Hong Kong-based Opportunity Venture (Asia) has anchored the $250 million Series A funding in XPANCEO, the Dubai-headquartered deep tech company behind the world’s first smart contact lenses, according to an announcement.
The funding round values XPANCEO, founded in 2021 by Russian entrepreneur Roman Axelrod and Ukranian scientist Valentyn Volkov, at $1.35 billion, officially minting the company as a unicorn.
The company has developed 15 functional prototypes in under two years. These include lenses for AR vision, intraocular pressure sensing, tear-fluid glucose monitoring, wireless data reading, and night vision.
Its R&D breakthroughs have resulted in 110 scientific publications and collaborations with top research institutions, including the University of Manchester, the National University of Singapore, and Donostia International Physics Center, per the announcement.
“There is a broad consensus across big tech that AI-powered wearable XR is the future. Yet, major players have only recently begun building glasses and headsets, so our smart lens technology puts us at least five years ahead,” said Axelrod, the company’s co-founder and managing partner.
The company plans to use the funds to expand its R&D, design, and operations teams and accelerate its commercialization timeline.
This is the second time Opportunity Venture (Asia) has backed XPANCEO, having also led its $40 million seed round in 2023.
Opportunity Venture (Asia), licensed under the Securities and Futures Commission of Hong Kong, makes private equity and venture capital investments globally.
The firm seeks investment opportunities in Asia, Europe, and the Middle East regions with a focus on eight business sectors, namely, renewable energy, agricultural commodities, metals mining, IT solutions, financial technology, healthcare, media entertainment, and real estate.
“We see XPANCEO as a once-in-a-generation project… They’re not just building a product, they’re rewriting the rules of personal tech,” said Philip Ma, Managing Director of Opportunity Venture (Asia).
