Dive Brief:
- Elon Musk’s Neuralink closed a $650 million funding in a Series E round, the company said Monday.
- The company said it plans to use the funds to expand patient access and “innovate future devices that deepen the connection between biological and artificial intelligence.”
- Neuralink also announced that its brain implant has entered clinical trials in three countries, and that five people with severe paralysis are now using the implant to control digital and physical devices.
Dive Insight:
Neuralink’s brain computer interface consists of a chip that is surgically implanted in the skull, as well as electrodes that connect to the brain’s cerebral cortex. It’s designed to allow people to control a computer or mobile device.
The latest fundraise included investors ARK Invest, Founders Fund, G42, Lightspeed, Sequoia Capital and others. Neuralink previously raised $280 million in a Series D round in 2023.
Last year, Noland Arbaugh became the first person to receive the implant, which allowed him to move a cursor on a screen and play video games.
Since then, Neuralink has sought additional applications. The company said last month it received the Food and Drug Administration’s breakthrough designation to help restore communication for individuals with severe speech impairment. In Monday’s announcement, Neuralink also said it had received breakthrough designation for vision restoration programs.
The FDA determines breakthrough devices based on their potential for more effective treatment of life-threatening or irreversibly debilitating conditions. The designation gives manufacturers the opportunity to meet with FDA experts and have their submissions prioritized for review.
Neuralink also said it has started clinical trials at the Barrow Neurological Institute in Phoenix, The Miami Project to Cure Paralysis at the University of Miami, the Cleveland Clinic Abu Dhabi and the University Health Network in Toronto.
