Dubai startup raises $250 million for smart contact lenses
Xpanceo, a Dubai-based startup founded by Roman Axelrod and Valentyn Volkov, has landed $250 million in fresh funding to work on next-gen contact lenses.
These aren't your average lenses—they're aiming for features like night vision, zoom, and real-time health tracking.
The investment was led by Opportunity Venture (Asia) Ltd. from Hong Kong, who had already backed Xpanceo before.
Xpanceo takes on Meta, Apple in the smart eyewear space
With this new funding, Xpanceo is now valued at $1.35 billion and is stepping up to compete with Meta and Apple in the smart eyewear game.
While Meta is collaborating with Ray-Ban and Oakley for multimedia glasses and Apple is expected to join the market by 2026, Xpanceo hopes its XR-powered contacts could eventually replace smartphones.
They're aiming to start clinical trials by the end of 2026—definitely a space worth watching if you're into future tech!