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

By: Precision Neuroscience via GlobeNewswire

December 16, 2024 at 07:00 AM EST

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 Contact:
media@precisionneuro.io