On August 8th 2023, Neuralink, Elon Musk’s pioneering brain chip venture, successfully raised $280.28 million in a Series D funding round. Founders Fund led this investment, catapulting Neuralink’s pre-money valuation to an impressive $3.2 billion. Key participants in this round included IPO Club, MarketX, Setcoin Group, Advaita Capital, Type One Ventures, Soul Ventures, and Oak Grove Ventures. This significant financial milestone followed closely on the heels of the company gaining approval for its inaugural human clinical trials.
The Fremont, CA, based company’s cutting-edge brain-machine interface, developed to both diagnose and treat a range of neurological disorders, also holds the promise of augmenting human cognitive capabilities. This groundbreaking, fully implantable device offers a new horizon in medical technology, enabling doctors to tackle serious brain issues more effectively while providing users the unprecedented convenience of operating computers or mobile devices seamlessly.
On June 26th 2023, Presidio Medical successfully secured $72 million in venture funding, combining Series C-1 and Series C-2 rounds, with Deerfield Management taking the lead on this round. This investment set the pre-money valuation of Presidio Medical at $58 million. The capital injection is earmarked for expanding the team, increasing production, and funding extensive, vital clinical studies of Presidio’s innovative ULF SCS system.
A pioneering force in the medical technology sector, Presidio Medical is a privately-held, clinical-stage company based in San Francisco. Presidio is focused on developing a groundbreaking neuromodulation platform aimed at treating disorders stemming from abnormal neural activities. The company’s primary mission is to create more effective treatments for the 50 million individuals in the United States suffering from chronic pain, who currently lack adequate therapeutic options.
Precision Neuroscience, the only brain-computer interface (BCI) firm focusing on developing implants that are high-resolution, minimally invasive, and reversible, announced the successful closure of a $41 million Series B financing round on January 25th 2023. This round was led by Forepont Capital Partners, with significant contributions from Mubadala Capital, Draper Associates, Alumni Ventures, and re.Mind Capital, as well as continued support from existing backers Steadview Capital and B Capital Group.
This influx of capital will bolster the New York-based company’s efforts in recruiting elite professionals, advancing product development, and smoothing the path towards an anticipated FDA regulatory review in the near future. With this latest round of investment, Precision Neuroscience has now amassed a total of $53 million in funding within a span of less than two years.
On September 29th 2023, Austin-based Paradromics successfully raised $33.01 million in a Series A3 venture funding round, with Prime Movers Lab leading the investment, elevating the company’s pre-money valuation to a remarkable $400 million. The funds raised are earmarked to propel Paradromics towards the initiation of its first human clinical trial for the Connexus® Direct Data Interface (DDI).
The Connexus DDI, in its primary application, is a groundbreaking assistive technology designed to transform brain signals into real-time speech and movement. This technological advance holds significant promise for enhancing social engagement and technological autonomy for individuals grappling with conditions like ALS, spinal cord injuries, and stroke. Representing a significant leap in the treatment of brain-related conditions, ranging from sensory impairments to mood disorders, the Connexus DDI stands to markedly improve the lives of millions affected by these challenges.
Cadence Neuroscience, based in Redmond, announced the successful investment of $26 million in Series B funding on February 21st 2023, with the deal finalising 1 week later. This financing round was led by the Angelini Lumira Biosciences Fund, a collaboration between Lumira Ventures and Angelini Ventures, and saw the participation of new investors including F-Prime Capital, LivaNova USA, Angelini Ventures, Spectrum Financial Services, and Mayo Clinic. Additionally, JAZZ Venture Partners, the lead investor from the Series A round, also contributed. Joining Cadence’s board of directors are Gerry Brunk from Lumira Ventures and Kevin Chu from F-Prime Capital.
A clinical-stage company, Cadence is focused on developing an innovative neuromodulation therapy to treat both paediatric and adult patients suffering from focal drug-resistant epilepsy. This therapy is grounded in research conducted by the Neurology and Neurosurgery team at Mayo Clinic, under the guidance of lead investigator and epileptologist, Dr. Gregory Worrell, M.D., Ph.D. The approach involves chronic subthreshold cortical stimulation that modulates EEG biomarkers linked to epilepsy, aiming to significantly reduce or completely eradicate seizures. The newly acquired Series B funds are designated for completing pivotal clinical trials and advancing towards FDA clearance.
“In 2023, the US neurotech sector’s growth, marked by milestones like Neuralink’s funding, is shaping a robust job market. I see a surge in demand for neuroengineers and data specialists adept in brain-computer interfaces, alongside an increasing need for regulatory experts familiar with medical device approvals. Effective project managers are also key in bringing these neurotech innovations to fruition. This evolution promises groundbreaking advancements in healthcare.”
– Tyler Huskins, Advanced Technology Executive Search Specialist