UPDATED 20:43 EDT / APRIL 29 2020

EMERGING TECH

Augmented reality startup Mojo Vision raises $51M to develop its smart contact lens

Augmented reality startup Mojo Vision Inc. revealed today that it has raised $51 million in new funding to develop its smart contact lens.

The Series B-1 round was led by New Enterprise Associates and included Gradient Ventures, Khosla Ventures, Liberty Global Ventures, Struck Capital, Dolby Family Ventures, Motorola Solutions Venture Capital, Fusion Fund, Intellectus Partners, KDDI Open Innovation Fund, Numbase Group and InFocus Capital Partners. Greg Papadopoulos, a venture partner at NEA, is joining Mojo Vision’s board of directors.

Founded in 2015, Mojo Vision offers augmented reality-based software and hardware that develops products and platforms. AR companies are a dime a dozen, but where Mojo Vision becomes interesting is that it’s developing an AR contact lens.

Mojo Lens is pitched as the world’s first true smart contact lens and offers a built-in display designed to provide users with useful and timely information without forcing them to look at a screen or lose focus on the people and the world around them. Called “Invisible Computing” by the company, the platform is said to allow information to be instantaneous, unobtrusive and available hands-free.

AR is not the only feature of the smart contact lens. It also provides support for vision impairment. By using enhanced image overlays, Mojo Lens can provide real-time contrast and scene enhancement that can make obstacle avoidance and personal interactions easier. The company is also working with the U.S. Food and Drug Administration through its Breakthrough Device Program that’s designed to assist in access to medical devices that can help treat debilitating diseases or conditions.

“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,” NEA’s Papadopoulos said in a statement.

Mojo Lens is currently in the research and development phase with no time-frame as yet for its release. Including the new funding, Mojo Vision has raised $159 million to date.

Image: Mojo Vision

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