Neuralink has secured $650m in a Series E financing round, marking a milestone in the advancement of its brain implant technology.
This latest financial boost is aimed at expanding the reach of the company’s devices, which are said to restore independence for individuals with severe medical conditions.
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The round saw contributions from a host of investors, including DFJ Growth, ARK Invest, Founders Fund, Human Capital, G42, Lightspeed, QIA, Thrive Capital, Sequoia Capital, Valor Equity Partners, and Vy Capital.
Since its Series D round in August 2023, Elon Musk’s Neuralink has been advancing the development of brain interfaces.
According to the company, currently, five people with severe paralysis utilise Neuralink’s technology to control various digital and physical devices using their thoughts alone.
The company’s trials are underway at neurosurgical care institutions across three countries on two continents.
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By GlobalDataThese comprise the Miami Project to Cure Paralysis at the University of Miami, US, the Barrow Neurological Institute, US, the Cleveland Clinic Abu Dhabi, and the University Health Network (Toronto Western Hospital), Canada.
Neuralink invested in enhancing the device’s interaction with a greater number of neurons and brain areas to unveil new potential dimensions.
The fresh funding is set to expedite the company’s drive to broaden access to patients and develop future solutions that bridge the gap between biological intelligence and AI.
Musk has shifted focus back to his ventures, including Neuralink, Tesla, SpaceX, and xAI, after stepping down as a special adviser to US President Donald Trump.
Last November, Neuralink secured approval for the CONVOY trial to study the brain implant with an assistive robotic arm, alongside the PRIME study in the US.
Additionally, Health Canada approved Neuralink’s first global trial, CAN-PRIME, to assess its implantable device, with the aforementioned University Health Network hospital selected as the trial site.
Recently, the US Food and Drug Administration granted the company’s brain-computer interface breakthrough device designation for treating individuals with severe speech impairment.
