Precision Neuroscience Secures $102 Million for BCI Development
date
Dec 19, 2024
damn
language
en
status
Published
type
News
image
https://www.ai-damn.com/1734566751147-202307181533357582_13.jpg
slug
precision-neuroscience-secures-102-million-for-bci-development-1734566769640
tags
Brain-Computer Interface
Precision Neuroscience
Neurological Disorders
Artificial Intelligence
Healthcare Innovation
summary
Precision Neuroscience Corporation has successfully raised $102 million in Series C funding, aimed at advancing its brain-computer interface technology to transform treatments for neurological disorders. The funding, led by General Equity Holdings, will support clinical research and team expansion as the company develops a system designed to help paralyzed individuals control devices using their thoughts.
Precision Neuroscience Secures $102 Million for BCI Development
Precision Neuroscience Corporation announced the successful completion of a $102 million Series C funding round, led by General Equity Holdings. This financing round also included participation from notable investors such as B Capital, Duquesne Family Office, and Steadview Capital. With this latest infusion of capital, Precision's total funding has reached $155 million, solidifying its position as one of the most well-funded companies in the brain-computer interface (BCI) sector.
The newly acquired funds will be utilized to expand the company's workforce, enhance clinical research initiatives, and optimize future iterations of its AI-driven brain implants. The primary objective of these implants is to empower severely paralyzed users to operate computers, smartphones, and other digital devices solely through their thoughts. Precision is optimistic that this technology could redefine the landscape for individuals with physical disabilities, facilitating improved communication, employment opportunities, and greater independence.
mage Source Note: Image generated by AI, image licensed by Midjourney
Beyond addressing motor paralysis, Precision aims to broaden the application of its technology to cater to millions suffering from various neurological disorders, including conditions such as obsessive-compulsive disorder and depression. Co-founder and CEO Michael Mager stated, "We will first address some of the most severe diseases, such as severe spinal cord injuries, strokes, and amyotrophic lateral sclerosis. Our goal is to develop a product that is both safe and scalable, capable of treating a wide range of neurological disorders. This new funding brings us one step closer to that goal."
The BCI sector is garnering increasing interest from investors, with Morgan Stanley projecting that the U.S. commercial BCI market could be valued at $400 billion. Andrew Bellas, managing partner at General Equity Holdings, remarked, "BCI technology is at a turning point, with advancements in hardware and software opening up new ways of brain connectivity that were previously unimaginable. We believe Precision has an excellent team at the forefront of this technology, while also focusing on the needs of the end user."
Kevin Warsh, partner at Duquesne Family Office, added, "Precision's technology allows the human brain to directly control machines, and Ben, Michael, and their team are achieving unprecedented results in the fields of neuroscience and machine learning. Millions of lives are expected to be significantly improved."
Dr. Robert Mittendorff, general partner and healthcare lead at B Capital, expressed satisfaction as a long-term investor in Precision, stating, "We are very pleased to see how the company is rapidly innovating in the field of neurology with its unique BCI technology. We focus on supporting the most innovative founders driving transformation in the healthcare industry, and we look forward to the Precision team bringing this critical treatment method to market."
Founded in 2021, Precision is spearheaded by neurosurgical engineer and former Neuralink co-founder Ben Rapoport. The company has developed the first BCI system that integrates high-bandwidth data transmission, enabling users to perform complex tasks through thought and utilizing minimally invasive surgical techniques. In a short span, Precision has achieved several significant milestones:
- Developed and validated a unique BCI system that emphasizes bandwidth alongside patient safety.
- Assembled a team of over 70 experts in relevant fields.
- Secured $155 million in funding from prominent investors.
- Conducted successful device testing on 27 patients in collaboration with esteemed medical institutions, with plans to expand partnerships.
- Acquired a state-of-the-art manufacturing facility in Texas for brain implant production.
- Obtained FDA breakthrough device designation for its technology.
Currently, Precision's brain implants are not available for commercial sale in the U.S., as they are still classified as research devices.
Key Points
- Precision Neuroscience raised $102 million to advance BCI technology.
- The company aims to address a wide range of neurological disorders.
- Precision's implants enable paralyzed users to control devices with their thoughts.
- The U.S. BCI market is projected to reach $400 billion.
- Precision has achieved significant milestones since its founding in 2021.