Deep tech startup XPanceo from UAE secures $40 Million in seed funding

XPANCEO, a pioneering deep tech firm from the UAE, has bagged a remarkable $40 million seed funding for developing contact lenses with augmented reality (AR) vision. Opportunity Ventures (Asia), located in Hong Kong, is the primary investor leading this round. The funds are allocated for the progression of the startup's next prototype, which aspires to merge multiple features into one unit.

On its journey in AR vision innovation, the startup has succeeded by designing and testing three distinct prototypes under controlled laboratory conditions. These cutting-edge lenses offer users night vision, zooming features, real-time health metrics, and the capability to engage with video and graphics via AR. Touted as the world's premier ultra-thin lens, it's constructed using state-of-the-art optical components, encompassing low-dimensional and van der Waals materials. The overarching aim is to enhance the convenience and usability of AR technology for users.

"Envisioning a stake in the $790 billion market of Augmented Reality and Contact Lenses, our ambition is to launch the foremost device allowing seamless integration of all apps and software within a single lens interface," stated Co-founder and Scientific Partner Valentyn S. Volkov, in a chat with StartupScene. "Our lens is set to revolutionize tech by consolidating various devices into one."

XPANCEO's foundation is credited to Valentyn S. Volkov, an acclaimed Ukrainian scientist, and Roman Axelrod, a seasoned entrepreneur with numerous notable successes. The enterprise takes pride in its diverse team of over 50 experts from esteemed universities, research hubs, and leading deep tech firms. The vision is clear: to partner with top-tier scientists worldwide and launch an all-encompassing prototype by 2026.