UAE-based XPANCEO has raised $250 million in Series A funding to build smart contact lenses capable of augmented vision, real-time health monitoring, and device-level computing, all from within the human eye, per Bloomberg.
The round was led by Opportunity Venture (Asia) Ltd., which previously backed the company’s $40 million seed round in 2023. The new investment reportedly brings XPANCEO’s valuation to $1.35 billion, making it one of the most heavily funded players globally in the smart optics category.
Founded in 2021 by Russian entrepreneur Roman Axelrod and Ukrainian physicist Valentyn Volkov, XPANCEO is attempting to integrate extended reality (XR) directly into soft contact lenses. The company’s roadmap includes night vision, adjustable zoom, biometric scanning, and eventually a device replacement platform, all delivered through wearable optics.
XPANCEO claims it has developed several prototypes and plans to produce a clinical trial-ready model by the end of 2026.
FWDstart has reached out to XPANCEO to clarify several points regarding the round, including whether the full $250 million has already been closed and wired or if any tranches are contingent on technical or regulatory milestones. We have also requested details on the methodology underpinning the company’s reported $1.35 billion valuation – specifically whether it is based on projected revenues, total addressable market (TAM) multiples, comparable transactions, intellectual property appraisals, or discounted cash flow models. We will update this article as more information becomes available.
