The first-of-its-kind neurotech startup Phantom Neuro has announced a USD 6 million fundraising round led by Time BioVentures. Phantom Neuro provides low-power, high-accuracy solutions for lifelike control of robotic orthopedic technology.
Another new investor, Risk & Return (R2), a cutting-edge venture fund, participated in the round. The startup has already received USD 9.5M in funding, thanks to supporting from returning investors LionBird Ventures, Draper Associates, and Breakout Ventures. D.A. Wallach, Time BioVentures’ co-founder, will join the board of directors after receiving the funding. The business also disclosed the addition of two significant hires: Erik Lloyd, Senior Neuroengineer, and Aurel Bouvier, Ph.D., Vice President of Implantable Systems.
Phantom Neuro, introduced only six months ago, intends to significantly improve the lives of people with function deficiencies, including amputees. The company’s technology offers unmatched control of orthopedic devices, such as prosthetic limbs and exoskeletons, by fusing low-risk implantable sensors, AI, and supporting software.
Since its inception, the firm has been on an exciting trajectory, completing tactical tasks that have brought them closer to conducting human trials. Most recently, the company disclosed a relationship with Blackrock Neurotech and the hiring of Dr. Geoffrey Ling, the founding director of the Defense Advanced Research Projects Agency (DARPA) Biological Technologies Office and current CEO of On Demand Pharmaceuticals, to the board.
D.A. Wallach, General Partner of Time BioVentures:
“Phantom Neuro is filling this void by forging an elegant connection between biology and prosthetics that has the potential to revolutionize the standard of care for patients. The field of advanced robotics has enormous potential to augment patients’ daily lives, but we lack practical and effective commercially available devices to control these systems outside of the lab. We believe that Phantom Neuro’s founder, Connor Glass, and his expanding team have what it takes to provide real solutions to patients with urgency and creativity. He brings to this challenge formidable talents as a doctor, an inventor, and a company builder.”
More about the company:
Over two million Americans live with limb loss, and by 2050, that figure is projected to nearly triple. Due to trauma, advancing age, diabetes, and vascular disease, around 185,000 amputations are performed in the U.S. every year. It is estimated that hospital expenses for amputation patients in the country total USD 10 billion annually. Despite the availability of innovative new prosthetic technologies, modern devices are nevertheless abandoned at rates as high as 50% or higher because of their annoyance, weight, and difficulty in use. Phantom Neuro’s response to these challenges is superior control over current and upcoming orthopedic technology. The incentives line up for increased innovation in the robotic orthopedic sector with better patient outcomes achieved through superior control.
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