Valentyn Volkov, co-founder and scientific partner at Xpanceo, with a prototype smart contact lens. Antonie Robertson / The National
Valentyn Volkov, co-founder and scientific partner at Xpanceo, with a prototype smart contact lens. Antonie Robertson / The National
Valentyn Volkov, co-founder and scientific partner at Xpanceo, with a prototype smart contact lens. Antonie Robertson / The National
Valentyn Volkov, co-founder and scientific partner at Xpanceo, with a prototype smart contact lens. Antonie Robertson / The National

Dubai start-up develops smart contact lens that can mimic Iron Man technology


Alvin R Cabral
  • English
  • Arabic

Xpanceo, a Dubai-based start-up, has unveiled prototypes of its smart contact lens, which aims to mimic the technology featured in the Iron Man films, its founder and managing partner has said.

The company, which in October raised $40 million in a seed funding round, plans to put the device on shelves by 2027 after human trials that are scheduled to be conducted within two years, Roman Axelrod told The National on Wednesday.

"It usually takes from half a year to several years [to conduct human trials]. After that, they will be on shelves, I would say [by] 2027 or 2028, in optical stores," he said.

Xpanceo introduced three prototypes, which will provide an "infinite" extended reality view in which tasks from documents to meetings and social media to gaming will be shown on the user's field of view and are visible only to the wearer.

The lens, which is powered by artificial intelligence and machine learning, will also include night vision functionality and can be controlled using voice, gestures, glances and, "probably later, your mind", Mr Axelrod said.

The company is also developing a charging case for the lens similar to those used by wireless earbuds.

Ultimately, the goal is to attempt to replace all the devices consumers currently use and roll them all into a hyper-miniaturised gadget, Mr Axelrod said.

"Now, we have our laptops for the office, smartphones for daily activities and smartwatches for training ... a real computer of the future is an ecosystem of software. Think about it as a Tony Stark computer," he said, referring to the civilian identity of Marvel's highly popular comic book character.

Xpanceo has yet to determine a price for its smart contact lens, but "it has to be no more than an expensive smartphone", Mr Axelrod said.

That would imply four figures in dollar terms; for reference, the most expensive version of the latest iPhone 15 Pro Max is priced at $1,599 in the US.

Miniaturising technology has become increasingly sophisticated with advancements in development and innovation. Smartphones, especially the top end models, are smaller versions of computers.

Developers of these technologies aim to make technology more convenient and accessible without the need to use multiple devices.

The augmented reality sector is gaining traction with the introduction of new headsets, with arguably the most notable coming from Facebook parent Meta Platforms.

However, efforts have not always succeeded. Google, for instance, pulled the plug on its Project Iris AR glasses project in June after efforts to develop the device reportedly went awry.

Xpanceo is not the first company to develop a smart contact lens but is keen on pushing forth with its device and pick up from where others have failed.

California-based Mojo Vision spent years developing a lens, but in January this year, decided to pivot to just developing micro-LED technology while laying off three quarters of its staff.

"We'll definitely build a lab to hire the best talent, expand our product management activities and build up prototypes, and file and secure patents," Mr Axelrod said.

Xpanceo does not have plans to raise more funds soon. "We have enough," Mr Axelrod said. However, he said the company may revisit this option in two or three years, citing investor interest.

"They saw some of the brightest minds ... and transparent plans as to how to develop this gadget," he said.

  • Valentyn Volkov, co-founder and scientific partner at Dubai-based start-up Xpanceo, holds a prototype smart contact lens. All photos: Antonie Robertson / The National
    Valentyn Volkov, co-founder and scientific partner at Dubai-based start-up Xpanceo, holds a prototype smart contact lens. All photos: Antonie Robertson / The National
  • Xpanceo is developing techniques for embedding antennae in the lens at their Dubai lab
    Xpanceo is developing techniques for embedding antennae in the lens at their Dubai lab
  • The product is 'the next generation of computing via an invisible and weightless smart contact lens that is as natural to the wearer as their own vision', Xpanceo says
    The product is 'the next generation of computing via an invisible and weightless smart contact lens that is as natural to the wearer as their own vision', Xpanceo says
  • The lens gives users an 'infinite' extended reality view, the company says
    The lens gives users an 'infinite' extended reality view, the company says
  • Mr Volkov explains the possible uses and applications that can be embedded in the lens
    Mr Volkov explains the possible uses and applications that can be embedded in the lens
  • Fitting microprojectors, biosensors and power electronics into a small, comfortable lens is a challenge, Xpanceo says
    Fitting microprojectors, biosensors and power electronics into a small, comfortable lens is a challenge, Xpanceo says
  • Its research and development team comprises 40 scientists and engineers from leading universities and research centres
    Its research and development team comprises 40 scientists and engineers from leading universities and research centres
  • Mr Volkov and Roman Axelrod, co-founder and managing partner, with prototypes
    Mr Volkov and Roman Axelrod, co-founder and managing partner, with prototypes

Xpanceo plans to eventually introduce subscription plans for their smart contact lens, replacing the traditional contact lens depending on their lifespan – weekly, fortnightly and monthly.

Failure to follow the replacement cycle of contact lenses can cause serious eye conditions, and they should still be replaced per schedule even if they are not worn regularly, according to the Cleveland Clinic.

The company plans to send replacement lenses to users to adhere to these replacement cycles and will provide cleaning solutions for their products, Mr Axelrod said.

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Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar  

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Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.

Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Rosewood and Transparent — heart issues

24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Fixtures (all in UAE time)

Friday

Everton v Burnley 11pm

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Chelsea v Watford 5pm

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Arsenal v Brighton 7.30pm

Monday

Manchester City v Leicester City 11pm

 

CHELSEA'S NEXT FIVE GAMES

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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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Updated: December 06, 2023, 4:50 PM