Precision Neuroscience, a New York City-based firm developing brain-computer interface (BCI) technology, has raised $93m in a recent Series C funding round, according to a financial disclosure.
The company stated in its US Securities and Exchange Commission (SEC) filing that it aims to raise up to $150m in total for this round, with participation from 21 undisclosed investors.
The funding disclosure, filed on 17 October, notes that the first sale took place on 2 October. Precision Neuroscience has not formally announced the completion of this Series C round, and a company representative declined to comment, citing a lack of available information, reported Bloomberg.
The publication, citing an unnamed source “familiar with the situation,” reported that the Series C round has valued Precision Neuroscience at around $500m. This funding brings the company’s total raised capital to approximately $146m, following its $41m Series B funding round, led by Forepont Capital Partners and announced in January 2023.
Precision Neuroscience is the developer of the Layer 7 Cortical Interface, a brain-computer device named for the six layers that make up the cerebral cortex.
The device aims to provide a solution between invasive and non-invasive BCI technologies. It involves surgery that requires an incision into the skull but does not penetrate the brain tissue.
According to Precision Neuroscience, its device is positioned on the surface of the brain, ensuring there is no direct contact with the brain tissue.
Last month, the company reported results from a pilot study of the Layer 7 Cortical Interface. The device, a flexible, thin-film implant, conforms to the brain’s surface and contains embedded electrodes for high-resolution mapping of brain activity and stimulation.
According to the company, the implant is approximately one-fifth the thickness of a human hair, making it suitable for implantation or retrieval by a neurosurgeon without harming brain tissue.
The implantation procedure for Precision Neuroscience’s device does not require a craniotomy, unlike that of Neuralink, a company founded by Elon Musk.
Instead, it uses a minimally invasive “micro-slit” approach, involving incisions of 400 microns in width. This method contrasts with other invasive techniques, offering a less intrusive surgical procedure.
Precision Neuroscience was founded in 2021 by chief science officer Ben Rapoport, a neurosurgeon and former Neuralink co-founder, and CEO Michael Mager.
