In a groundbreaking development in the world of wearable tech, UAE startup Xpanceo has raised $250 million in a Series A funding round to develop futuristic smart contact lenses. These lenses aim to offer night vision, zoom capabilities, and real-time health monitoring, essentially turning the human eye into a next-gen digital interface.
A Visionary Venture
Xpanceo was founded in 2021 by an unusual cross-border team: Russian entrepreneur Roman Axelrod and Ukrainian scientist Valentyn Volkov. Despite geopolitical tensions, their collaboration has created one of the most promising deep-tech ventures in the Middle East.
The funding round was led by Opportunity Venture (Asia) Ltd., a Hong Kong-based investment firm that also provided $40 million in seed funding back in 2023. With this new raise, Xpanceo’s valuation now stands at a whopping $1.35 billion.
What Makes Xpanceo’s Lens So Unique?
Xpanceo is not just working on another wearable device. Its smart contact lenses integrate Extended Reality (XR), an umbrella term covering AR, VR, and MR technologies, to eventually replace smartphones and other digital gadgets with a simple lens worn on the eye.
The features under development include:
- ✅ Night vision for seeing in the dark
- ✅ Zoom functionality for magnifying distant objects
- ✅ Real-time health tracking, including vitals and biometric feedback
- ✅ Gadget-free digital experience through XR overlays
If successful, this could completely redefine how we interact with digital environmentswithout the need for screens or even smart glasses.
Roadmap to Reality
Xpanceo currently has several working prototypes and aims to produce a model ready for clinical trials by the end of 2026. However, there are serious technological challenges ahead:
- Miniaturizing electronics to fit inside a contact lens
- Powering the device without external batteries
- Ensuring eye safety and user comfort
- Navigating medical and tech regulations
Despite the hurdles, the team is optimistic and well-funded, with a strong background in materials science and nanotechnology.
A Regional Tech Beacon
This funding also highlights the Middle East’s growing role in global tech innovation. While other emerging markets saw a dip in venture capital activity in 2024, MENA stood firm. Startups in the region raised $678 million in Q1 2025, making it the strongest quarter since late 2023, according to Magnitt.
Countries like the UAE and Saudi Arabia are now emerging as hotbeds for frontier technology, thanks to government-backed funds, pro-innovation policies, and a global talent influx.
What’s next for Xpanceo?
Xpanceo’s vision goes beyond enhancing sightit aims to revolutionize human-computer interaction. With strong funding, global partnerships, and a bold roadmap, this Dubai-based startup is positioning itself to lead the next wave of wearable innovation.
As we move toward a screen-less digital future, Xpanceo could very well be one of the companies that define it.