Texas, Austin, May 18, 2023, The premier provider of high-rate brain-computer interfaces (BCI), Paradromics Inc., revealed a USD 33 million Series A fundraising round headed by Prime Movers Lab. Additional investors include Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity. With the additional financing, Paradromics can begin the first-ever clinical investigation for the Connexus® Direct Data Interface (DDI).
In addition to the funding, Paradromics also disclosed that the Connexus DDI has received “Breakthrough Device Designation” from the U.S. Food and Drug Administration, which enables a streamlined review procedure for innovative medical devices with the potential to treat permanently debilitating illnesses.
Conditions including ALS, spinal cord damage, and stroke may severely hamper patients’ communication capacity. Many of these patients have healthy, highly functioning brains but may have trouble speaking, using a computer, or relying only on cumbersome, slow gaze-tracking equipment. The Connexus DDI’s first use is as an assistive communication tool that instantly converts brain signals into speech and movement, reestablishing social connection and allowing autonomous interaction with technology.
“The Paradromics neuroprosthesis could restore communication and functional independence to thousands of people living with paralysis,” claims Dr David Brandman, a functional neurosurgeon, and BCI researcher. “By building a medical device to record directly from the brain,”
Beyond assisting with communication, BCI can potentially treat various unmet medical needs, ranging from chronic pain and mental problems to motor and sensory deficiencies. The U.S. market for treatment-resistant mental disease is thought to be worth $240 billion. This most recent funding round shows investors believe Paradromics is a strong competitor in these major BCI markets.
“Prime Movers Lab supports scientific enterprises with the potential to alter billions of lives. I believe brain-computer interfaces will likely become the normative treatment for many neurological issues. According to Dakin Sloss, founder and general partner of Prime Movers Lab, the question at hand is how large the market for brain-computer interfaces will be. The treatment of mental illness will change due to brain-computer interfaces, creating an intriguing financial opportunity. Only a few businesses are starting to stand out as serious competitors in this field, and Paradromics will likely be the one to enter successful human trials.
Reema Khan, Green Sands Equity’s founder, and CEO, agrees and declares, “We take tremendous delight in being a part of Paradromics’ transforming path. While everyone’s attention was on Neuralink, Paradromics quietly created a ground-breaking product and technology unmatched in this industry. Although they continue concentrating on neurological problems, their technique has many possible uses.
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