NEW YORK, January 25, 2023 (GLOBE NEWSWIRE) — Precision Neuroscience Co., Ltd.is the only Brain Computer Interface (BCI) company developing high-resolution, minimally invasive, reversible implants, and today announced a $41 million Series B funding round led by Forepont Capital Partners. bottom. Mubadala Capital, Draper Associates, Alumni Ventures, and re.Mind Capital also participated in the round, along with existing investors Steadview Capital and B Capital Group. The new funding will allow Precision to continue to hire top talent while facilitating further product development and paving the way for FDA regulatory reviews due in the coming months. . The latest investment brings the company’s total funding to $53 million in less than two years.
said Michael Mager, CEO of Precision Neuroscience. “To get to this world, brain-computer interface technology needs to progress from the lab to the clinic. Precision is excited to tackle that challenge.”
According to the American Academy of Neurology, about 100 million people in the United States alone suffer from neurological disorders ranging from migraines to Parkinson’s disease. Precision develops life-changing implants designed to restore neural function in these individuals. Precision’s implant, the Layer 7 Cortical Interface, is a strip of flexible thin film material, similar to scotch tape, but one-fifth the thickness of her 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 microslit technology. Precision’s device is his only BCI implant designed to be safely removed. Unlike other minimally invasive approaches, it can process large amounts of data. Each microelectrode array consists of 1,024 electrodes, 600 times the electrode density of standard cortical arrays. The company holds more than 25 of his patents and pending patents for its innovative technology.
The brain-computer interface industry is undergoing a period of vigorous growth and development inspired by important advances in microfabrication, machine learning, and microelectronics. Co-founded in 2021 by neurosurgeon Ben Rapoport, Precision has assembled some of the best talent in the field. Less than two years after the company was founded, the team has already validated a high-definition brain-computer interface system, which is on track for clinical trials in 2023.
Eric Attias, Founder and Managing Partner of Forepont Capital Partners, said: “Precision is a pioneer of BCI products that he believes will achieve patient outcomes previously thought impossible.”
About Precision Neuroscience:
Precision Neuroscience’s goal is to bring breakthrough treatments to the 1 billion people worldwide who suffer from neurological disorders. We are building the only brain-computer interface designed to be minimally invasive, safely removable, and capable of processing massive amounts of data. To learn more about how Precision connects human and artificial intelligence, visit www.precisionneuro.io.
contact:
Adi Bhasin
media@precisionneuro.io
