Dubai-based deep tech startup XPANCEO has raised an impressive $250 million in a Series A funding round, marking a significant milestone for the company and the UAE's tech ecosystem. The funding, led by Hong Kong-based Opportunity Venture (Asia), values the company at $1.35 billion, earning it unicorn status as the UAE's 12th unicorn.
Founded by a Russian and a Ukrainian entrepreneur, XPANCEO is pioneering the development of the world's first AI-powered smart contact lens. This innovative technology aims to revolutionize human-technology interaction by integrating features such as night vision, zoom capabilities, and real-time health monitoring into a weightless, invisible lens.
The smart contact lens is designed to merge multiple gadgets into a single device, offering an immersive extended reality (XR) experience. From enhancing social media and gaming to providing practical health recommendations, XPANCEO's lens promises to transform everyday life with cutting-edge privacy and security measures.
With prior seed funding of $40 million from Opportunity Venture in 2023, this latest investment will fuel XPANCEO's mission to bring their groundbreaking product to market. The company envisions a future where technology is as natural as human vision, redefining how users interact with both digital and real worlds.
The success of XPANCEO highlights Dubai's growing status as a hub for deep tech innovation. The startup's achievement is a testament to the region's supportive ecosystem for cutting-edge technologies and international collaboration, even amidst global challenges.
As XPANCEO moves forward, the tech world watches closely, eager to see how this smart lens technology will shape the future of personal computing and health monitoring. This funding round positions XPANCEO as a leader in the deep tech space, with the potential to redefine industry standards.
Maria Lourdes
