In order to implant tiny electronic devices inside human skulls, a new brain science company that was co-founded by a Neuralink founding team member is raising millions of dollars.
US-based Precision Neuroscience Corporation, the company developing high-resolution, minimally invasive, and reversible brain-computer interface (BCI) implants, raised a $41M funding led by Forepont Capital Partners. Mubadala Capital, Draper Associates, Alumni Ventures, and re.Mind Capital joined existing investors Steadview Capital and B Capital Group in the round.
With the additional funding, Precision is able to keep on hiring top talent, advance product development, and prepare for FDA regulatory review, which is anticipated in the coming months. The most recent investment raises the company’s total funding in less than two years to $53M.
Benjamin Rapoport, a founding member of Elon Musk’s well-known brain company Neuralink Corp., co-founded Precision. After leaving Neuralink in 2018, Rapoport co-founded Precision Neuroscience in 2021 with seasoned private equity investor Michael Mager.
The team has advanced toward clinical trials in 2023 and has validated its high-resolution brain-computer interface system in just two years since the company was founded.
“We imagine a world where devastating neurological conditions – stroke, traumatic brain injury, dementia – are finally treatable,” Michael Mager, CEO of Precision Neuroscience, said. “To reach this world, brain–computer interface technology needs to progress out of the lab and into the clinic. Precision is excited to take on that challenge.”
“Forepont is proud to lead Precision Neuroscience’s Series B raise to support the advancement of Precision’s cutting-edge technology,” Eric Attias, founder and managing partner of Forepont Capital Partners, said. “Precision is pioneering a BCI product that we believe will achieve patient outcomes that were previously thought to be impossible.”
In order to treat neurological conditions, Precision plans to implant sensors just under peoples’ skulls, on top of the brain tissue without actually going through it.
It would be less invasive to use Precision’s device. The skull would only need to be slightly cut open, with a slit about 2 centimetres wide and 400 microns long being made to allow for the passage of an array of sensors. On top of actual brain tissue, the device would be positioned beneath the dura, a protective membrane. The sensors would be connected to circuitry that, in its final configuration, would sit outside the skull but under the skin, by a tiny collection of wires that would pass through the slit.
Layer 7 Cortical Interface
The Layer 7 Cortical Interface implant from Precision is a thin, flexible film material strip about the thickness of a human hair, similar to a piece of Scotch tape. Utilizing a specialised, minimally invasive cranial micro-slit technique, it can be implanted and is designed to conform to the surface of the brain without damaging tissue.
The device can process a lot of data because each microelectrode array has 1,024 electrodes, which is 600 times more electrode density than typical cortical arrays. On its cutting-edge technology, the company has more than 25 issued and pending patents.
Picture Credits: ChinalImages/Depositphotos