Precision Neuroscience’s device does not penetrate brain tissue and is positioned atop the cerebral cortex to mitigate tissue damage. Credit: JLStock/Shutterstock.

Brain implant startup Precision Neuroscience has secured $93m in its latest funding round, valuing the company at approximately $500m, Bloomberg reports.

This capital injection is part of a larger goal for Precision Neuroscience, with ambitions to raise $100m.

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In 2023, Precision Neuroscience raised $41m, and the current funding round brings the total closer to the $150m mark, as indicated in a Securities and Exchange Commission filing.

The company, established in 2021, is advancing in a competitive field dominated by well-funded entities such as Elon Musk’s brain-computer interface company, Neuralink, which has garnered more than $685m, and Science, with $150m in funding.

Precision Neuroscience’s device, the Layer 7 Cortical Interface, does not penetrate brain tissue and is positioned atop the cerebral cortex to mitigate tissue damage.

While Precision’s device is still undergoing regulatory review and is not yet approved for widespread use, it has been tested in patients during surgeries for other primary purposes.

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The company has also sought approval from the US Food and Drug Administration for a temporary monitoring version of the device, aiming for market release in 2025.

During a recent procedure conducted at Mount Sinai Hospital in New York, Precision demonstrated the capabilities of its technology by placing four microelectrode arrays on a patient’s brain surface.

Each array contains 1,024 electrodes, resulting in a total of 4,096 electrodes for detailed neurological signal detection.

In June 2024, the company completed the first-in-human pilot of its neural implant system.

As part of the study, surgeons at West Virginia University’s Rockefeller Neuroscience Institute (WVU RNI) temporarily placed Precision’s device on the brains of three patients.

A competitor of Precision, Neuralink implanted a chip into its second human patient in August 2024.