Neuralink secures $205Mn funding from Google Ventures, others
Category: #business  By Vikas M  Date: 2021-07-31
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Neuralink secures $205Mn funding from Google Ventures, others

Neuralink, the brain-chip company founded by Tesla CEO Elon Musk, has raised $205 million in a funding round directed by Vy Capital, a venture capital firm based in Dubai, as well as participants like Alphabet Inc.'s Google Ventures. The company plans on utilizing the raised capital to bring its first product, N1 Link, to the market and commence more R&D.

Neuralink was established with an aim to insert wireless brain processor chips in people to help them heal from neurological illnesses like dementia, Alzheimer's, and spinal cord injuries and bring humanity and artificial intelligence together.

Since its inception, the company has made some noteworthy developments. In April, the company released a video clip showing a male macaque playing the computer game 'Mind Pong' after being implanted with chips on both sides of its brain.

Furthermore, in June, Musk tweeted that its first Neuralink product will enable paralysis patients to use a cellphone with their mind faster than someone using their fingertips. The device will be implanted in the skull and will charge wirelessly, making the person appear and feel completely normal.

While that time is uncertain, few of Neuralink's stealthy rivals are already making significant progress. Recently, Synchron, a New York-based firm that develops brain-computer interface, or BCI, similar to Neuralink, announced that it had received FDA approval to test its brain device in human patients in an early feasibility study.

Interestingly, Musk has had a history of bringing together diverse expertise for building cutting-edge technology through its firms like Tesla Inc., SpaceX, and The Boring Co.

In April, SpaceX raised nearly $1.16 billion in equity financing in an amended regulatory filing. The filing comes after SpaceX announced in February that it had raised $850 million, bringing its valuation to $74 billion. According to sources, the private space company secured $1.9 billion in its largest single fundraising round in August.

Source Credit - https://economictimes.indiatimes.com/tech/funding/elon-musks-neuralink-raises-over-200-million-from-google-ventures-others/articleshow/84880576.cms

 

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