XPANCEO, a groundbreaking deep tech startup, has successfully raised $40 million in a seed round to propel its vision of introducing the world’s first contact lenses with augmented reality (AR) features. The financing was led by Opportunity Ventures (Asia), based in Hong Kong, and is poised to revolutionize personal technology by integrating a suite of advanced features into a single, ultra-thin lens.
Despite previous attempts by various companies to develop smart lenses, XPANCEO has distinguished itself by creating and rigorously testing three distinct prototypes in laboratory settings. These prototypes are designed to provide night vision, zoom capabilities, real-time health monitoring, and the ability to view video and graphic content in AR. These lenses are engineered to be exceptionally comfortable, offering wearers a natural vision experience. Constructed from advanced optical materials, including low-dimensional and van der Waals materials, these lenses exhibit remarkable refractive indices and anisotropy, ensuring outstanding optical performance. The ultimate goal of these innovative lenses is to unlock the full potential of AR technology and make it accessible and user-friendly.
XPANCEO was co-founded by Valentyn S. Volkov, a Ukrainian scientist renowned for accumulating over 7,000 citations in prestigious international publications, and Roman Axelrod, an experienced entrepreneur with three prior successful exits. The multidisciplinary team at XPANCEO consists of more than 50 exceptional scientists, engineers, and executive leaders from renowned universities, research institutions, and deep tech companies. This dynamic team possesses a wealth of expertise in both scientific research and novel technologies, as well as product management and development within intricate markets. Furthermore, XPANCEO collaborates with esteemed scientists from universities around the world, including institutions like the Donostia International Physics Center in Spain, Chalmers University of Technology in Sweden, the National University of Singapore, the University of Oviedo in Spain, the University of Manchester in the UK, Aix-Marseille University in France, and the University of Zaragoza, among others. Together, they aim to create an all-in-one prototype by 2026.
Valentyn S. Volkov, Ph.D., co-founder and Scientific Partner, elaborated on their vision, stating, “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. Our device will effectively merge all your gadgets into one.” XPANCEO has earned recognition as one of the world’s top five optic laboratories by the international consulting firm BCG. The company possesses practical experience in developing and researching unique materials, such as graphene and other 2D materials, paving the way for the realization of next-generation ultra-compact optoelectronic devices.
XPANCEO’s approach combines over 20 patented technologies in Advanced Optic and Photonics, Novel materials, AI, and Neural Interfacing to create ultra-compact and highly efficient optoelectronic devices within smart contact lenses. This approach lays the foundation for a gradual transition from traditional silicon technologies to a future defined by “graphene valley.”
The impressive refractive indices, coupled with the substantial anisotropy of the materials used in waveguide-based devices, are pivotal in achieving more efficient light bending and guiding processes compared to modern optical devices. This breakthrough unlocks the potential for ultra-compact optical elements. Another key technology developed by XPANCEO involves flexible and transparent electronics based on highly conductive quasi-2D metallic films with thicknesses of only a few nanometers. These cutting-edge technologies are complemented by AI models that accurately predict the optical characteristics of similar materials. Furthermore, Neural Interfacing empowers users by affording full control over applications without necessitating cumbersome eye movements, blinks, or additional controllers.
Philip Ma, Managing Director of Opportunity Ventures (Asia), expressed his optimism for XPANCEO’s future. “We led this round of funding as a testament to the fact that XPANCEO has not merely an ambition but also a capacity to deliver on its product vision. We believe that now XPANCEO has all the resources needed to drive their R&D and product design forward, and do it even faster. Opportunity Venture (Asia) sees the potential in XPANCEO to define the next generation of computing and to become a major player in the world of personal tech in the post-smartphone era.”
XPANCEO’s groundbreaking work on AR vision contact lenses has the potential to revolutionize personal technology and redefine the way individuals interact with the digital world.