Dubai-based deeptech startup Xpanceo achieved unicorn status after raising USD 250 mn in a Series A round led by Hong Kong’s Opportunity Venture, bringing its valuation to USD 1.35 bn, according to a press release. The same investor previously backed the firm in 2023 with USD 40 mn in seed funding.

Xpanceo? Founded in 2021 by Russian entrepreneur Roman Axelrod (LinkedIn) and Ukrainian scientist Valentyn Volkov (LinkedIn), Xpanceo is developing smart contact lenses that seek to replace personal gadgets by integrating extended reality (XR) technology directly into the human eye — aiming to reach clinical trial readiness by the end of 2026. The company has built 15 lens prototypes to date and has already developed lenses with health monitoring and enhanced night vision features.

Where will the money go? The capital will fund the development of what the company claims will be the world’s first AI-powered XR contact lens, with features including night vision, optical zoom, real-time health monitoring, and XR options. Other lenses in the pipeline integrate real-time wireless charging and data transfer, 3D imaging, and color correction.

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