US-based augmented reality (AR) technology producer Mojo Vision raised $58m yesterday in a series B round featuring electronics manufacturer LG and subsidiaries of corporates HP, Motorola Solutions, Kakao and Alphabet.
Computing technology producer HP, communications equipment supplier Motorola Solutions, internet company Kakao and internet technology group Alphabet took part through HP Tech Ventures, Motorola Solutions Venture Capital, Kakao Ventures and Gradient Ventures respectively.
The round was filled out by Stanford-StartX, the accelerator backed by Stanford University, as well as private equity fund Advantech Capital and Bold Capital Partners, the investment vehicle for Peter Diamandis, founder and chairman of non-profit organisation X Prize Foundation.
Founded in 2015, Mojo Vision is working on technology and interfaces intended to facilitate what it calls invisible computing: an ecosystem of AR products that do not require traditional devices such as smartphones.
Although the company technically emerged from stealth in November 2018, it is yet to make any announcements explaining how its technology works or the nature of the products it is developing.
Mojo Vision will use the funding to drive development of critical technologies as it moves to initial customer pilots and seeks strategic partnerships. It has secured more than $108m in equity financing to date.
The company revealed an initial $50m in funding in November, from investors including mass media group Liberty Global and online content provider Shanda Interactive, which participated through investment firm Shanda Group.
Open Field Capital, Khosla Ventures, New Enterprise Associates, 8VC, AME Cloud Ventures, Fusion Fund and Dolby Family Ventures also contributed to the series A round.
Anna Patterson, managing partner of Gradient Ventures, said: “The potential for artificial intelligence to provide access to information effortlessly and contextually without distraction is compelling.
“Gradient’s investment in Mojo Vision represents our keen interest in using AI to look beyond today’s mobile form factors and develop new ways to connect the world to important information.”
The original version of this article was published on our sister site, Global University Venturing.
