US-based augmented reality (AR) technology developer Mojo Vision secured $45m in series B-1 funding yesterday from investors including multiple corporates, strengthening its hand in a competitive wearable technology market.
E-commerce group Amazon, communications equipment supplier Motorola Solutions, digital transformation technology provider PTC, mass media group Liberty Global and computing technology manufacturer Advantech all participated in the round.
The participants were filled out by Edge Investments, HiJoJo Partners, New Enterprise Associates (NEA), AME Cloud Ventures, Dolby Family Ventures and Open Field Capital.
Founded in 2015, Mojo Vision is developing what it calls invisible computing technology, referring to the ability to access technology without need for devices.
In addition to the new funding, the company has struck partnerships with sportswear manufacturer Adidas, running trail map producer Trailforks and smart fashion brand Wearable X to use its smart contact lens product, Mojo Lens, to improve athletes’ performance.
According to a report from International Data Corporation, global shipments for wearables grew by 9.9% year on year in Q3 2021, with wearables leading the way with 26.5% year-on-year growth, representing 64.7% of total shipments.
Computing technology provider Apple continued to lead the way among audio product makers, buoyed by its Airpods and Beats headphones. Smartwatches are overtaking smart wristbands in the wrist-worn segment, most commonly associated with fitness and physical performance tracking.
Mojo Vision’s research shows 74% of responding athletes rely on wearables, with half preferring to track performance during an activity – as opposed to before or afterwards. But most also want ways to access the data that is less distracting or inconvenient than having to look at devices during exercise, opening the door for a tailored hands-free product like a smart contact lens.
Alongside the series B-1 funding, the company disclosed strategic partnerships with ski and snowboard tracking app provider Slopes and golf performance tracking platform developer 18Birdies.
Steve Sinclair, senior vice-president of product and marketing at Mojo Vision, said: “We are making important progress in developing our smart contact lens technology and we continue to research and identify new market potential for this ground-breaking platform.
“Our partnerships with these leading brands will give us valuable insights into user behaviour in the sports and fitness market. The goal is for these collaborations to deliver athletes an entirely new form factor with performance data that is more accessible and useful in the moment.”
Mojo Vision raised $58m in a 2019 series B round featuring internet and technology group Alphabet, electronics manufacturer LG, computing technology producer HP’s Tech Ventures unit, Motorola Solutions Venture Capital and internet company Kakao’s venturing unit, Kakao Ventures.
NEA then led an earlier $51m series B-1 round in April 2020 also featuring mobile engagement technology provider Numbase, Liberty Global Ventures, Motorola Solutions, Alphabet’s Gradient Ventures subsidiary and telecoms company KDDI’s Open Innovation Fund.
Electronics manufacturer TDK Corporation’s corporate venturing unit, TDK Ventures, subsequently invested an undisclosed sum in Mojo Vision in March 2021.
Photo courtesy of Mojo Vision Inc.
