Deal 1: Neuralink
On August 8th 2023, Elon Musk’s brain chip startup Neuralink secured $280.28 million (£217.54 million) in Series D venture financing, in a deal led by Founders Fund, putting the company’s pre-money valuation at $3.2 billion. Also participating in the round was IPO Club, MarketX, Setcoin Group, Advaita Capital, Type One Ventures, Soul Ventures and Oak Grove Ventures. The deal comes just months after the company secured approval for its first in-human clinical trial.
Neuralink has developed a revolutionary brain-machine interface designed to diagnose and treat neurological disorders in humans, with the potential to enhance human cognitive abilities. The fully implantable interface allows doctors to address severe brain conditions in the short term, in addition to giving users the ability to use a computer or mobile device anywhere they go.
Deal 2: Presidio Medical
Presidio Medical raised $72 million (£57.21 million) through a combination of Series C-1 and Series C-2 venture funding in a deal led by Deerfield Management on June 26th 2023, putting the company’s pre-money valuation at $58 million. The funds will be allocated to grow the team, ramp up production, and undertake extensive, crucial clinical research on Presidio’s unique ULF™ SCS system.
Presidio Medical is a privately-owned, clinical-phase medtech firm crafting a revolutionary neuromodulation platform to address diseases caused by unusual neural activity. The company’s initial goal is to develop better therapies for the 50 million people in the US who suffer from chronic pain, who currently aren’t receiving effective treatment.
Deal 3: Neuronetics
Neuronetics, a medical technology company in its commercial phase, dedicated to reshaping the lives of patients by providing the world’s finest neurohealth treatments, anytime and anywhere they require assistance, raised $60 million (£48.88 million) in debt refinancing on April 10th 2023. The funds will allow the company to drive the continued commercial adoption of their NeuroStar Advanced Therapy for Mental Health.
NeuroStar Advanced Therapy offers a drug-free, noninvasive solution that enhances the quality of life for individuals with neurohealth issues, especially when conventional medications fall short. The technology stands as the leading transcranial magnetic stimulation (TMS) solution for adult MDD, having administered over 5.3 million treatments.
Deal 4: Paradromics
Paradromics secured $33.01 million (£26.59 million) in Series A3 venture funding on September 29th 2023, with Prime Movers Lab spearheading the deal, putting the company’s pre-money valuation at $400 million. The new funding will support Paradromics in launching its first human clinical trial for the Connexus® Direct Data Interface (DDI).
The Connexus DDI’s initial application offers an assistive device that converts brain signals into real-time speech and movement, enhancing social interactions and tech independence for those suffering with conditions such as ALS, spinal cord injuries, and strokes. This innovation has the potential to transform treatments for brain-related conditions, from sensory issues to mood disorders, enhancing the quality of life for millions.
Deal 5: Neuromod
On April 13th 2023, Neuromod received EUR 30 million (£26.4 million) of Series B2 venture funding in a deal led by Panakes Partners. European Investment Bank and Fountain Healthcare Partners also participated in the round. These funds will be used to broaden the reach of the company’s tinnitus treatment across the US and Europe.
Neuromod Devices is an international medical tech firm established to set bimodal neuromodulation as the benchmark treatment for tinnitus, a condition impacting 15% of adults worldwide. The company applies bi-modal neuromodulation to provide precise neurostimulation, allowing patients to manage their treatment by embracing therapies that effortlessly blend into today’s lifestyle.
“The top neurotechnology deals of 2023 highlight an industry gravitating towards pioneering, scalable treatments. With the fusion of neuroscience and technology, I anticipate an escalating demand for professionals like neuromodulation engineers, neural interface designers, and clinical neurotech specialists. As these domains become more intertwined, the emphasis on ethical and safe implementations will grow. Future neurotech landscapes will favour those who blend cutting-edge technology with exceptional patient care.”
– Tyler Huskins, Advanced Technology Executive Search Specialist