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Xpanceo Raises $40M to Develop Smart Contact Lenses

Jonathan Wong

Jonathan Wong

19 October 2023

Xpanceo, a deep tech startup, has received a $40 million investment from Opportunity Ventures in Hong Kong to develop smart contact lenses as the next frontier in computing devices. The company aims to simplify technology by integrating it seamlessly into daily life, eliminating the need for multiple devices. They plan to create a single gadget with an infinite screen and revolutionize the next generation of computing.

Xpanceo, based in Dubai and founded in 2021, is known for its innovative approach, focusing on new materials and optoelectronics instead of silicon-based processing. Their prototypes cover night vision, precision vision, and holographic augmented reality experiences. The company intends to combine these functionalities into a single smart lens by 2025 or 2026 and has filed applications for 24 related patents.

The concept of smart contact lenses is not new, but Xpanceo's approach and commitment to advanced materials set them apart. While some other startups have faced challenges in this space, Xpanceo has secured funding for their limited prototypes and continues to push the boundaries of deep tech. The founders, Roman Axelrod and Valentyn S. Volkov, have a history of entrepreneurship and an international background.

Dubai serves as the base for Xpanceo's operations, offering a strategic location and access to a diverse community. With this significant investment, Xpanceo is poised to redefine personal tech in the post-smartphone era and lead the way in the evolution of computing devices.