Key points from article :
Mojo Vision is halting work on its smart contact lens and laying off 75% of its staff.
Pivoting to focus on its MicroLED display tech, which has potential applications in TVs, monitors, smartphones, and AR/VR products.
The company was unable to raise funding for its smart contact lens due to the slumping global economy, tight capital markets, and unproven market potential for advanced AR products.
The company's smart contact lens prototype was still far from market-ready, requiring an external battery and processor.
Even the launch its smart contact lenses would have faced stiff competition from Meta and other companies developing AR glasses.
Verily, a subsidiary of Alphabet, paused its research on glucose-monitoring contact lenses in 2018.
MicroLED tech has the potential to revolutionize the display industry, but it is still in its early stages and is currently very expensive.
