UAE’s Xpanceo secures $40mln funding round

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UAE – UAE-based deep tech startup XPANCEO raised $40 million in a seed funding round to launch the first contact lenses with augmented reality (AR) vision features, according to a press release.

The fundraising, which was led by Hong Kong-based Opportunity Ventures (Asia), will be used to launch the next prototype, in which the company will integrate several features into one device.

The new device, which is the world’s first ultra-thin lens, is created of advanced optical materials, including low-dimensional and van der Waals materials.

It aims to unlock the advantages of AR technology by making it accessible and easy to use.

XPANCEO's team gathers more than 50 scientists, engineers, and executive leaders from top universities, research institutions, and deep tech companies.

The startup also collaborates with top scientists from universities worldwide, such as the Donostia International Physics Center (Spain), Chalmers University of Technology (Sweden), National University of Singapore (Singapore), among others.

The Co-Founder of XPANCEO, Valentyn S. Volkov, commented: ''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.”

He added: “XPANCEO was recognised as one of the top five optic laboratories in the world by international consulting firm BCG, and has practical experience in developing and studying unique materials (like graphene and other 2D materials), opening a way for the realisation of next-generation ultra-compact optoelectronic devices."