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...
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...
- 1/7/2023
- by News Bureau
- GlamSham
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