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.
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.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Price: From Dh650,000
Mohammed bin Zayed Majlis
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Mohammed bin Zayed Majlis
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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Fuel consumption: 9.1L/100km
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Mario Benedetti, Penguin Modern Classics
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THE SPECS
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Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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