The South China Morning Post reports today that brain-computer interface (BCI) startup StairMed brought in $48 million in funding.
Shanghai-based StairMed, a developer of implantable BCIs and surgical robots, reportedly said it raised 350 million yuan. China’s Qiming Venture Partners, OrbiMed, and Lilly Asia Ventures led the funding round. SCMP reports that StairMed claims its round marks the largest-ever funding round for a Chinese startup in the implantable BCI space.
According to the report — which cites a company post on Chinese social media app WeChat — StairMed plans to use funds to accelerate clinical trials, support R&D and to build a new production facility. This funding adds to a previous round that brought in “hundreds of millions of yuan.”
SCMP reports that StairMed touts ultra-flexible neural electrodes that come in at a fifth of the size of BCI competitor Neuralink’s electrodes. The company also claims its material is significantly softer to offer a less intrusive option for brain tissue. According to the report, StairMed claims its BCI would represent the smallest on the market. The implantation process still requires drilling into the skull, whereas other companies, like Synchron, deliver their BCIs through minimally invasive, catheter-based procedures.
