Dubai-based smart lenses startup valued at $1.35 billion
Smart contact lens pioneer XPANCEO secures $250 million funding
#UAE #deeptech - Dubai-based deep tech company XPANCEO has secured $250 million in Series A funding at a $1.35 billion valuation, making the smart contact lens developer the UAE’s latest unicorn startup. The Hong Kong venture capital firm Opportunity Venture (Asia)-led round positions the company to commercialise AI-powered extended reality contact lenses that integrate health monitoring, night vision, and zoom capabilities into a single wearable device designed to replace all personal gadgets.
SO WHAT? - The funding milestone signals growing investor confidence in next-generation computing interfaces beyond traditional screens and smartphones, despite limited traction to-date from smart glasses manufacturers. With most tech firms in this space focusing on smart glasses, XPANCEO's contact lens approach is a potentially disruptive leap forward in wearable computing that could fundamentally reshape how humans interact with digital information.
Here are some key facts about XPANCEO
XPANCEO, a UAE-based deep tech startup developing the next generation of computing via smart contact lenses, has announced the successful closing of a $250 million Series A funding round at a $1.35 billion valuation, officially becoming a ‘unicorn’.
The round was led by Opportunity Venture (Asia), who previously spearheaded XPANCEO’s $40 million seed round.
The startup has developed 15 working prototypes since 2023, including lenses for augmented reality vision, glaucoma monitoring through intraocular pressure sensing, and glucose measurement from tear fluid analysis.
Meanwhile, XPANCEO’s The company's team has expanded from 50 to 100 scientists and engineers whilst doubling laboratory capacity to support accelerated research and development activities across advanced optics and photonics.
XPANCEO collaborates with leading global institutions including the University of Manchester, National University of Singapore, and Donostia International Physics Center to advance material science capabilities.
The company's founders and team have earned 24 international awards in deep tech, optics, and wearable technology whilst contributing to 110 scientific publications in peer-reviewed journals.
XPANCEO's proprietary technology combines over 20 patented innovations in advanced optics, novel materials, artificial intelligence, and neural interfaces to create ultra-compact optoelectronic devices.
The smart lens technology incorporates nanoparticle-enhanced capabilities for night vision and colour correction, alongside wireless charging and real-time data transmission functionality.
Founded by serial entrepreneur Roman Axelrod and physicist Dr Valentyn S. Volkov, the company targets a market opportunity projected to exceed $750 billion over the next decade.
ZOOM OUT - The smart glasses market has finally begun to move forwards, with global shipments surging 210% year-over-year in 2024, largely driven by the success of Ray-Ban Meta smart glasses. The market, valued between $925 million and $1.93 billion in 2024, is projected to reach $8.26 billion by 2030 with compound annual growth rates exceeding 27%. Meta currently leads the market, but faces competition from Samsung, Xiaomi, Baidu, and ByteDance as AI integration and improved design drive broader consumer adoption.
[Written and edited with the assistance of AI]