Deep inside the $40 million project to develop next-generation bionic contact lenses, scientists have developed a new material primed to transfer information from a mobile phone directly on to eyeballs.
How humans engage with media could be about to change. As more is understood about the damage of excessive screen time on phones and laptops, biometric solutions are under development to limit the time spent staring at an LED screen.
While a brain-computer interface built by Elon Musk’s Neuralink Corp takes the idea to the extreme – by surgically attaching a neural interface to deliver actions through thought – a simpler biometric device could soon enter the mainstream.
The race is on to build and approve the first working contact lens that could replace most functions of a mobile phone. At Dubai Internet City in the shadow of tech giants Google, Dell and Huawei, the three-year-old start-up Xpanceo is looking to steal a march on its global competitors.
The company is working on developing its own invisible, weightless contact lens. With several prototypes already developed, the company’s latest contact lens is edging closer to human clinical trials within 18 months, which they hope will lead to eventual medical approval.
Its developers promise enhanced ocular powers like night vision, telescopic sight, health monitoring and a real-time media interface, once linked remotely to a small portable device. The company’s founder and managing partner Roman Axelrod said artificial intelligence is allowing tech companies to accelerate product development.
“We are not just a gadget company, we are also a deep tech company,” he said. “And, in order to create a gadget, we don't have anything left but to create our own, new materials. Previously, the components of those materials were selected manually by humans.
"We’ve trained a special AI algorithm that helps our scientists speed up that process.”
Materials of the future
An algorithm tells scientists the exact mix of materials required and in what quantities to allow conductivity through a silicon-like substance. It speeds up the process dramatically, saving what would probably be years of hard work to keep Xpanceo ahead of the curve.
“I would define the current state of the market as the dark ages of XR gadgets,” said Mr Axelrod, referring to devices using augmented and virtual reality. “We all know the next generation of computing is something that appears around you, it is spatial, operated by your eyes, voice or by gestures – and probably later by your mind.”
Tiny, micro-LED displays are the future of vision gadgets that bring high-resolution images with low power consumption, dramatically improving what we can view on wearable devices. It is a global $160 billion industry that is at the crossroads of disruption due to the rapid rate of AI-boosted development.
A key challenge facing scientists is how to create a bright display inside a micro-LED, due to the high current required. The US firm Mojo Vision was one of the first to develop a working "smart contact lens", with Xpanceo close to launching its own model to be tested on humans.
Dr Valentyn Volkov, co-founder of Xpanceo and scientific partner, said the key to success for any future product is in the materials used. “We use a laser-based technology to produce unique, very small nanoparticles that are about a thousand times thinner than a human hair,” he said.
"Those small materials are developed to be introduced into a wearable device in the form of a contact lens. Once we have this new material, we try to create a real working prototype of this tiny device to integrate inside the contact lens.”
A small order
Multiple prototypes have already been developed at the Dubai laboratory, to integrate microscopic technology into wearable lenses that will retain their use for sight correction. The material used is flexible but transparent, and small enough to contain electronic components.
“Once we feed it with an electromagnetic field, you can see it start to deliver images on to a small display integrated in the lens,” said Dr Volkov. “When the wearer is looking through the lens, they are simultaneously getting access to extended reality visual information.”
Device costs are yet to be determined, but Xpanceo expects them to be comparable to that of a phone for an annual supply of replaceable smart lenses. According to market analysts at Precedence Research, the global contact lens market was worth around $16.28 billion in 2023, and forecast to grow significantly to $26.51bn by 2033.
There are only currently only two kinds of smart lenses approved by the FDA, which slow myopia progression in children and darken automatically in sunlight, to reduce glare. Another expert was not convinced the smart lenses would not have a harmful effect on eyesight.
Dr Shaza Aljbaei, an ophthalmologist at Zulekha Hospital, said an over-reliance on smart lenses, if they become available, could pose problems for eye health.
“These futuristic contact lenses with a built-in visual display, or anything that produces display anywhere in the eye's vision, is still some way from being ready for consumers,” she said. “We already know that any prolonged use of contact lenses beyond treatment purposes is not preferred as it could cause multiple issues related to the cornea.”
Eye health
Although technology and gadgets have vastly improved capacity for learning and entertainment, they are taking a physical toll on health. Increased screen time in young people has resulted in a global surge in cases of myopia, a form of eye strain that leads to macular degeneration.
According to a report published in the British Journal of Ophthalmology, projected global incidences of myopia are expected to exceed 740 million by 2050, with demand for optical enhancements also increasing. From eye conditions to sleep disruption and myofascial pain that can appear in muscle and shoulder tightness or tension headaches, reliance on visual technologies takes a toll on physical health.
Wearable devices in the form of glasses or contact lenses could help alleviate those issues, said one expert. “There's a lot of potential in this,” said Dr Borja Salvador, a consultant ophthalmologist at Barraquer Eye Hospital in the UAE.
“Smart lenses have been used in research to measure the intraocular pressure in the eye, or to try to measure the blood sugar levels. This sounds like science fiction, but we are developing technology that will probably allow us to have some kind of smart contact lenses that can give us a lot of information on other parts of our life.
“We need to limit the number of hours that we're spending on the computer, the screen, or the phone, because this will definitely induce an increase in myopia. Contact lenses are not in general recommended for young ages, unless there's a medical reason, and if so should always be under the guidance of an ophthalmologist or optometrist to avoid problems."
RESULTS
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.