Bloomberg first reported that the company intended to announce the financing before Precision Neuroscience confirmed it in a LinkedIn post. Forepont Capital Partners led the financing round. According to Bloomberg, it adds to a previous fundraising totaling $12 million.
Precision Neuro, co-created by a founding member of Elon Musk’s Neuralink BCI venture, has been developing its BCI since 2021. Benjamin Rapoport, a former part of the Neuralink effort, started the company with private equity investor Michael Mager.
The company described it in the LinkedIn post as “high-resolution, minimally invasive and reversible.” The BCI is placed under the skull, on top of brain tissue without penetrating it.
Precision Neuroscience said it has validated its system and obtained for more than two dozen patents. It plans to work toward its first FDA submission “later this year.”
The company joins a growing list of BCI developers looking to rival the stumbling Neuralink. Musk’s venture currently faces a U.S. Department of Agriculture Inspector General animal welfare investigation. In November, Musk hosted a Neuralink show-and-tell that streamed online. He seemed to be trying to dispel previous criticism that Neuralink had caused animals to suffer.
Brain-computer interface continues to heat up. Here are seven companies you need to know.