Mojo Vision announced today that it raised more than $51 million in a Series B investment round as it develops its Mojo Lens smart contact lens.
The round, led by New Enterprise Associates (NEA), also had participation from Gradient Ventures, Khosla Ventures, Liberty Global Ventures, Struck Capital, Dolby Family Ventures, Motorola Solutions Venture Capital, Fusion Fund, Intellectus Partners, KDDI Open Innovation Fund, Numbase Group, InFocus Capital Partners and more. NEA venture partner Greg Papadopoulos is set to join Mojo Vision’s board of directors as well.
Saratoga, Calif.-based Mojo Vision announced in January that it is working with the FDA to develop the smart contact lens to help people with low vision. The lens overlays real-time contrast and lighting enhancements with zoom functionality and already won FDA breakthrough device designation.
Mojo Vision’s lens also includes a power-efficient image sensor that is optimized for computer vision, a custom wireless radio and motion sensors for eye-tracking and image stabilization. It’s designed to increase contrast, highlights edges, magnifies objects and zooms out to spot check surroundings to help people with low vision.
The company is now up to more than $159 million in funding to date after the latest round. Mojo Lens remains in the research and development phase and is not for sale anywhere.
“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 Mojo Vision CEO Drew Perkins. “This new round of funding brings more support and capital from strategic investors and companies to help us continue our breakthrough technology development. It gets us closer to bringing the benefits of Mojo Lens to people with vision impairments, to enterprises and eventually, consumers.”