Mojo Vision, a Saratoga, California-based augmented reality company, announced it has raised $58 million in funding from a number of prominent investors. Including this round, Mojo Vision has raised over $108 million. Advantech Capital, Gradient Ventures (Google’s AI focused fund), HP Tech Ventures, Motorola Solutions Venture Capital, Bold Capital Partners, LG Electronics, Kakao Ventures, and Stanford StartX participated in this round.
Mojo Vision develops the underlying technology and interfaces to create a pioneering augmented reality platform conceived around the future of computing and communication that is coined as “Invisible Computing.” Invisible Computing was built to give people access to vital information without the intrusion of today’s devices anytime and anywhere.
“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 Mojo Vision CEO Drew Perkins. “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.”
Recently, Mojo Vision released a report exploring the impact of device distraction on personal and business relationships. In the survey of 1,000 consumers, 65% of them expressed concern that excessive time on devices hurts the quality of the interactions with the people around them. And 54% said that subtracting technology like smartphones and other personal devices did not create the desired effect or they were not sure if such attempts had any effects. Rather than people adapting their lives to technology, 50% of respondents said that in the future — technology devices will be designed to evolve to fit our lives better and to minimize distractions.
“The potential for artificial intelligence to provide access to information effortlessly and contextually without distraction is compelling,” added Gradient Ventures managing partner Anna Patterson. “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 did not announce any immediate specifics about product availability or form factors. More details about the technology, platform, and products will be unveiled at a future date.
“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.”