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- XPANCEO
XPANCEO Valuation, Funding & Investors
XPANCEO is valued at $1.4B as of July 2025.
Last XPANCEO valuation
$1.4B
Series A · Jul 2025
Last XPANCEO funding round
$250M
Series A · Jul 2025
Cumulative funding XPANCEO raised
$290M
across 2 funding rounds
Key investors in XPANCEO
Opportunity Venture
About XPANCEO
XPANCEO is a deep tech firm developing smart contact lenses as interfaces for AI-powered XR computing. The invisible, weightless lenses enable XR experiences merging real and digital worlds for social media, content, gaming, health monitoring, night vision, and zoom. Features include privacy and security protocols. Detailed at xpanceo.com.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$1.4B (Jul 2025)
XPANCEO Valuation
XPANCEO is currently valued at $1.4B, based on its Series A in July 2025.
The $250M round was led by Opportunity Venture.
XPANCEO valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2025 | Series A | $1.4B |
XPANCEO Funding History
XPANCEO has raised a total of $290M across 2 funding rounds.
XPANCEO's first fundraising round was a $40M seed round in October 2023. The most recent completed round was a $250M Series A in July 2025.
XPANCEO funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Series A | Opportunity Venture (lead) | $250M | $1.4B | XPANCEO, a UAE-based deeptech startup founded by physicist Dr. Valentyn S. Volkov and Roman Axelrod, develops a multifunctional smart contact lens thinner than a human hair, integrating augmented reality (AR), continuous health monitoring, night vision, optical zoom, intraocular pressure monitoring for glaucoma, real-time diagnostics via tear analysis, color blindness correction, ultra-low power consumption, and wireless charging using nanophotonics and biosensing technologies. The lens aims to consolidate multiple wearable technologies into a single invisible device, targeting healthcare, defense, industrial AR, and consumer applications to replace personal gadgets in the post-smartphone era. On July 8, 2025, XPANCEO raised $250 million in its Series A funding round, led by Opportunity Venture (Asia), which also led the prior $40 million seed round, achieving a post-money valuation of $1.35 billion (pre-money $1.1 billion) and marking it as the UAE's 12th unicorn and the largest Series A in the MENA region and AR/VR wearables globally. The funding supports final product development, R&D expansion, design, product and operations teams, commercialization, regulatory approvals, pilot testing, and global team growth, backed by 15 prototypes and over 110 scientific publications produced via AI-driven R&D. Investors highlight XPANCEO's category-defining potential at the intersection of AI, advanced optics, and wearables, with CEO Roman Axelrod emphasizing redefined human-technology interaction and Dr. Volkov noting rapid innovation through AI and science. The round reflects investor confidence in proven execution via patents, prototypes, and validation amid a VC trend favoring large bets on high-potential deeptech like AI-powered XR, positioning XPANCEO to lead next-generation personal computing. |
| Oct 2023 | Seed | Opportunity Venture (lead) | $40M | - | XPANCEO is a Dubai-based deep tech startup founded in 2021 by physicist Dr. Valentyn S. Volkov and serial entrepreneur Roman Axelrod, developing multifunctional smart contact lenses integrating AR vision, health monitoring, night vision, optical zoom, and real-time wireless charging to replace personal devices like smartphones, glasses, and smartwatches in a post-screen computing era. The company raised a $40 million seed round on October 16, 2023, led by Hong Kong-based Opportunity Venture (Asia), with funds allocated to accelerate R&D, launch the next prototype combining multiple features, and advance toward commercialization of its 'invisible interface' technology. The seed funding brought total capital to $40 million at that point, supporting expansion of its world-class R&D efforts. XPANCEO collaborates with institutions like the University of Manchester, National University of Singapore, Donostia International Physics Center, and University of Dubai to advance material science and optics. Opportunity Venture's Managing Director Philip Ma highlighted XPANCEO's capacity to deliver on its vision, positioning it as a potential leader in next-generation personal tech. In July 2025, XPANCEO raised a follow-on $250 million Series A round at a $1.35 billion post-money valuation, again led by Opportunity Venture (Asia), achieving unicorn status and bringing total funding to $290 million. This later round funded final lens development, team expansion across R&D, product, design, and operations, regulatory approvals, and pilots in healthcare, industrial AR, and consumer wearables, with a market opportunity projected over $750 billion. The company had grown its team from 50 to 100 by then, remaining in prototyping phase targeting a 2026 launch. |
Who has invested in XPANCEO?
1 investor has backed XPANCEO across its funding rounds, including Opportunity Venture.
Lead investors include Opportunity Venture.
XPANCEO Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialXPANCEO Competitors
XPANCEO competitors include listed companies like UBtech Robotics, HTC, Vuzix and Kudan, and private ones like Avathon and Dexterity.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Publicly listed | $91M | $22M | $1B | 6.9x | ||
| Publicly listed | $6M | ($29M) | $232M | 33.9x | ||
| Publicly listed | $8M | ($1M) | $105M | 13.3x | ||
| Private | - | - | $1.4B | - | ||
| Private | - | - | $1.4B | - |
XPANCEO Public Comps
XPANCEO is still privately-owned, but its public comps include Sun Corp., Eacon Group, Cidi, Xtend AI Robotics, Braiin, AEVEX, HTC, ROKAE Robotics, Extreme Vision and SEER Robotics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $64M | - | 21.8x | 22.2x | - | - | |||
| $214M | ($33M) | 6.6x | - | (42.5x) | - | |||
| $132M | ($155M) | 8.8x | 5.0x | (7.5x) | (22.7x) | |||
| $20M | ($27M) | 64.2x | - | (47.5x) | - | |||
| $73M | ($15M) | 15.8x | 13.0x | (76.1x) | 89.6x | |||
| $433M | $30M | 5.2x | 3.5x | 74.9x | 25.6x | |||
| $91M | $22M | 6.8x | 6.9x | 27.7x | (6.2x) | |||
| $78M | ($7M) | 20.7x | - | (221.3x) | - | |||
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Common questions about XPANCEO
| When was XPANCEO founded? | XPANCEO was founded in 2021. |
| Where is XPANCEO headquartered? | XPANCEO is headquartered in Dubai, UAE. |
| Is XPANCEO publicly listed? | No, XPANCEO is a private, VC-backed company. |
| What is XPANCEO's valuation? | XPANCEO was last valued at $1.4B in its Series A in July 2025. |
| How much funding has XPANCEO raised? | XPANCEO has raised $290M across 2 funding rounds. |
| What was XPANCEO's last funding round? | XPANCEO's last funding round was a $250M Series A in July 2025, led by Opportunity Venture. |
| Who are XPANCEO's investors? | XPANCEO's investors include Opportunity Venture. |
| Which companies are comparable to XPANCEO? | Companies comparable to XPANCEO include UBtech Robotics, HTC, Vuzix, Kudan, Avathon and Dexterity. |
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