Posted on Apr 30, 2020, 3 p.m.
Mojo Vision has successfully raised another $51 million for development of its smart contact lens, including the development of a tiny augmented reality display that would sit above the pupil to possibly help those with impaired vision better navigate their surroundings.
This series B-1 round brings the total funding to $159 million for the company. The lens is also designed to provide hands free information like step by step directions or notifications, but the company hopes to offer other ways to boost sight which could include higher contrast image overlays as well as visual aids to help avoid obstacles.
“The unveiling of the details of our product development earlier this year has generated increased excitement and momentum around the potential of Mojo Lens,” said CEO and co-founder Drew Perkins. “It gets us closer to bringing the benefits of Mojo Lens to people with vision impairments, to enterprises and eventually, consumers.”
The company’s smart contact lens has gained breakthrough device designation from the FDA, and the company has begun working with the Palo Alto based Vista Center for the Blind and Visually Impaired to help generate and collect feedback on its designs. Mojo Vision is also conducting feasibility clinical studies to help iterate and improve the prototype of what could be the first true smart contact lens.
“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. This is a tremendously exciting opportunity and I’m humbled to be joining the board of directors and to continue partnering with the talented team at Mojo,” said Greg Papadopoulos, PhD, venture partner at NEA, who will join its board of directors. Papadopoulos and NEA co-led the seed round in Mojo Vision along with CEO and co-founder Drew Perkins.
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