Xpanceo

History

2023: Raising $40 million in investments

On October 17, 2023, the high-tech startup Xpanceo, founded by immigrants from Russia, announced a sowing round of financing, during which $40 million was raised for development. The support program was led by Hong Kong-based Opportunity Ventures.

Xpanceo, which is based in Dubai, was founded in 2021 by scientist Valentin Volkov and entrepreneur Roman Axelrod. The startup designs intelligent contact lenses with augmented reality (AR) technology. The company, in particular, has created devices that enable night vision and scaling, real-time health monitoring, as well as viewing video materials and graphic content in AR mode. The lenses are said to be made using "advanced optical materials that exhibit record refractive and anisotropic indices." Due to its ultra-thin thickness, the product is practically not felt when worn.

Xpanceo Founders - Valentin Volkov and Roman Axelrod

As of mid-October 2023, Xpanceo's workforce includes more than 50 professionals, including scientists and engineers from major universities, research institutes and IT technology companies. Startup collaborates with organizations such as the Donostia International Physics Center Spain (), Chalmers University of Technology (), the Sweden National University of Singapore University of Oviedo (Spain), the University of Manchester (), Britain the University of Aix-Marseille (), France and the University of Zaragoza (). Spain

Xpanceo intends to use the funds raised to further research and accelerate the development of smart contact lenses. The company plans to introduce a device that combines a wide range of features by 2026. Such a product is designed to "unleash the full potential of AR technology, making it affordable and easy to use."^[1]

Notes