Today, the brain-computer interface (BCI) company Precision Neuroscience Corporation (referred to as Precision) announced the successful completion of a $102 million Series C funding round led by General Equity Holdings. This funding also saw participation from B Capital, Stanley F. Druckenmiller's investment firm Duquesne Family Office, and Steadview Capital, bringing the total funds raised by the company to $155 million, making it one of the best-funded companies in the brain-computer interface industry.
Precision plans to use this new funding to expand its team, advance clinical research efforts, and further optimize future versions of its AI brain implants. The goal of this brain implant is to allow severely paralyzed users to operate computers, smartphones, and other digital devices using only their thoughts. The company expects that in the coming years, this technology could redefine physical disabilities and break down barriers to communication, employment, and independent living.
Image Source Note: Image generated by AI, image licensed by Midjourney
In addition to focusing on the treatment of motor paralysis, Precision also plans to expand the application of its products to meet the needs of millions of patients with neurological disorders, covering a range of conditions from obsessive-compulsive disorder to depression. Co-founder and CEO Michael Mager stated, "We will first address some of the most severe diseases, such as severe spinal cord injuries, strokes, and amyotrophic lateral sclerosis. Our goal is to develop a product that is both safe and scalable, capable of treating a wide range of neurological disorders. This new funding brings us one step closer to that goal."
The brain-computer interface technology is attracting increasing attention from investors, with Morgan Stanley recently estimating that the commercial BCI market in the U.S. alone could reach $400 billion. Andrew Bellas, managing partner at General Equity Holdings, stated, "BCI technology is at a turning point, with advancements in hardware and software opening up new ways of brain connectivity that were previously unimaginable. We believe Precision has an excellent team at the forefront of this technology, while also focusing on the needs of the end user."
Kevin Warsh, partner at Duquesne Family Office, commented, "Precision's technology allows the human brain to directly control machines, and Ben, Michael, and their team are achieving unprecedented results in the fields of neuroscience and machine learning. Millions of lives are expected to be significantly improved."
Dr. Robert Mittendorff, general partner and healthcare lead at B Capital, stated, "As a long-term investor in Precision, we are very pleased to see how the company is rapidly innovating in the field of neurology with its unique BCI technology. We focus on supporting the most innovative founders driving transformation in the healthcare industry, and we look forward to the Precision team bringing this critical treatment method to market."
Founded in 2021, Precision is led by neurosurgical engineer and former Neuralink co-founder Ben Rapoport and his team. The company has developed the first BCI system that combines high-bandwidth data transmission, capable of performing complex tasks through thought and minimally invasive surgical methods. In just a few years, Precision has achieved several significant milestones:
- Built and validated a unique BCI system that combines powerful bandwidth with patient safety.
- Recruited a team of over 70 experts.
- Raised $155 million from major investors.
- Successfully tested the device on 27 patients in collaboration with renowned medical institutions and plans to establish partnerships with more organizations.
- Acquired an advanced manufacturing facility in Texas for the production of brain implants.
- Received FDA breakthrough device designation.
Currently, Precision's brain implants are not yet available for sale in the U.S. market as research devices.
