AR smart lens developer Mojo Vision lays off 75% of its workforce
- The company raised $45 million in its
SeriesB-1 round last year.
- The company is now directing resources toward the continued development and commercialisation of world-class Micro-LED display technology.
- The reduction represents approximately 75 per cent of the company's workforce.
AR smart lens developer
Mojo Vision CEO Drew Perkins said that the company has now decided to pivot its business and focus its resources on Mojo's Micro-LED technology.
"With this shift in focus of our business comes a significant change in our organisational structure, and Mojo Vision has reduced staffing across a variety of departments and functions," Perkins said in a statement late on Friday.
"The reduction represents approximately 75 per cent of the company's workforce," he added.
The company raised $45 million in its Series B-1 round last year.
Perkins, however, said that as they made important product development progress, Mojo faced significant challenges in raising capital.
"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
The company is now directing resources toward the continued development and commercialisation of world-class Micro-LED display technology, "where we know there is significant near-term market potential".
Developed as a critical component of Mojo Lens and first announced in 2019, the Mojo Vision 14K PPI Display is the smallest, densest dynamic display ever made.
"The Micro-LED technology platform underlying it is powerful and flexible enough to serve a wide range of applications from next generation wearables all the way up to future televisions and video walls," said Perkins.
"We believe Micro-LED will disrupt the entire $160 billion display industry and our unique technology puts us at the forefront of this disruption."
SEE ALSO: AR Rahman can leave dinner midway if inspiration strikes & other anecdotes about the reticent music maestro
Foreign institutional investors sell nearly ₹5,000 crore worth equities in first four days of 2023
Gautam Adani will be in the hot seat on Rajat Sharma's show 'Aap Ki Adalat' on Saturday
Popular on BI
- Fuel your morning: Wholesome South Indian breakfast ideas for health
- Vodafone Idea shares tumble 14%, mcap erodes ₹10,806.7 cr
- National parties declare income of ₹3,077 cr in 2022-23; BJP has highest share
- Human trials may reveal efficacy of new Rs 100 cancer pill: Docs
- Multiplexes' revenue growth to dip to 15% in FY25 as OTTs crimp profit margins