UAE-based company Xpanceo has raised $250 million in a Series A funding round. The money will help them develop smart contact lenses that can provide users with night vision, zoom in on objects, and monitor their health in real-time.
The funding was led by Opportunity Venture (Asia) Ltd. Xpanceo is now worth $1.35 billion.
The company will use the new funds to develop special contact lenses incorporating extended reality technology.
This technology aims to replace devices like phones or glasses by using smart lenses that can be worn.
Read more- What is Treasure NFT, Uses, Real or Fake, and Price
The company has already made several test versions of the lenses. It plans to have a finished model ready for medical testing by the end of 2026.
Her lenses still have many challenges before they can be sold to the public. One big challenge is making the technology and power source small enough to fit inside a person’s eye.
Opportunity Venture gave the company $40 million in early funding back in 2023.
Xpanceo was founded in 2021 by Roman Axelrod, a Russian businessman, and Valentyn Volkov, a Ukrainian scientist.
Read more- PhysicsWallah Teams Up with YCMOU to Offer Live Online Classes
