Precision Neuroscience Corporation announced the completion of US$102 million in Series C financing, bringing the total financing to US$155 million, making it one of the most well-funded companies in the brain-computer interface field. This round of financing was led by General Equity Holdings, with participation from B Capital, Duquesne Family Office and Steadview Capital. The funding will be used to expand the team, advance clinical research, and optimize future versions of its artificial intelligence brain implants, with the goal of helping severely paralyzed users control digital devices with just their thoughts. Precision plans to expand product applications to various neurological diseases, such as obsessive-compulsive disorder and depression, and is committed to developing safe and scalable products to benefit more patients.
Today, brain-computer interface (BCI) company Precision Neuroscience Corporation (Precision) announced the successful completion of a $102 million Series C financing led by General Equity Holdings. This financing also received participation from B Capital, Stanley F. Druckenmiller's investment company Duquesne Family Office and Steadview Capital, making the company so far raised US$155 million, making it one of the most well-funded companies in the brain-computer interface industry.
Precision will use the new financing to expand its team, advance clinical research efforts, and further optimize future versions of its artificial intelligence brain implants. The goal of this brain implant is to allow severely paralyzed users to operate computers, smartphones and other digital devices using just their thoughts. The company predicts that in the coming years, this technology has the potential to change the definition of physical disability and break down barriers to communication, employment and independent living.
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In addition to focusing on the treatment of motor paralysis, Precision plans to expand its product applications to meet the needs of millions of patients with neurological disorders ranging from obsessive-compulsive disorder to depression. Michael Mager, co-founder and CEO of the company, said: "We will start by solving some of the most serious diseases, such as severe spinal cord injury, stroke and amyotrophic lateral sclerosis. Our goal is to develop a safe and reliable Expanded products with the ability to treat a broad range of neurological diseases bring us one step closer to that goal."
Brain-computer interface technology is attracting more and more investor attention, and Morgan Stanley recently estimated that the size of the commercial BCI market may reach $400 billion in the United States alone. Andrew Bellas, managing partner at General Equity Holdings, said: "BCI technology is at an inflection point, with advances in hardware and software opening up new horizons for previously unimaginable ways to connect the brain. We believe Precision has an excellent team in place to deliver this technology cutting edge while focusing on the needs of end users.”
Kevin Warsh, partner at Duquesne Family Office, said: "Precision's technology allows the human brain to directly control machines, and Ben, Michael and their team are creating some unprecedented results in the fields of neural research and machine learning. It is expected to improve the lives of millions of people." will be significantly improved.”
"As long-term investors in Precision, we are excited to see how the company is rapidly revolutionizing the field of neurology with its unique BCI technology," said Dr. Robert Mittendorff, general partner and head of healthcare at B Capital. "We are focused on supporting the most innovative companies. The founders are driving change in the healthcare industry, and we look forward to the Precision team bringing this critical treatment to market."
Precision was founded in 2021 and is led by a team including neurosurgery engineer and former Neuralink co-founder Ben Rapoport. The company has developed the first BCI system to incorporate high-bandwidth data transmission, enabling complex tasks to be accomplished through thought and minimally invasive surgical methods. In just a few years, Precision has achieved several important milestones:
Built and validated BCI system that uniquely combines powerful bandwidth with patient safety. A team of more than 70 experts was recruited. Raised $155 million from lead investors. Cooperating with well-known medical institutions, the device was successfully tested on 27 patients, and plans to establish cooperation with more institutions. Acquired an advanced manufacturing facility in Texas for the production of brain implants. Obtained FDA breakthrough device certification.
Currently, Precision's brain implant is not commercially available in the U.S. as a research device.
With its breakthrough technology and strong financial support, Precision’s future development in the field of brain-computer interface is worth looking forward to. Its technology is expected to completely change the treatment of neurological diseases and bring new hope to millions of patients. This huge amount of financing also marks that the field of brain-computer interface is entering a stage of rapid development.