XPANCEO, a Dubai-based deep tech startup developing the world’s first multifunctional smart contact lens, has raised $250 million in a Series A round at a $1.35 billion valuation. With this raise, the company becomes the UAE’s 12th unicorn and aims to fast-track the commercialisation of an AI-powered lens that delivers AR vision, health monitoring, night vision, and more, all through a device thinner than a human hair.
The round was was led by Opportunity Venture (Asia) that previously led its $40 million seed round. The new capital will be used to finalise the development of its first-of-the-kind smart contact lens, expand XPANCEO’s world-class team across R&D, product, design, and operations, and accelerate the company’s path to market, with the ultimate goal of replacing all personal gadgets with a single, seamless wearable.
A visionary leap beyond screens
While major tech players like Apple, Meta, and Google continue to iterate on augmented reality (AR) glasses and headsets, XPANCEO is forging a radically different path. XPANCEO’s smart contact lenses are a groundbreaking leap in wearable technology, combining nanophotonics, biosensing, AI, and extended reality into a single, seamless interface. The lenses are embedded with ultra-miniature microdisplays that project augmented reality (AR) visuals directly onto the retina, delivering immersive digital content without the need for bulky glasses or screens. These microdisplays offer a 30° field of view and consume just 1–3 µW of power up to 300 times less than typical AR headsets, allowing for prolonged and safe use.
One of the lens’s standout features is its ability to monitor health metrics in real time. XPANCEO has developed lenses that can track intraocular pressure (IOP), offering continuous, non-invasive glaucoma monitoring with 50% more precision than existing solutions. Another version includes a biochemical biosensor that analyses tear fluid to detect biomarkers like glucose, cortisol, sex hormones, and key vitamins, enabling non-invasive and continuous health tracking. This health-monitoring capability could be revolutionary for chronic disease management and early diagnostics.
The lenses also support wireless charging and data transfer, powered by a compact companion device that transmits energy safely over a distance while handling data processing externally. The system is designed with user safety in mind—its radiation levels are comparable to standard headphones, and its ultra-thin, flexible materials ensure comfort and long-term wearability.
XPANCEO has also prototyped lenses with night vision and color correction, using nanoparticle enhancements to allow users to see in low-light environments or adjust for color blindness. Other models support optical zoom, dynamic contrast adjustments, and even the ability to share third-party views, such as a teammate’s or drone’s visual feed, directly to the lens. These capabilities make the lenses highly versatile for use in healthcare, industry, and everyday personal computing.
The minds behind XPANCEO
The company was co-founded by Ukrainian physicist Dr. Valentyn S. Volkov and Russian serial entrepreneur Roman Axelrod. The duo crossed paths at a global science and innovation conference in 2019, bonding over a shared ambition to redefine computing by miniaturising and integrating it directly with human biology. Dr. Volkov, a renowned physicist with extensive experience in material science and nanophotonics, had been researching bio-compatible nanomaterials and optical interfaces. Axelrod, on the other hand, brought a background in building and scaling technology ventures.
What made their collaboration unique was the seamless blend of deep scientific expertise with commercial execution. Volkov envisioned how advanced optics could evolve beyond rigid frames, while Axelrod focused on user adoption, product viability, and business scalability. Within months, the two had laid the foundation for XPANCEO with a research-first approach in optics, neural interfaces, and biosensing.
Looking ahead
With a global market opportunity expected to exceed $750 billion in the next decade, XPANCEO is now focused on moving from prototype to product. The new funding will support talent acquisition, regulatory preparation, and pilot testing. Key markets include healthcare, industrial AR, and eventually, consumer tech.
The company’s contact lenses are not just a new wearable. They represent a potential end to the screen era. By integrating advanced vision augmentation and real-time health data into a lens thinner than a human hair, the company is delivering a radical new interface that could replace smartphones, glasses, and smartwatches with a single, invisible form factor.
As it continues to scale, XPANCEO is not merely building a product. It’s setting the stage for the next major paradigm in human-computer interaction.
“There’s broad consensus across Big Tech that AI-powered wearable XR is the future. Yet, major players have only recently begun building glasses and headsets, so our smart lens technology puts us at least five years ahead,” said Roman Axelrod, founder and Managing Partner at XPANCEO. “Becoming a unicorn is a powerful signal that we’re on the right path. In just 24 months, we’ve developed 15 working prototypes, each unlocking a new layer of possibility. Our vision remains the same: to merge all your devices into a single, invisible interface – your eyes.”
“To build something this ambitious, we had to push the boundaries of science itself,” said Dr. Valentyn S. Volkov, Founder and Scientific Partner at XPANCEO. “Our team possesses exceptional expertise at the forefront of physics, including on novel materials, nanoparticles development, nano-optics, and more. Our unique approach to research, which leverages AI to optimise our R&D workflows and patent analysis, allowed us to accelerate the development of an unprecedented number of prototypes in a short time and contribute to 110 scientific publications in leading journals, collaborating closely with world-renowned experts.”
“We see XPANCEO as a once-in-a-generation project,” said Philip Ma, Managing Director of Opportunity Venture (Asia). “They’re not just building a product, they’re rewriting the rules of personal tech. We backed them early because we saw the boldness of their vision. Today, they’ve proven they can execute. With this funding, XPANCEO is poised to lead the post-smartphone era and redefine the personal computing landscape.”
