Phantom Neuro announced today that it raised $19 million in a Series A funding round to support its neural interface technology.
Ottobock, a major company in the fields of prosthetics, orthotics and exoskeleton technology, led the financing. Existing investors, including Breakout Ventures, Draper Associates, LionBird Ventures, Time BioVentures and Risk and Return participated. New investors Actual VC, METIS Innovative, e1 Ventures, Jumpspace, MainSheet Ventures and Brown Advisory joined, too.
Austin, Texas–based Phantom Neuro said the financing brings its total funding to $28 million. It marks a milestone in the company’s journey to bring its Phantom X robotic control platform to patients.
The neurotech company designed Phantom X as a minimally invasive neural interface. Implanted just beneath the skin in an outpatient procedure, it provides intuitive control of prosthetics and robotic devices. The platform uses algorithms to decode natural human movement and provide a near-human experience when controlling prosthetic limbs and assistive technologies. A recent study demonstrated 94% accuracy in decoding real-time gestures across 11 essential hand and rist movements with Phantom X.
Phantom Neuro won FDA breakthrough device designation for the technology last month. The company plans to use its latest funding to support preclinical testing, complete its first-in-human trials and complete regulatory submissions. It aims to expand R&D as well to reach broader control applications beyond prosthetic limbs.
“Ottobock’s backing underscores the growing convergence of neurotechnology, prosthetics, and robotics,” said Dr. Connor Glass, Phantom Neuro founder and CEO. “For decades, Ottobock has been at the forefront of restoring mobility for millions of people. By partnering with them, we’re accelerating Phantom X’s path to market and laying the groundwork for the future we all desire where assistive devices truly function as natural extensions of the human body.”
