InBrain Neuroelectronics announced today that it closed a Series B financing round with proceeds totaling $50 million.
The Barcelona, Spain-based company also secured additional funding and support from Merck KGaA. This goes toward the clinical development of its technology in Merck KGaA’s therapeutic areas of interest. This boosts the translation of the company’s platform to human use, expanding it across both central and peripheral nervous system applications.
InBrain’s technology harnesses the power of graphene, a two-dimensional material made of a lattice of carbon atoms. The thin material — stronger than steel and thinner than a human hair, the company says — utilizes a combination of electrical and mechanical properties. InBrain says its neural platform enables ultra-high signal resolution, using machine learning software to decode therapy-specific biomarkers. It delivers highly focused, adaptive neuroelectronic therapy that re-balances pathological neural networks.
Last year, InBrain received FDA breakthrough device designation for its graphene-neural platform as an adjunctive therapy for treating Parkinson’s disease. It kicked off a first-in-human study last month.
The semiconductor-derived brain-computer interface (BCI) technology could decode and modulate brain activity. It uses AI to trigger adaptive responses for personalized neurological treatment. In addition to Parkinson’s InBrain notes epilepsy and speech impairment as potential target areas for treatment.
“We’re shaping the future of brain-computer interface therapeutics,” said Carolina Aguilar, CEO and co-founder of InBrain Neuroelectronics. “This funding empowers us to advance our AI-driven graphene neurotechnology, which has already shown great results versus current commercial neuromodulation technology. We are excited to have the support of a top-tier syndicate as we work to bring this technology to patients in need of more precise, personalized treatments.”
The company featured on last year’s MassDevice list of five BCI companies you should know. Read about five more in this year’s edition. Additionally, in 2022, we published a list of seven BCI companies you should know as well.
More details of the InBrain funding round
InBrain said its Series B allows it to accelerate the development of its graphene-based BCI-Tx platform. BCI-Tx offers a bidirectional solution to decode and modulate neural activity with what the company labels as unprecedented resolution. Funding should support ongoing clinical trials, enable team expansion and help develop an AI-platform.
imec.xpand led the financing round for InBrain, with new investors EIC Fund, Fond ICO Next Tech, CDTI-Innvierte and Avançsa joining. Existing investors sabys Partners, Aliath Bioventures and Vsquared also participated.
The round brings InBrain’s total funds raised since inception to $68 million.
“The success of Inbrain’s first patient procedure and recent funding highlights the innovation we envisioned when we launched the Graphene Flagship project,” said Marcin Nowak, investment director at European Investment Bank. “By harnessing the remarkable properties of graphene, InBrain is advancing cutting-edge neurotechnology applications that could significantly improve patient outcomes and also position Europe as one of the leaders in the global BCI industry. With this important investment, we are proud to support InBrain in translating this technology from research into real-world impact on patients’ lives.”
As part of the funding round, the company also announced a collaboration with imec, a leading independent nanoelectronics hub. imec agreed to support the company in preparing to scale graphene interfaces at a commercial level.
“InBrain Neuroelectronics is pioneering a groundbreaking approach to BCI technology using graphene,” said Frank Bulens, partner at imec.xpand. “This unique graphene-based BCI platform has the potential to redefine how we treat neurological disorders by offering more precise, adaptable, and intelligent therapeutics. We look forward to supporting the InBrain team in accelerating their clinical trials and bringing this next-generation technology to patients.”
