Elon Musk’s brain-computer interface company, Neuralink, has secured $650 million in a fresh funding round as it moves ahead with clinical trials for its brain implant device.
The company, which aims to restore independence to people with severe medical conditions through neural technology, said the new capital will help expand access to its device and advance the frontier of brain-machine interfaces.
“This funding helps us bring our technology to more people, restoring independence for those with unmet medical needs and pushing the boundaries of what’s possible with brain interfaces,” Neuralink said in a statement on Monday.
Trials ongoing in three countries
Neuralink’s implantable chip, which translates neural signals into digital commands, is currently being tested in three countries.
- So far, five patients with severe paralysis are using the device to control both digital and physical devices, including phones and computers, using only their thoughts.
- The U.S. Food and Drug Administration (FDA) recently granted Neuralink’s speech restoration device a “breakthrough” designation, a status designed to accelerate the development and review of innovative medical technologies.
- The company had previously received the same designation for its vision-restoring device.
The investors
The $650 million funding round drew participation from a host of high-profile investors, including ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed Venture Partners, Qatar Investment Authority (QIA), Sequoia Capital, Thrive Capital, Valor Equity Partners, and Vy Capital.
- According to a report by Semafor, Neuralink had previously raised $600 million at a valuation of $9 billion before the new funding.
- Meanwhile, Musk continues to make headlines on multiple fronts. Last week, he announced he was stepping down from his role as a special adviser to former U.S. President Donald Trump to focus more on his companies, including Tesla, SpaceX, Neuralink, xAI, and social media platform X.
- In a related development, Morgan Stanley is reportedly arranging a $5 billion debt package for xAI, Musk’s artificial intelligence startup, which is also planning a $300 million share sale at a valuation of $113 billion.
What you should know
Neuralink was established in 2017 to implant electrodes into people’s brains, and the company completed its first human implant in January last year.
In April this year, Neuralink began a worldwide search for volunteers to join its study on brain implant designed to enable individuals to control computers using their thoughts.
So far, Neuralink has successfully implanted its device in three patients. The company is among several global firms developing and testing experimental brain implants aimed at restoring mobility and communication for people with severe neurological conditions.
