Mojo Vision, a startup that makes smart contact lenses, has announced that it will halt lens development and lay off 75% of its employees. CEO, Drew Perkins, announced the news in a blog post. The layoffs will have an impact on roles and divisions throughout the startup.
Mojo Vision had 120 employees before the layoffs, with approximately 95% of them based in Silicon Valley. The fate of the 90 laid off staffs was not stated.
The company also stated that it will concentrate its efforts in the near future on the micro-LED display technology it developed for use in smart contacts. In the future, it plans to focus on marketing the MicroLED technology developed for the lens, which it believes has “significant near-term market potential.” M
CEO Drew Perkins blames insurmountable headwinds, including the bad economy and the “yet-to-be proven market potential for advanced AR products” in its ability to raise the necessary funding required to keep the project afloat. “Even as we made important product development progress, Mojo has faced significant challenges in raising capital,” Perkins said.
“The slumping global economy, extremely tight capital markets, and the yet-to-be proven market potential for advanced AR products have all contributed to a situation where Mojo Vision has been unable to find additional private funding to continue its development of Mojo Lens,” he added.
The sources for this piece include an article in Axios.