Dubai Startup Raises $250 Million for Night-Vision Contact Lens

A Dubai-based startup founded by a Russian and a Ukrainian raised $250 million to develop smart contact lenses that provide night vision, zoom capabilities and real-time health checks.

The Series A round, led by Hong Kong-based Opportunity Venture (Asia) Ltd., values Xpanceo at $1.35 billion, the startup said in a statement Tuesday. Opportunity Venture provided $40 million in seed financing for the company in 2023.

The Middle East has defied a broader slowdown in venture capital fundraising across emerging markets this year, buoyed by active sovereign wealth funds. Startups in the region raised $678 million in January to March, the ...