latest funding round
➨ The latest funding round bring’s Mojo Vision’s total raised to more than $159 million
➨ Mojo Vision is initially developing its smart contact lens for the visually impaired
Mojo Vision has raised more than $51 million to continue development of its smart contact lens.
The latest funding round bring’s Mojo Vision’s total raised to more than $159 million. In January, the California-based startup revealed that it was developing Mojo Lens, which utilises AR through microelectronics and a dense microdisplay, along with smart software to understand the user’s context, initially as a medical device.
New Enterprise Ventures led the latest funding round, with participation from Motorola Solutions Venture Capital, Gradient Ventures and others.
Greg Papadopoulos PhD, venture partner at New Enterprise Ventures, will join Mojo Vision’s board of directors. He has more than 30 years of technology and academic experience, and was previously a top executive at Sun Microsystems.
Mojo Vision is initially developing its smart contact lens for the visually impaired. The device is still in research and development and unavailable to buy.
The startup has received the breakthrough device designation from the US Food and Drug Administration for the development of Mojo Lens, which it is pursuing through a partnership with Vista Center for the Blind and Visually Impaired, a California-based non-profit that offers rehabilitation services to more than 3,000 children and adults with blindness or impaired vision each year.
Drew Perkins, chief executive officer of Mojo Vision, said the new investment gets the startup one step closer to bringing its smart contact lens to enterprise and consumers.
He said: “The unveiling of the details of our product development earlier this year has generated increased excitement and momentum around the potential of Mojo Lens. This new round of funding brings more support and capital from strategic investors and companies to help us continue our breakthrough technology development. It gets us closer to bringing the benefits of Mojo Lens to people with vision impairments to enterprises and eventually, consumers.”
Papadopoulos continued: “New Enterprise Ventures has been with Mojo since the beginning, sharing the vision to build and bring to market the first true smart contact lens.”
“The potential applications of this innovative technology could fundamentally change the way we work and view our world, as well as improve the quality of life for people with vision impairment. This is a tremendously exciting opportunity and I’m humbled to be joining the board of directors and to continue partnering with the talented team at Mojo.”
The startup told VRWorldTech Magazine last year that it is aiming to develop ‘invisible computing’, a platform “where access to information is instantaneous and unobtrusive, but without phones, tablets or other devices getting in the way”.