Paradromics Inc., a San Jose, CA-based brain-machine interface company, raised $7m in seed financing.
The round was led by Arkitekt Ventures and Synergy Ventures with participation from It-Farm, Dolby Ventures, Alpha Edison, Loup Ventures, and existing investor Fusion Fund. In conjunction with the funding, Enke Bashllari, Ph.D., a neuroscientist by training and Managing Director of Arkitekt Ventures, has joined the Paradromics Board of Directors.
The company intends to use the funds to expand the team, and grow the IP portfolio.
Led by Matt Angle, Ph.D., founder and Chief Executive Officer, Paradromics is developing brain-machine interface (BMI) technology designed to allow patients with severe connectivity disorders such as blindness, deafness and paralysis to reconnect with the outside world using advanced prosthetic devices. One of the initial applications of this technology will be to enable locked-in patients who are unable to fluently communicate, to speak again in real time via the aid of a computer.
The new funding adds to over $18M in research funding from the Defense Advances Research Projects Agency (DARPA) that was won as part of DARPA’s Neural Engineering System Design (NESD) program.