Precision Neuroscience Raises $102 Million, Challenging Neuralink in Brain-Computer Interface Race

Elon Musk's Neuralink Faces Fierce Competition As Precision Neuroscience Raises $102 Million To Advance Thought-Controlled Devices

Precision Neuroscience has successfully raised $102 million in its latest funding round. This New York-based company is working on a brain-computer interface that allows users to control devices like smartphones and computers using their thoughts. What Happened: The latest investment has increased Precision's valuation to approximately $500 million, surpassing the $75 million raised by Synchron, another player in the BCI field, reported the Financial Times. Despite this, the industry is still largely dominated by Elon Musk's Neuralink, which has secured over $600 million in funding. See Also: Google Willow, Nvidia's China Troubles, Trump On AI, And More: This Week In Artificial Intelligence BCI devices leverage artificial intelligence to interpret brain signals and control computers. Neuralink has already implanted electrodes in two individuals, enabling them to play video games and use design software. Precision's device, temporarily used on 27 patients during neurosurgery, aims to offer a less invasive procedure. Why It Matters: The BCI market is heating up with Neuralink setting ambitious goals. Musk has previously announced plans to achieve 1,000 brain chip implantations by 2026. He has also previously indicated that Neuralink's brain implants could eventually be as affordable as an Apple Watch, priced between $1,000 and $2,000. Earlier this year it was reported that another Neuralink competitor, Paradromics, is also preparing for human trials of its brain implant, aiming to facilitate high-speed communication with multiple neurons. Read Next: Nancy Pelosi's Stock Pick Broadcom Shoots 15% In Friday Pre Market As Broadcom CEO Sees 'Opportunity Over The Next 3 Years In AI' Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs

Investors back start-up racing Elon Musk to develop thought-controlled devices

Precision Neuroscience, a company developing a device for controlling smartphones and computers through thought, has raised $102mn as it races rivals such as Elon Musk to build the novel technology. The New York-based company's latest investment round, which gives it a post-money valuation of about $500mn, tops the $75mn raised by Synchron, another so-called brain-computer interface (BCI) company. The field is still dominated by Elon Musk's Neuralink, which has raised more than $600mn, but the latest funding points to widening investor interest as a number of companies press ahead with their first human trials. BCI devices use a variety of methods to collect signals from the brain, which are then interpreted using artificial intelligence and used to control computers. Neuralink, whose electrodes have been implanted in two people, says its devices have been used to play video games and manipulate computer-aided design software. The first brain implants in humans date back two decades, but recent advances in the electronics used to collect and transmit brain signals, as well as the machine learning needed to analyse and make sense of the data, have raised hopes that the devices could soon be medically useful. "We now have capability with the AI systems to actually interpret [data from the brain], model it, and do it in real time," said Howard Morgan, chair of B Capital, a Precision backer. "We've gotten to the point where it's no longer too early [to invest], we're now poised to be able to do really effective things clinically." The device made by Precision, which was founded in 2021, has been used on 27 patients, though so far it has only been implanted temporarily in people while they undergo neurosurgery. However, chief executive Michael Mager claimed Precision had already amassed more brain data than any other company working in the field, giving it a head start in learning how to interpret the signals. Morgan Stanley recently estimated that more than 9mn people in the US suffer from various forms of upper limb impairment and other disabilities that would make them candidates for an implant, representing a total market worth $400bn. However, it predicted that annual revenues would not reach $1bn a year until 2041. Precision, whose founders include neurosurgeon Ben Rappaport, a co-founder of Neuralink, makes a wafer-thin microelectrode array that is inserted through a narrow slit in the skull and sits on the surface of the brain. It hopes that the relatively non-invasive procedure will eventually be offered to outpatients. According to Morgan Stanley, take-up of brain-computer interfaces could be slowed by a shortage of neurosurgeons capable of handling implants, hesitation among patients to have a device inserted in their brains and reluctance on the part of governments and health insurers to offer reimbursement for the devices. Mager said that being able to control a computer with thought could give many severely disabled people the chance to rejoin the workforce. That would make a significant difference to their lives and more than justify the medical reimbursements, he said. Morgan Stanley estimated that the devices alone will eventually cost $25,000-$60,000 each, not including the costs of implanting them or the ongoing costs of collecting and analysing the signals. Musk has said he started Neuralink to create a way for humans to one day compete with advanced artificial intelligence. Linking the brain to a computer could be used to augment human memory and processing power and match the performance of AI, he believes.

Precision Neuroscience Raises $102 Million to Advance AI-Powered Brain Implant

The raise brings Precision's total funding to $155 million, solidifying its position as a leader in the brain-computer interface industry.Investors include General Equity Holdings, B Capital, Stanley F. Druckenmiller's Duquesne Family Office, and Steadview Capital.Precision will use the funds to advance its clinical research and expedite development of its cutting-edge brain implant, which is designed to enable paralyzed people to operate computers with their thoughts. NEW YORK, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Today, brain-computer interface (BCI) company Precision Neuroscience Corporation (Precision), announced the successful closing of a $102 million Series C funding round led by General Equity Holdings, with participation from firms including B Capital; Duquesne Family Office, the investment firm of Stanley F. Druckenmiller; and Steadview Capital. With $155 million in total capital raised, Precision is now one of the best-funded companies in the BCI industry. Precision will use the new financing to expand its team, advance its clinical research efforts, and refine future versions of its AI-powered brain implant, which is designed to enable users with severe paralysis to operate digital devices, such as computers and smartphones, using only their thoughts. In coming years, this system has the potential to change what it means to be physically disabled, breaking down barriers to communication, employment, and independence. Precision's roadmap extends beyond motor paralysis, to meeting the needs of millions of people living with neurological conditions ranging from obsessive compulsive disorder to depression. "We're beginning by addressing some of the most debilitating disorders -- severe spinal cord injury, stroke, ALS -- and our goal is to develop a product that is safe enough, and scalable enough, to treat a broad range of neurological conditions," Michael Mager, the company's co-founder and CEO, said. "This funding brings us one step closer to that vision." The brain-computer interface field is attracting growing interest from investors. Morgan Stanley recently estimated the commercial BCI market could reach $400 billion in the U.S. alone. Andrew Bellas, managing partner of General Equity Holdings, said, "BCI technology is truly at an inflection point. Advances in both hardware and software are unlocking ways to connect with the brain that were previously unimaginable. We believe Precision has an outstanding team whose approach to this technology is cutting-edge while remaining focused on the needs of the end user. Over the coming years, BCI's impact is likely to be massive, both in medicine and beyond." "Precision's technology enables the human brain to tell a machine what to do," Kevin Warsh, Partner at Duquesne Family Office, said. "Ben, Michael, and their team are creating something at the frontier of neural research and machine learning. Expect drastically improved lives for millions of people and markedly improved knowledge for the world. We are thrilled to be their partner." Dr. Robert Mittendorff, General Partner and Head of Healthcare at B Capital, said, "As longtime investors in Precision, it has been incredible and rewarding to watch how quickly the company has revolutionized the neurological field with its proprietary BCI technology. We focus on backing the most innovative founders transforming the healthcare industry, and we are thrilled to continue supporting Ben, Michael, and the full Precision team as they develop critical treatments and bring their AI-powered brain implant to the market." Founded in 2021 and led by a team that includes Ben Rapoport -- a neurosurgeon-engineer and former co-founder of Neuralink -- Precision has developed the first BCI system to combine high-bandwidth data transfer, enabling complex tasks to be performed through thought, with a minimally invasive surgical approach. In just a few years, the company has achieved significant milestones: Built and validated a BCI system that uniquely combines powerful bandwidth with patient safety.Recruited a team of 70+ experts across diverse disciplines.Raised $155 million from leading investors.Successfully tested its device in 27 patients through research partnerships with prominent medical institutions, including Mount Sinai Health System, the Perelman School of Medicine at the University of Pennsylvania, and West Virginia University's Rockefeller Neuroscience Institute, with additional partnerships forthcoming.Acquired a state-of-the-art manufacturing facility in Texas to fabricate its implants.Secured FDA Breakthrough Device designation.Expanded its executive leadership team, appointing former Verily co-founder Brian Otis as Chief Technology Officer, Mike Kaswan as Chief Financial Officer, and Jayme Strauss as Chief Clinical and Commercial Officer. Precision's brain implant is an investigational device that is not available for sale in the United States. About Precision: Precision Neuroscience is dedicated to developing breakthrough treatments for neurological disorders affecting millions of people worldwide. The company is pioneering the only brain-computer interface designed to be minimally invasive, safely removable, and capable of processing large amounts of neural data. To learn more about how Precision is connecting human intelligence and artificial intelligence, visit www.precisionneuro.io. media@precisionneuro.io Market News and Data brought to you by Benzinga APIs