Mojo Lens shifts focus towards micro-LED and reduces 70% of the staff
They believe micro-LED will disrupt the entire $160 billion display industry
The California-based individual empowerment tech company, Mojo Vision, announces the deceleration progress on the Mojo Lens due to severe hurdles in raising finance.
CEO Drew Perkins blames immovable obstacles such as the bad economy and the yet-to-be-demonstrated market potential for advanced AR products.
Perkins states that while they haven’t had the opportunity to see the full potential of Mojo Lens in the market, they prove that what was once thought to be science fiction is now a reality.
Mojo Lens is currently on hold. The company believes there will be a future demand for it and plans to move forward with it when the time is right.
For now, Mojo will focus on the micro-LED technology that powers Lens. The company developed a 14,000 ppi micro-LED display as the basis for the product.
Perkins states that they believe micro-LED will revolutionise the $160 billion display industry and their unique technology puts them at the forefront of the disruption.
In addition to pivoting their focus, the company has also made dramatic cuts to their workforce by 75%.
This layoff will affect various roles and divisions within the startup. Their latest funding round was a $45 million Series B-1, announced one year ago.
