Paradromics – a leading developer of high data-rate brain-computer interfaces (BCI) – announced recently a $33 million Series A funding round led by Prime Movers Lab. Additional investors in this round include Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity. The new funding round will help Paradromics launch its first-in-human clinical trial for the Connexus Direct Data Interface (DDI).
(Paradromics Connexus Direct Data Interface: (from top right) Cortical modules record signals from 1600+ individual neurons; Cranial hub powers cortical modules and completes signal processing; Wireless transmitter (subcutaneous) provides power and secure, high-bandwidth data relay)
Along with the new funding round, Paradromics announced that the U.S. Food and Drug Administration has granted the Connexus DDI “Breakthrough Device Designation,” which offers an expedited review process for transformative medical devices with the potential to treat irreversibly debilitating conditions.
Conditions like ALS, spinal cord injury, and stroke may cause severe motor impairment, affecting patients’ ability to communicate. And many of these patients have intact, highly active brains but may struggle to speak or use a computer or rely on slow, frustrating gaze-tracking systems. The first application of the Connexus DDI is an assistive communication device that translates brain signals into speech and movement in real-time, restoring social connection and enabling independent engagement with technology.
Along with assistive communication, BCI has the potential to address a range of currently unmet medical needs, from motor and sensory deficits to chronic pain and mood disorders. And treatment-resistant mental illness alone represents an estimated U.S. market of $240 billion. This latest funding round indicates confidence that Paradromics is well-positioned in these massive BCI markets.
KEY QUOTES:
“By building a medical device to record directly from the brain, the Paradromics neuroprosthesis could restore communication and functional independence to thousands of people living with paralysis.”
— Dr. David Brandman, a functional neurosurgeon and BCI researcher
“Prime Movers Lab backs transformational scientific companies that are ready to transform billions of lives. I think it’s no longer a question of whether brain computer interfaces will become the standard treatment for many neurological problems. It’s now about how big the brain computer interface market will be. Brain computer interfaces will transform mental health treatments, making it an exciting investment opportunity. We’re seeing only a couple of companies emerge as real contenders in the space, and I believe Paradromics will be the one that moves into successful human trials.”
— Dakin Sloss, Founder and General Partner at Prime Movers Lab
“This designation recognizes the transformative promise of our device, and we look forward to continued coordination with the FDA to accelerate its availability. And this investment validates our leadership position among the small group of BCI platform companies on the verge of commercialization.”
— Paradromics CEO Matt Angle
“We take great pride in being a part of Paradromics’ transformative journey. While all attention was focused on Neuralink, Paradromics quietly developed a breakthrough device and technology that surpasses any other in this field. While their focus remains on neurological disorders, the potential applications of their technology are far-reaching and diverse.”
— Green Sands Equity Founder and CEO Reema Khan
