XPANCEO, the developer of the world’s first smart contact lenses, reaches a US$1.35 billion valuation, underscoring Dubai’s growing global competitiveness
Founder and Managing Partner at XPANCEO:
- The forthcoming generation of major deep-tech companies will emerge from UAE, which will remain central to our future vision.
- Our participation in Expand North Star, supported by Dubai Chamber of Digital Economy, provided an important opportunity for us to build valuable partnerships and accelerate our growth.
Dubai, UAE – Dubai continues to consolidate its position as a leading centre for startup growth and expansion into global markets, supported by an advanced business environment and an integrated ecosystem that fosters innovation and entrepreneurship. The emirate has been instrumental in the rise of numerous companies that have achieved international competitiveness, including XPANCEO, the developer of the world’s first multifunctional smart contact lenses. Established in Dubai, XPANCEO has successfully delivered advanced technological solutions and grown into a unicorn.
Dubai’s strong investment appeal is underpinned by policies that promote business growth, support innovation, and sustain private sector prosperity. These policies are complemented by a conducive environment for the success of entrepreneurial ventures, particularly in fast-growing sectors such as AI, fintech, and deep tech.
Dubai: An ideal platform for globalisation
The rapid evolution of XPANCEO from an innovative concept into a leading global company illustrates Dubai’s role as an ideal platform for transforming advanced technology into commercially successful ventures. Dubai’s integrated business support ecosystem has been instrumental in accelerating the company’s trajectory, enabling it to redefine personal technology and rapidly enter the emerging field of AI-enhanced reality.
In July, the company secured US$ 250 million in a Series A funding round, achieving a valuation of US$ 1.35 billion.
Roman Axelrod, Founder and Managing Partner at XPANCEO, expressed his appreciation for the pivotal support the company has received in Dubai, saying: “The business ecosystem in Dubai plays a major role in supporting our journey. Dubai Chamber of Digital Economy hosted us in its booth at GITEX Asia in Singapore, and this gave us an important opportunity to build valuable partnerships and accelerate our growth. We highly value this vital support that has contributed to accelerating our success.”
Axelrod praised the exceptional efficiency of Dubai’s business environment, adding: “With the support of Dubai Chamber of Digital Economy, our participation at a dedicated exhibition platform at Expand North Star in Dubai became reality so swiftly. This decisiveness in moving from concept to execution is a game-changer and something you almost never see elsewhere.”
He said: “The UAE will remain central to our future vision, extending well beyond its role as the headquarters of our business. In this region, we see a model for what we aspire to build: a world defined by accelerated progress, a global outlook, and a future-oriented approach. I firmly believe that the next generation of major deep technology companies will also emerge from here.”
He added: “We chose the UAE as the global headquarters for XPANCEO for several strategic and cultural reasons. The emirate is located at the centre of the world, and the UAE provides a unique blend of factors shaped by the government’s forward-looking vision, the swift execution of projects and ideas, and a strong commitment to innovation. When an idea is proposed here, even if it seems ambitious or unconventional, it isn’t questioned; instead, the focus shifts to identifying what is necessary to turn it into reality. This approach reflects an exceptional and invaluable mindset.”
Reflecting the company’s future ambition for its smart contact lenses to become a central interface for integrating human computing capabilities, Axelrod said: “In ten years, I envision XPANCEO in the post-smartphone era playing a role comparable to that of Apple in the smartphone era — not just a product, but a platform for human–computing integration and a champion company of the AI era.”
A US$ 250 million Series A funding round, led by Opportunity Venture (Asia), has accelerated the next phase of XPANCEO’s smart contact lens development, expanded the company’s team, and expedited advanced prototype development, patent filings, and the path to human trials. The company’s funding follows significant technological breakthroughs, with prototypes already developed for augmented reality vision, glaucoma monitoring, biochemical health parameter sensing, and real-time wireless charging.
About Dubai Chamber of Digital Economy:
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, aims to strengthen Dubai’s position as a global leader in the digital economy; attract specialised talent, leading companies, and new investments; and create a stimulating environment that supports the growth of digital companies. The chamber was established by a decree issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
