SARATOGA, CA, Mojo Vision today announced it has raised $58 million in a Series B investment round designed to propel development of its new augmented reality platform.
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The new round brings Mojo Vision's total funding to date to over $108 million.
Mojo Vision's latest round includes investments from leading strategic and venture firms, including Advantech Capital, Gradient Ventures, HP Tech Ventures, Motorola Solutions Venture Capital, Bold Capital Partners, LG Electronics, Kakao Ventures, and Stanford StartX.
Mojo Vision is developing the underlying technology and interfaces to create a pioneering augmented reality platform conceived around the future of computing and communication that Mojo calls Invisible Computing. Invisible Computing is designed to give people anytime and anywhere access to vital information, without the intrusion of today's devices that can distract us from our personal connections and the world around us.
"Advantech Capital is excited to invest in such a bold new augmented reality platform that enables innovative applications for health and wellness," said Benjamin Yumin Qiu, Partner and Co-Head of Healthcare Investments at Advantech Capital. "The AR industry has seen a number of recent breakthroughs and adoption by Fortune 500 companies, and the talented team at Mojo Vision is looking beyond these advances to build something that today can only be imagined."
Major investors in this funding round also include Gradient Ventures, Google's AI-focused venture fund. "The potential for artificial intelligence to provide access to information effortlessly and contextually without distraction is compelling," explained Anna Patterson, Managing Partner of Gradient Ventures. "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."
"Mojo Vision is taking on a big challenge - to rethink how people receive and share information in a way that is immediate and relevant, without diverting their attention," said Drew Perkins, CEO at Mojo Vision. "With this new round of funding, we're excited to have visionary companies and investors support our ongoing development and technology milestones that are essential to making Invisible Computing a reality. In addition to advancing critical technologies, this capital moves Mojo closer to initial customer pilots and strategic partnerships."
The company did not offer any immediate specifics regarding product availability or planned form factors.
Mojo Vision recently released a report exploring the impact of device distraction on personal and business relationships, and how new technology advances may address these issues. While leading technology companies have offered solutions that help consumers reduce distraction by limiting usage or features, the report found that these approaches do little to mitigate distraction in the long term and therefore aren't sustainable solutions. In the survey of 1,000 consumers, 65 percent expressed concern that excessive time on devices hurts the quality of the interactions with the people around them. 54 percent said subtracting technology - namely smartphones and other personal devices - didn't create the desired effect, or they were unsure if such attempts had any effect. Instead of people adapting their lives to technology, 50 percent of respondents said that in the future technology devices will be designed to evolve to fit our lives better and to minimize distractions. The complete report can be found here.
The company will release more detail on its technology, platform and products at a future date.
Mojo Vision announced previous fundraising of over $50 million on November 14, 2018.
Find Mojo Vision online at https://mojo.vision.
About Mojo Vision
Mojo Vision is the Invisible Computing Company, dedicated to developing products and platforms that re-imagine the intersection of ideas, information and people. Instead of being tethered to devices that are increasingly a distraction in many aspects of our lives, Mojo envisions delivering information and knowledge that is immediate, but without the disruption of traditional devices. Mojo is inventing the future of computing - Invisible Computing - which imagines a world where information is there when you need it, technology fades away, and you can freely connect with others in a more meaningful and confident way. Founded by technology experts with decades of experience developing pioneering products and platforms and backed by some of the world's leading technology investors, Mojo believes the future is invisible. Mojo Vision is based in Saratoga, CA.