Paradromics Raises $20MM in Seed Funding Led by Prime Movers Lab to Advance Brain Computer Interfaces
Austin, TX, July 22, 2021/PRNewswire/ - Paradromics Inc., a leading developer of high data rate Brain Computer Interfaces (BCI), announced today a $20 million seed funding round led by Prime Movers Lab, including investment from Westcott Investment Group, Dolby Family Ventures, Synergy Ventures, Pureland Global Venture, IT-Farm, and Alpha Edison.
Paradromics' first commercial product, the Connexus™ Communication Device, will restore communication for patients who have lost the ability to speak due to severe paralysis. Through this BCI, patients will be able to reconnect with loved ones and achieve greater autonomy through use of a computer. Paradromics will partner with leading healthcare companies to develop novel therapies for brain-related disorders.
The investment demonstrates confidence in Paradromics as a well-positioned player in the $200 billion BCI therapy market. Last year, Paradromics successfully completed testing of its platform, demonstrating the largest ever electrical recording of cortical activity that exceeded more than 30,000 electrode channels in sheep cortex. This recording allowed researchers to observe the brain activity of sheep in response to sound stimuli with high fidelity.
“We are combining the best of neural science and medical device engineering to create a robust and reliable platform for new clinical therapies,” said Paradromics CEO Matt Angle. “This funding round is a validation of both our technology and strategic vision in leading this important developing market.”
The current funding round follows $10M in early stage private funding as well as $15M of public funding from the National Institutes of Health (NIH) and the Department of Defense (DARPA).
As part of the investment from Prime Movers Lab, Partner Dr. Amy Kruse will be joining the Paradromics Board of Directors.
“Progress in neuroscience and microelectronics has been exponential, and this is game-changing technology that has implications well beyond the rehabilitation market,” said Amy Kruse, Partner at Prime Movers Lab. “As a former DARPA program manager, I am excited to see this technology move out of the lab and into clinical applications.”
About Paradromics Inc.
Paradromics, headquartered in Austin, Texas, is bringing to market the first high data-rate brain computer interface to create a new industry where medical challenges are met with technical solutions. For more information, visit: www.paradromics.com.
About Prime Movers Lab
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in early-stage companies reinventing human augmentation, energy, transportation, infrastructure, manufacturing, and agriculture. Our team is dedicated to supporting entrepreneurs in their mission to commercialize breakthrough science and serve humanity. For more information, visit: www.primemoverslab.com.
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