Paradromics, a company focused on developing high data rate Brain-Computer Interfaces (BCI), has announced a successful fundraising of $20 million.
The fundraising was led by Prime Movers Lab and other investors including Alpha Edison, IT-Farm, Pureland Global Venture, Synergy Ventures, Westcott Investment Group, and Dolby Family Ventures were in on the action.
The Texas-based company has introduced the first high data-rate brain-computer interface to create a new level of adoption for technical solutions to medical challenges.
The Connexus™ Communication Device is its first commercial product, developed to help patients restore communication when the power to speak is lost after severe paralysis.
This BCI will help patients to be able to reconnect with people around them and achieve greater autonomy via a computer.
Last year, the Paradromics platform successfully tested a device that performs electrical recording of cortical activity that exceeded over 30,000 electrode channels within the brain of a sheep.
Researchers used these tools to study responses in the brain activity of sheep with sound stimuli in high fidelity. Furthermore, the company is set to team up with other leading healthcare companies to study and create novel therapies for brain-related disorders.
Matt Angle, CEO of Paradromics commented, “We are combining the best of neural science and medical device engineering to create a robust and reliable platform for new clinical therapies. This funding round is a validation of both our technology and strategic vision in leading this important developing market.”
Previously, Paradromics successfully raised the investment capital of $10M as well as $15M, which flowed from the National Institutes of Health (NIH) and the Department of Defense’s research department, also known as DARPA.
Prime Movers Lab seeks to invest in the Prime Movers-backed scientific startups. It targets companies in the early stage of the study involved in human augmentation, energy, transportation, infrastructure, manufacturing, and agriculture.
In addition to receiving the cash flow from Prime Movers Lab, Paradromics will add Dr. Amy Kruse to its Board of Directors as part of the investment.
