Founded by Russian immigrants Roman Axelrod and Valentin Volkov, Dubai deep tech company XPANCEO, which develops AR contact lenses, has raised the first $40 million. XPANCEO has already created several lens prototypes and will use the funds raised to develop a new prototype.

AR contact lens developer, founded by immigrants from Russia, raised first $40 million

Startup XPANCEO, founded by immigrants from Russia, raised $40 million in an initial investment round. Opportunity Ventures of Hong Kong invested in the company.

XPANCEO develops contact lenses with AR Vision functionality. The startup’s team created and successfully tested three separate prototypes in the lab to provide night vision and zoom, real-time health monitoring, and the ability to view videos and graphic content in augmented reality.

The company plans to use the funds raised to develop a new prototype. It is an ultra-thin lens made with optical materials that have record refractive indices.

“The new device is designed to unlock the full potential of augmented reality technology, making it accessible and easy to use,” noted XPANCEO.

According to the startup’s profile on Crunchbase, this $40 million was the first investment raised by XPANCEO.

XPANCEO was founded in Dubai in 2021 by immigrants from Russia: scientist Valentin Volkov and businessman Roman Axelrod. Volkov holds the position of scientific partner of the startup, Axelrod is the marketing partner.


Kirill Bilyk

Source: RB

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