Precision Neuroscience, a New York-based brain–computer interface (BCI) company developing implants to restore neurological function, raised $41M in Series B funding.
The round was led by Forepont Capital Partners with participation from Mubadala Capital, Draper Associates, Alumni Ventures, re.Mind Capital, Steadview Capital and B Capital Group. The latest investment brings the total funding to $53M in under two years.
The company intends to use the funds for recruitment of talent, and further product development, paving the road to FDA regulatory review, expected in the coming months.
Led by CEO Michael Mager, Precision Neuroscience develops implants designed to restore neurological function for individuals suffering from neurological conditions ranging from migraines to Parkinson’s disease. Its implant, the Layer 7 Cortical Interface, is a strip of flexible, thin film material – similar to a piece of Scotch tape, but with a thickness that is 1/5th that of a human hair. It is configured to conform to the surface of the brain without damaging tissue, and can be implanted using a proprietary, minimally invasive cranial micro-slit technique. Precision’s device is engineered to be safely removable and can process large amounts of data. Each microelectrode array comprises 1,024 electrodes, with electrode density 600 times greater than standard cortical arrays.
The company holds more than 25 patents and pending patents on its innovative technology.
FinSMEs
25/01/2023