Xpanceo, a cutting-edge startup based in Dubai, has secured $250 million in Series A funding to advance its development of smart contact lenses. Founded by Russian entrepreneur Roman Axelrod and Ukrainian scientist Valentyn Volkov, the company is working on wearable technology that could eventually replace smartphones, smartwatches, and other digital devices.
With this fresh investment, led by Hong Kong-based Opportunity Venture (Asia) Ltd., Xpanceo now holds a valuation of $1.35 billion. Opportunity Venture had previously backed the startup with $40 million in seed funding in 2023, making this firm a recurring strategic investor in Xpanceo’s ambitious journey.
Building the Future of Wearable Technology
Founded in 2021, Xpanceo set out with a clear mission: to create smart contact lenses that offer extended reality (XR) experiences. The company has already developed several working prototypes, demonstrating capabilities like night vision, optical zoom, and real-time health monitoring.
These lenses go far beyond vision correction. Xpanceo’s technology aims to bring the digital world into users’ natural field of view, enabling seamless interaction with apps, media, and biometric information—without reaching for a screen. In essence, Xpanceo wants to replace the need for physical gadgets with a digital layer embedded directly into the human eye.
The startup believes its product will enter clinical trials by late 2026, and is moving aggressively toward that goal. Its research and engineering teams are now scaling efforts to enhance the resolution, durability, and data-processing capabilities of its XR lenses.
Features That Push the Boundaries
Xpanceo’s smart lenses promise a suite of futuristic features:
- Night Vision: The lenses will allow users to see clearly in low-light conditions, potentially benefiting professionals in military, security, and emergency services.
- Optical Zoom: With an eye gesture or command, users will be able to zoom in on distant objects—something previously unimaginable in contact lens technology.
- Real-Time Health Monitoring: The lens will track vital health indicators such as blood sugar levels, hydration, and intraocular pressure, giving users access to live health data without using a wearable or phone.
- Digital Interface: The XR system will overlay apps, maps, notifications, and more directly onto the user’s vision, offering hands-free access to digital tools.
All these features make Xpanceo’s lenses a potential all-in-one platform for communication, health tracking, entertainment, and productivity.
A Deep Tech Approach
Xpanceo takes a multidisciplinary approach by combining nanophotonics, biotechnology, neuroscience, and materials science. Valentyn Volkov, the co-founder and Chief Scientist, brings years of academic and applied research experience to the table. His background in optical materials and sensors helps the company innovate at the intersection of biology and electronics.
The company has assembled a team of scientists, engineers, and medical professionals in Dubai and several R&D centers worldwide. Its researchers continue to refine ultra-thin circuits, transparent display materials, and energy-efficient microchips—key components needed to make the lenses both powerful and safe.
Strategic Funding to Scale Innovation
The $250 million Series A funding gives Xpanceo the financial firepower to speed up product development. The company plans to:
- Expand its R&D facilities in the UAE, Europe, and the U.S.
- Recruit top talent in nanotechnology, optics, artificial intelligence, and medical sciences.
- Conduct pre-clinical safety studies for material compatibility and long-term eye health.
- Strengthen partnerships with academic institutions and medical labs to support clinical trials.
Opportunity Venture (Asia) Ltd. believes in Xpanceo’s long-term potential and views smart lenses as the next leap in personal computing. With their backing, Xpanceo gains not only funding but also access to Asia-Pacific markets, where wearable tech adoption continues to grow rapidly.
Competition with Global Tech Giants
Xpanceo is not the only player in the race to reshape wearable computing. It enters the competition against tech giants like Meta and Apple.
Meta has already launched smart glasses in collaboration with Ray-Ban and Oakley. These glasses include built-in cameras, voice-activated AI, and music streaming. Though the form factor is still bulkier than contact lenses, Meta’s products show how companies are actively merging fashion with technology.
Apple, meanwhile, has dominated the health wearables segment through its Apple Watch and continues to explore spatial computing through devices like the Vision Pro. Industry insiders expect Apple to debut its own smart glasses by the end of 2026, a timeline that closely aligns with Xpanceo’s own.
While Meta and Apple focus on glasses, Xpanceo wants to leapfrog them with direct lens-based solutions. If successful, its products would remove the need for external devices altogether.
Technical and Regulatory Challenges
Despite its promise, Xpanceo must overcome significant technical and regulatory hurdles. Engineers need to miniaturize sensors, batteries, and wireless communication modules to fit inside a lens without compromising vision or eye safety.
Heat dissipation, power consumption, and long-term wearability remain critical concerns. The lenses must also comply with strict health regulations in every country where Xpanceo wants to launch.
In addition, the company must convince both medical regulators and the general public that inserting high-tech electronics into the eye is safe, comfortable, and beneficial.
Market Potential and Future Outlook
The global wearable tech market continues to grow, with smartwatches, fitness bands, and AR glasses leading the way. Analysts estimate the XR market could reach $300 billion by 2030, with much of the growth driven by immersive, wearable interfaces.
Xpanceo’s smart lenses sit at the intersection of multiple high-growth sectors: health tech, augmented reality, and wearable electronics. If the company delivers on its roadmap, it could become a category leader with transformative potential across industries.
The lenses may also find use cases in military operations, remote healthcare, sports training, navigation, and field work—anywhere people need real-time information without distraction.
The Vision Ahead
Roman Axelrod, the co-founder and CEO, believes wearable contact lenses will usher in a post-smartphone era. He envisions a world where people interact with their environment through natural gestures and augmented overlays, rather than handheld devices.
Xpanceo has taken meaningful steps toward that vision, and the Series A funding strengthens its ability to execute. With global talent, deep R&D capabilities, and strategic backing, the startup is on a bold path to redefine the future of human-computer interaction.
Also Read – Nykaa Expects Mid-20% Revenue Growth in Q1 FY26