Deep tech startup XPANCEO secures $40M in seed round
The company plans to invest the funds to launch its next prototype, the first contact lenses with AR vision features, which will combine multiple features into one device.
UAE-based deep tech startup XPANCEO has secured $40 million in a seed round led by Hong Kong-based Opportunity Ventures (Asia).
The company plans to invest the funds to launch its next prototype, the first contact lenses with AR vision features, which will combine multiple features into one device, a press statement shared on Wamda read.
XPANCEO, founded in 2021 by Valentyn S. Volkov and Roman Axelrod, is developing the next generation of computing through an invisible, weightless smart contact lens.
It has developed and tested three prototypes for night vision, real-time health monitoring, and AR content viewing. The world's first ultra-thin lens, made from advanced optical materials, feels natural to wearers and exhibits record-breaking refractive indices and anisotropy, the company said.
The device aims to make AR technology accessible and easy to use, ensuring its full potential is realised. The devices are made from low-dimensional and Van der Waals materials.
“We believe that now XPANCEO has all the resources needed to drive their R&D and product design forward, and do it even faster," said Philip Ma, Managing Director, Opportunity Ventures (Asia).
The company aims to create ultra-compact, efficient optoelectronic devices in smart contact lenses using over 20 patented technologies in advanced optic and photonics, novel material, AI, and neural interfacing.
The project aims to transition from traditional silicon technologies to the "graphene valley" future, as the components of classical optoelectronic materials are too bulky for practical use.
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Its waveguide-based devices utilise high refractive indices and large anisotropy materials for efficient light bending and guiding, enabling the realisation of ultra-compact optical elements.
The company also develops flexible and transparent electronics using highly conductive quasi-2D metallic films with nanometer thicknesses. AI models are used to develop accurate predictions about similar materials' optical characteristics, and neural interfacing allows users full control over applications without the need for eye movements or additional controllers.
It has a team of over 50 scientists, engineers, and executive leaders from top universities, research institutions, and deep tech companies, who specialise in science, novel technologies, product management, and development in complex markets.
XPANCEO has collaborated with scientists from various universities worldwide to create the first all-in-one prototype by 2026, aiming to create a comprehensive solution.
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Edited by Suman Singh
