Smart contact lens manufacturer Xpanceo raised USD 40 million in seed funding from Opportunity Ventures.

Xpanceo intends to use the funding to merge the functionalities of its various lens prototypes into a single lens. The company anticipates completing this integration by 2025 or 2026.

Based in Dubai, Xpanceo is working on smart contact lenses as an alternative to traditional AR glasses. The company’s prototypes currently cover three categories: Night vision and 3D, precision vision for clinical use, and a holographic lens for AR experiences. The team has applications in progress for 24 patents related to its work.

Analyst QuickTake: The large funding round is notable, as prominent startup Mojo Vision pivoted away from developing smart contact lenses in January 2023 , citing a lack of funding interest and adverse economic conditions. Further, Xpanceo’s ability to raise a sizable funding round is backed by its achievement as one of the top five optics laboratories in the world, according to Boston Consulting Group (BCG).