Illustration: Sarah Grillo/Axios
Precision Neuroscience raised a $102 million Series C led by General Equity Holdings.
Why it matters: A growing cadre of brain technology businesses, including Elon Musk's Neuralink, are vying to give people with paralysis command of devices using simply their thoughts.
Zoom in: B Capital, Duquesne Family Office and Steadview Capital joined, bringing the company's total funds to $155 million, per Mass Device.
- Funds will go toward boosting Precision Neuroscience's clinical research efforts, honing its AI-powered brain implant and growing its team.
How it works: Precision Neuroscience's implant, the Layer 7 cortical interface, is designed to map electrical activity and eventually help people with severe neurological conditions like paralysis communicate and regain independence.
- The company's device, which is designed to be implanted by neurosurgeons, consists of 1,024 electrodes spanning one square centimeter.
- The electrodes are embedded in a flexible film capable of molding to the brain's surface.
Context: The concept of brain computer interfaces (BCIs) is five decades old, but prototypes have faced difficulties escaping the confines of a lab.
- Other major modern players include Neuralink, Synchron and Blackrock Neurotech.
What they're saying: "We're beginning by addressing some of the most debilitating disorders — severe spinal cord injury, stroke, ALS — and our goal is to develop a product that is safe enough, and scalable enough, to treat a broad range of neurological conditions," Precision Neuroscience CEO Michael Mager told Mass Device.
The bottom line: BCIs aren't new, but what could prove significant in the coming years is whether a company like Precision Neuroscience or Neuralink can hone scientific prowess into a financially sustainable business.
