Crown Prince Mohammad bin Salman launched the NEOM region project in 2017. Plans include a floating industrial complex, global trade hub, tourist resorts and a linear city powered by renewable energy sources.
The NEOM Investment Fund (NIF) leads the partnership to advance the development of brain-computer interface (BCI) therapies. BCI therapies seek to restore, enhance or replace lost neurological functions for those with conditions that impair movement, communication or cognitive function.
“This partnership marks a pivotal moment for Paradromics and the broader BCI industry,” said Matt Angle, Paradromics founder and CEO. “NEOM and Paradromics both have expansive visions for the future of mental health that are highly aligned. Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies.”
As part of the agreement, NEOM and Paradromics intend to establish a BCI Center of Excellence within the region. They seek to spearhead ambitious clinical research and eventually serve as the premier center for BCI-based healthcare in the MENA region and beyond.
Paradromics (Austin, Texas) develops the FDA breakthrough Connexus BCI system. It has the potential to help patients communicate after losing the ability to speak and control computer devices.
“At NIF, we are committed to enabling NEOM’s bold vision of redefining the future of healthcare by investing in transformative technologies that push boundaries and address humanity’s toughest challenges,” said Majid Mufti, CEO of NIF. “Paradromics was selected as a strategic partner for their groundbreaking advancements in BCIs and our shared mission of shaping industries, solving critical challenges and driving meaningful impact.”
More about Paradromics and BCIs
The Paradromics BCI system translates recorded brain signals into actionable health data. Initially, the company’s focus centers around restoring independent communication through digital devices for individuals living with spinal cord injuries, stroke, or ALS, a motor neuron disease.
Paradromics also plans to develop future applications for mental health conditions, such as mood disorders and chronic pain. The fully implantable BCI can record from single neurons, using durable materials and packaging. Advantages could include the ability to obtain high-resolution data over long periods of time. This data can enable complex applications like decoding intended speech.
The company was accepted into the FDA Total Product Life Cycle Advisory (TAP) program in July 2024. In preparation for a clinical trial in 2025, the company also launched a patient registry so patients can submit interest. The company featured on MassDevice’s 2024 lists of BCI companies to know and neurotech companies to know.
Paradromics’ latest investment marks another sign of the ever-growing BCI space. Companies like Neuralink, Synchron and Blackrock Neurotech have long been seen as the leaders, but a number of companies aim to be the first to bring a BCI to market. Analysts said last year that they see a massive market opportunity for the technology.
