Xpanceo secures $40M from sole investor Opportunity Ventures

Xpanceo, a tech startup based out of Dubai, has been making waves with its innovative approach to integrating technology into everyday life. The company, which received a significant $40M funding boost from Opportunity Ventures in Hong Kong, aims to revolutionize the world of wearables with its smart contact lenses.

• Founding & Funding: Xpanceo was founded in 2021 by Roman Axelrod and Valentyn Volkov and has since been bootstrapped. The recent funding boost marks a significant milestone for the company, enabling them to accelerate their R&D efforts.

• Team & Technology: With a robust team of over 50 scientists and engineers, Xpanceo has been tirelessly working on the development of various contact lens prototypes. The company is pioneering the use of optoelectronics, moving away from traditional silicon-based processing. Volkov notes that they have developed their own niche in the use of 2D materials like graphene.

• AI & Interfacing: Xpanceo is leveraging AI to develop its frameworks and is innovating with "neural interfacing" - a technique that will allow lens wearers to control applications without the need for intrusive eye movements or additional controllers.

• Prototypes & Patents: Xpanceo has developed three types of lens prototypes: night vision and 3D, precision vision for clinical use, and a holographic lens for AR experiences. The company has applications in progress for 24 patents related to this technology.

• Timeline & Targets: The company plans to merge the functionalities of its prototypes into one lens by 2025 or 2026, using the new funding to accelerate this process.

Despite significant challenges in the tech sector, with companies like Google and Mojo Vision pausing their smart contact projects, Xpanceo continues to forge ahead, backed by the faith of Opportunity Venture.