Dubai hosted the inauguration of the new lab of XPANCEO, a deep tech company specializing in smart contact lenses, on October 14. Founded by Roman Axelrod and Dr. Valentyn S. Volkov, the company develops and tests devices capable of projecting images directly onto the retina and analyzing biological parameters in real time. With $290 million in funding and a $1.35 billion valuation, XPANCEO has established itself as a unicorn in the MENA region and a global pioneer in AI-driven XR computing.

On the sidelines of the opening ceremony of their laboratory, the co-founders of this company spoke at length to Seneweb about their product.

Dr. Valentyn S. Volkov explained the nature and ambitions of the project: “We are developing a very interesting product that we call the smart contact lens. The idea is that this wearable device literally gives the user superpowers. It is a device that combines several advanced and popular technologies. First, the smart contact lens will offer the user an augmented reality experience: it will be able to project images directly onto the retina of the eye. In a way, it is the next generation of connected glasses or headsets. Our technology allows us to improve and solve the fundamental problems posed by these traditional approaches. This is one of the aspects of our innovation.”

The laboratory inaugurated in Dubai also allows for the testing of integrated biological sensors. According to the scientist: "It is important to keep in mind that, from a physiological point of view, the eye is very rich in biological elements. The ocular fluid, which is connected to the blood, contains a lot of information. In principle, everything we can obtain from a blood test can also be deduced by studying the ocular fluid... Nevertheless, thanks to highly sensitive biosensors, we can monitor many useful parameters: for example, glucose levels - which is crucial for millions of people worldwide with diabetes. We can also measure intraocular pressure in real time, an essential parameter for people suffering from glaucoma. We are able to monitor various biomarkers, whether they relate to certain types of cancer or even vitamin levels. Each lens can be configured according to the user's needs."

The lenses combine augmented reality and biomonitoring, and their operation requires the integration of energy and communication components. “All these elements must be brought together in an extremely compact format, compliant with certified materials normally used to manufacture contact lenses,” explains Dr. Volkov. He adds that continuous biological monitoring eliminates traditional blood sampling, citing the example of glucose: “We have developed an electrochemical sensor capable of detecting the glucose level... We then measure the generated current, which is directly related to the glucose concentration in the ocular fluid, and we can correlate it with blood sugar levels. The relationship is not linear, but we know how to calculate it.”

Intraocular pressure is another key parameter monitored by the lens: "If this pressure varies too much during the day, it can damage the optic nerve... However, today, monitoring this pressure at home is very difficult: you have to go to the hospital for tests. Our solution allows it to be monitored in real time, without having to travel. You simply wear the lens, and the integrated sensors measure the pressure with an accuracy comparable to that of medical devices, while transmitting the data to your mobile phone or, via the cloud, directly to the hospital."

Advanced optoelectronic materials enable this miniaturization. “Our laboratories in Dubai allow us not only to integrate these materials into the lens, but also to study them and transfer this fundamental knowledge to concrete applications. We test new materials, both known and unknown, study their properties, and optimize them using artificial intelligence algorithms developed by our specialized team,” explains Dr. Volkov. These materials are used to create ultra-sensitive sensors, miniaturized optical systems, and efficient nano-antennas for external communication.

Roman Axelrod, co-founder and managing partner, presented the company's strategic vision: "We design contact lenses with digital functions, capable of displaying images, analyzing biological parameters and, let's say, offering real 'superpowers'. We have raised $290 million and the company's current valuation reaches $1.35 billion. This makes us the newest unicorn in the UAE, and arguably the first deep tech unicorn in the African Sahara region."

He explained the origin of this ambition: “I understood that the next big revolution would be artificial intelligence, but that there was a lack of a suitable interface to interact with it. So I thought that, rather than headsets or glasses, contact lenses could become this new interface for what we call AI-driven XR computing.”

Regarding their deployment strategy, the targeted uses will initially focus on B2B. “We will start with targeted uses in B2B: for astronauts, firefighters, professional athletes, or even in the medical field. Once these use cases are consolidated and the device is perfected, we will target B2C – the consumer market – with a gadget combining several functions. We hope to begin human trials in late 2026 or early 2027, obtain medical authorizations thereafter, deploy B2B applications around 2028, and, if all goes well, launch the consumer product by 2030.”

The design takes into account the medical and visual needs of users: "Beyond its digital functions, it remains above all a contact lens. If a user suffers from myopia, for example, we can design a version adapted to their visual correction while integrating smart functions."

On the reason for their establishment in Dubai, Roman Axelrod highlighted the business-friendly environment: "Dubai is an ideal place for this: the city easily accommodates talent, equipment easily arrives there, it's an excellent place to raise funds - Dubai has become a global financial hub... But the most important thing, in my opinion, is the forward-thinking of the leaders of this country. Here, we are truly trying to create the future. And they are succeeding."

During this interview, Roman Axelrod also shared his appreciation for Senegal. “I have already visited Dakar three times, and I really loved your city, your people, and the incredible energy that emanates from the country and its population. I was deeply charmed by the Senegalese people and by this fusion of cultures that coexist in the same country,” he said.