This AR contact lens start-up is acquiring steam regardless of Magic Leap’s has a hard time

There’s little argument that, as tech presses even more into our lives, we’ll quickly be utilizing increased truth glasses that overlay computer system images on the real life. While we still do not understand when that’ll occur, or what business we’ll be purchasing them from, financiers are making their bets — consisting of a $159 million bet with a little contact lens start-up called Mojo Vision.

The most high profile AR business up until now are Microsoft and Florida-based start-up Magic Leap, which are both wagering we’ll be using some type of the headsets they have actually launched in the previous couple years. Microsoft’s currently signed business like oil manufacturer Chevron, in addition to different producers and the military, to utilize its HoloLens headset, which begins at $3,500. Magic Leap, on the other hand, has actually signed collaborations with business consisting of Star Wars maker Lucasfilm, however up until now seems having a hard time to really offer its Magic Leap One, which begins at $2,295. 

They’re far from alone. Facebook has stated it’s dealing with smart-glasses in addition to its Oculus virtual truth headsets that put a screen so near your eyes that it techniques your brain into thinking you remain in a computer-generated world. Apple, on the other hand, is stated to be dealing with a headset too, which a source informed CNET will integrate elements of VR and AR innovation.

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Mojo Vision, a startup with staff made up of veterans from the tech industry’s biggest hitters, including Google, Amazon, HP and Apple, is betting we’ll eventually be wearing contact lenses instead of computer-assisted glasses. And on Wednesday, the company announced it secured another $51 million in funding, bringing its total to more than $159 million. The funding was led by New Enterprise Associates (NEA), with participation from Gradient Ventures, Khosla Ventures, Dolby Family Ventures, Motorola Solutions Venture Capital and others. Mojo Vision declined to disclose what its valuation was but did say it rose with the new funding.

The new funding marks a vote of confidence among some investors despite Magic Leap’s announcement earlier this month it was making deep cuts to its staff. There’s also the global economic slowdown caused by the coronavirus pandemic, which has killed more than 215,000 people around the globe and infected more than 3 million.

It’s unclear when Mojo Vision’s smart contacts will make their way to market, but the company has been discussing the tech more publicly in the past year. During the annual CES in Las Vegas this January, Mojo Vision showed off a prototype allowing people to see text, sports scores, weather and other information in a lens held just in front of their eye.

“They’re not just meant to give everyday people James Bond powers in their eyes; they’re really looking to assist people whose vision impairment could use help, like those with macular degeneration,” CNET’s Scott Stein wrote after seeing the technology.

“We’ve been hard at work creating the world’s first true smart contact lens, and by true we mean it really builds in all the capabilities of a solution that you can wear all day, and project augmented reality information to the wearer whenever you need it,” said Steve Sinclair, vice president of product and marketing at Mojo Vision (and a veteran of Apple and Motorola.)

For now, it seems investors are willing to keep backing the company.