)--Linking the forefront of technology, serving business innovationNews on April 6: Mojo Vision announced the completion of a $22.4 million "New A Round" financing. This round was led by NEA and Khosla Ventures, with participation from Dolby Family Ventures, Liberty Global Ventures, Fusion Fund, Drew Perkins (Co-founder of Mojo Vision), Open Field Capital, and Edge. The funds will reportedly be used to develop Micro LED technology and promote its commercial application in consumer, enterprise, and government markets.
According to reports, Mojo Vision was founded in 2015 and previously focused on the development of AR contact lenses. However, in January this year, due to issues such as product progress and financing difficulties, the company underwent a 75% layoff and shifted its business focus to Micro LED technology research and development. In addition to the new round of financing, the company also announced that Nikhil Balram, former SVP and General Manager of the Micro LED business, will replace Drew Perkins (former CEO) as the new CEO. Notably, before joining Mojo, Balram served as the CEO of EyeWay Vision and participated in Google's hardware project development as well as AR/VR game development. Meanwhile, as a co-founder of Mojo, Perkins will continue to serve as the chairman of the company’s board of directors.
Previously, Mojo Vision's financing round had reached the B-1 stage. After its business transformation, the financing round seems to have restarted, hence this round is referred to as the new A round. Notably, the company’s AR contact lenses are based on Micro LED display modules, characterized by a size of only 0.48 millimeters and a pixel density of up to 14,000 ppi. Moving forward, Mojo plans to apply Micro LED to more fields and double the pixel density of this technology, as follows:
◎ Supports dynamic display, with a PPI of 28,000;
◎ High-efficiency blue Micro LED components, sub-micron size;
◎ Highly efficient red and green dual-color quantum dot ink;
◎ Brightness exceeding 1 million nits;
◎ Includes an optimized CMOS backplane, supports wafer-to-wafer bonding, custom microlens optical components;
◎ Supports mass production processes based on 300mm silicon-based GaN and end-to-end 300mm processes.
With the development of display technology, an increasing number of AR glasses manufacturers are exploring the application of Micro LED display technology. Currently, this technology is still not mature enough, but with the promotion of Mojo Vision, we may see more possibilities.
Financing History:
- In June 2015, seed round, size not disclosed;
- November 2018, Series A, $50 million;
- In March 2019, Series B, $58 million, with participation from Gradient Ventures under Google;
- In April 2020, Series B1, $51 million, led by NEA;
- In January 2022, Series B1, $45 million, with participation from Amazon's Alexa Fund;
- In April 2023, Series A+ Round, $22.4 million, led by NEA and Khosla.
Reference:businesswire