Image: Mojo Vision
Mojo Vision, a startup that had embarked on a years-long effort to create a smart contact lens with a built-in display, is pivoting from that focus and laying off three-quarters of its staff.
Why it matters: A number of the most ambitious efforts in tech, especially around augmented and virtual reality, face challenges amid a slowing economy and a more difficult fundraising environment.
Details: The company said in a blog post on Friday that it is shifting its near-term work to focus on the micro-LED display technology it developed for use in the smart contact.
Between the lines: The company demonstrated a working prototype last year, but commercialization was still years off.
- "Even as we made important product development progress, Mojo has faced significant challenges in raising capital," CEO Drew Perkins said in a blog post.
- "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."
The big picture: Mojo Vision wasn't alone in pursuing smart contacts.
- Google has invested in trying to develop lenses that can be used to measure blood glucose, though this has proven to be tricky.
- Other big names have also explored the field, including Samsung, as have startups such as Innovega.