New Delhi, Jan 7 (IANS): AR smart lens developer Mojo Vision has slashed 75 per cent of its workforce across a variety of departments and functions amid the deepening funding crunch.

Mojo Vision CEO Drew Perkins said that the company has now decided to pivot its business and focus its resources on Mojo's Micro-LED technology.

"With this shift in focus of our business comes a significant change in our organisational structure, and Mojo Vision has reduced staffing across a variety of departments and functions," Perkins said in a statement late on Friday.

"The reduction represents approximately 75 per cent of the company's workforce," he added.

The company raised $45 million in its Series B-1 round last year.

Perkins, however, said that as they made important product development progress, Mojo faced significant challenges in raising capital.

"The slumping global economy, extremely tight capital markets, and the yet-to-be proven market potential for advanced AR products have all contributed to a situation where Mojo Vision has been unable to find additional private funding to continue its development of Mojo Lens," the CEO noted.

The company is now directing resources toward the continued development and commercialisation of world-class Micro-LED display technology, "where we know there is significant near-term market potential".

Developed as a critical component of Mojo Lens and first announced in 2019, the Mojo Vision 14K PPI Display is the smallest, densest dynamic display ever made.

"The Micro-LED technology platform underlying it is powerful and flexible enough to serve a wide range of applications from next generation wearables all the way up to future televisions and video walls," said Perkins.

"We believe Micro-LED will disrupt the entire $160 billion display industry and our unique technology puts us at the forefront of this disruption."