Mojo Vision Closes Successful New Series A Funding Round with $43.5M to Drive Micro-LED Development and Commercialization
SARATOGA, Calif.–(BUSINESS WIRE)–Mojo Vision, the high-performance micro-LED company, today announced a final close of its $43.5 million new Series A investment round to advance its micro-LED display technology across applications and bring it to commercialization. The funding round is led by long-time investors New Enterprise Associates (NEA) and Khosla Ventures, and new investor Vanedge Capital, with participation from Shanda Grab Ventures, Dolby Family Ventures, Advantech Capital, Liberty Global Ventures, Drew Perkins, Fusion Fund, Open Field Capital and Knollwood Investment Fund. The final close comes six months after the company announced an initial Series A close of $22.4 million.
“Mojo Vision has shown tremendous momentum as it has expanded its focus on micro-LED development over the past year,” said Mojo Vision chief executive officer, Nikhil Balram. “The funding round drew remarkable interest from investors and exceeded our expectations, with our final figure almost doubling the amount of our initial raise in this round. Our next-generation display technology is state-of-the-art in brightness, efficiency and form factor, positioned to disrupt a global industry.”
The funding comes on the heels of several company milestones including demonstrating the world’s highest-density (14K ppi) true red micro-LED microdisplay and successful light-up of the first-ever 300mm blue GaN-on-Silicon micro-LED array wafer.
“Micro-LED displays are vital for high-performance, energy-efficient screens required in the next generation of AR/VR headsets, smart wearables, and even automotive applications,” said Vanedge Capital’s managing partner and new Mojo Vision board member Moe Kermani. “Mojo Vision’s pioneering advancements in core micro-LED technology, display design, and manufacturing places them in a strong position to dominate the market.”
Pioneering Advanced Display
The micro-LED market is expected to see substantial growth, with estimates indicating 51.7 million units will be shipped by 2030. Mojo Vision developed proprietary High Performance Quantum Dot (HPQD) technology to engineer the world’s smallest and most efficient RGB pixels. The technology is expected to significantly improve performance of augmented reality (AR) and mixed reality (XR) advanced displays.
“We are thrilled to further our investment in Mojo Vision, having been with the company from the very start,” shared Tianqiao Chen, chairman and CEO of Shanda. “This successful funding round signals the industry’s and venture community’s shared belief in the potential of their pioneering work in advanced displays, and we’re eager to support them on this next phase of their journey.”
Mojo Vision’s team of engineers developed the world’s smallest, densest micro-LED display for dynamic – or moving – content in 2019. Mojo Vision’s micro-LED technology delivers tiny pixels with ultra-high brightness, high efficiency, and a slim form factor.
“Mojo Vision developed a world-class AR display the size of a grain of sand and is now extending that same technology across the industry for the next generation of displays,” said Drew Perkins, Mojo Vision co-founder and chairman of the board. “From the initial ideation of Mojo Vision, our engineers have set our technology apart as a catalyst to enhance user experiences.”
About Mojo Vision
Mojo Vision is focused on developing and commercializing high-performance micro-LED display technology for consumer, enterprise, and government applications. The company combines breakthrough technology, leading display and semiconductor expertise, and an advanced 300mm manufacturing process to deliver on the promise of micro-LED displays. Mojo’s proprietary quantum-dot technology brings full color capability to its display platform, and meets the superior performance demands for all form factors. Mojo Vision developed the world’s smallest, densest dynamic display for the first AR smart contact lens and is now applying this innovation and expertise to lead the disruption of the $160 billion display industry.
Contacts
Carol Boyko
104 West Partners for Mojo Vision
carol.boyko@104west.com