AR contact lens startup gains momentum – despite setbacks

Mojo Vision, which is building an augmented reality contact lens, said it’s raised an additional $51 million.

Augmented reality is about as cutting edge as it gets. Although not adopted by as many development companies as one might have hoped, there are indeed startups that are attempting to push the envelope. One such startup is Mojo Vision, who secured $159 million to get their AR contact lens into production, and on to the eyeballs of consumers.

Leading the charge, of course, are Microsoft and the struggling Magic Leap, who have piled up the fun bucks to develop headsets for the consumer market. Microsoft have signed some pretty hefty wallets, including Chevron, and the military, who will purchase their HoloLens headset for $3500. Not exactly loose change.

Over in Florida, Magic Leap have shaken hands with Lucasfilm and agreed partnerships. Unfortunately they are still having difficulty shifting Magic Leap One off the shelves at a more reasonable(?) $2295.

Facebook, our fine VR friends, have admitted they are getting into the AR game with their smart glasses. This will be a great little upsell for their Oculus buyers. Apple are rumored to be working on a headset which will be both VR and AR based.

Mojo Vision have jumped headlong into the fray, with a team of devs that have thrown nametags with logos such as Amazon, Google and Apple on them. So you might be forgiven for thinking they could ripple the waters somewhat.

On Wednesday the company announced they secured another $51 million, bringing their coffers up to a healthy $159 million. Below the dotted line were names such as New Enterprise Associates (NEA), with participation from Gradient Ventures, Khosla Ventures, Dolby Family Ventures, Motorola Solutions Venture Capital and others.

Mojo Vision have not disclosed their valuation is, but admitted it had a definite uptick with the new funding. We bet it did.

This is all very good news, we think, considering the lackluster start for Augmented Reality – and bodes well for the future. Watch this space, we guess.