Stanford-StartX has contributed to a $58m series B for AR platform Mojo Vision, which also attracted Google, HP, Motorola Solutions, LG and Kakao.
US-based augmented reality technology producer Mojo Vision yesterday raised $58m in series B funding from investors including Stanford-StartX, the accelerator backed by Stanford University.
HP Tech Ventures, Motorola Solutions Venture Capital and Kakao Ventures, respective corporate venturing subsidiaries for industrial computing company Advantech, PC manufacturer HP, telecoms equipment supplier Motorola Solutions and internet company Kakao, also contributed to the round.
The series B also featured Gradient Ventures, the artificial intelligence-focused investment arm of internet company Google, as well as consumer electronics group LG Electronics, Bold Capital Partners, the investment fund of Peter Diamandis, founder and executive chairman of non-profit X Prize Foundation, and private equity fund Advantech Capital.
Although Stanford-StartX typically invests through its Stanford-StartX Fund, set to be wound down later this year, Mojo Vision’s press release did not refer to the fund.
Founded in 2015, Mojo Vision is developing technology and interfaces that enable what the company has dubbed invisible computing – an ecosystem of augmented reality products that do not require traditional devices such as smartphones.
Although the company technically emerged from stealth in November 2018, it is yet to make any announcements explaining how its technology works or what its products will be.
Mojo Vision will use the money to drive development of critical technologies as it moves to initial customer pilots and seeks strategic partnerships.
The company has secured more than $108m in capital to date. It revealed an initial $50m in equity funding when it came out of stealth, with investors including mass media group Liberty Global and online content provider Shanda Interactive, through investment firm Shanda Group.
Open Field Capital, Khosla Ventures, New Enterprise Associates, 8VC, AME Cloud Ventures, Fusion Fund and Dolby Family Ventures also took part in that initial round.
Anna Patterson, managing partner of Gradient Ventures, said: “The potential for artificial intelligence to provide access to information effortlessly and contextually without distraction is compelling.
“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.”
– This article was amended on March 20 to reflect the nature of Advantech Capital as a private equity fund.
