Technological advances continue to impact our world and improve our quality of life. Neuralink, founded by billionaire Elon Musk in 2016, aims to be a breakthrough for quadriplegics and people suffering from various other brain injuries.
Through the development of microchips designed to be implanted into a patient’s brain, Neuralink believes it can improve the quality of life and productivity of people suffering from severe physical disabilities. Musk says the startup is working on a chip that would allow quadriplegics control digital devices with the use of their mind.
To fund its chip application, Neuralink announced that it has raised $205 million in a Series C funding round, which was led by Dubai-based Vy Capital. Other notable participants in the Series C include Google Ventures, DFJ Growth, Craft Ventures, Gigafund, Valor Equity Partners, and the Founders Fund.
The Series C round comes just two years after Neuralink raised $51 million. Overall, Neuralink has raised a total of $363 million after this latest round.
Neuralink: Funding Going Towards First Product Launch, Future Treatments
After raising $205 million, Neuralink plans to utilize the gross proceeds to finish development and launch its first product, N1 Link. After building the first “high channel count brain machine interface” over the past four years, the N1 Link is gearing up to be the first official product of the medical startup.
The N1 Link is a 1024 channel device that is implanted into a patient’s brain. Once properly implanted, the chip is designed to invisibly transmit data through a wireless connection. Neuralink notes that it will initially market the product to “help quadriplegics regain their digital freedom.”
Neuralink’s mission is to expand development into other products that can “develop brain-machine interfaces that treat various brain related ailments, with the eventual goal of creating a whole brain interface capable of more closely connecting biological and artificial intelligence,” according to the startup.
“With a direct neural interface, we can improve the bandwidth between your cortex and your digital tertiary layer by many orders of magnitude,” said Elon Musk. “I’d say probably at least 1,000, or maybe 10,000, or more.”