UAE-Based Deep Tech Startup XPANCEO Raises $40 Million Seed Round

XPANCEO, a deep tech startup based in the UAE, has secured a substantial $40 million in seed funding to launch contact lenses with augmented reality (AR) vision features. This investment, spearheaded by Opportunity Ventures (Asia) based in Hong Kong, will enable the company to develop its next prototype, which aims to combine various features into a single device.

XPANCEO has made strides in AR vision technology, successfully creating and testing three separate prototypes in a laboratory setting. These prototypes enable night vision and zoom capabilities, real-time health monitoring, and the ability to view video and graphic content in AR. Considered the world's first ultra-thin lens, the device is crafted using advanced optical materials, including low-dimensional and van der Waals materials. The primary objective of these lenses is to make AR technology more accessible and user-friendly.

''We are targeting, at least, the $790 billion Augmented Reality and Contact Lenses market, and creating the first device in the market that will allow us to use all apps and software in a single contact lens interface,” Co-founder and Scientific Partner, Valentyn S. Volkov, tells StartupScene. “Our device will effectively merge all your gadgets into one."

Founded by Valentyn S. Volkov, a highly-cited Ukrainian scientist, and Roman Axelrod, an experienced entrepreneur with multiple successful exits, XPANCEO boasts a multidisciplinary team of over 50 scientists, engineers, and executive leaders from reputed universities, research institutions, and deep tech companies. The company is collaborating with leading scientists from various universities globally to create an all-in-one prototype by 2026.