Elon Musk’s brain-interface company, Neuralink, has successfully secured $600 million in new funding, elevating its valuation to $9 billion.
Neuralink’s valuation surged from $3.5 billion in late 2023, according to Pitchbook, to its current $9 billion status, as reported by Semafor.
The leap follows the successful implantation of brain chips in three individuals, including a non-verbal man with ALS who recently demonstrated the chip’s capabilities in a video shared on Musk’s social media platform, X.
The financial boost comes as the company continues to make strides in its mission to develop brain-computer interfaces, with recent advancements including the implantation of chips in patients with severe communication impairments.
These developments underscore Neuralink’s growing influence in the neurotechnology sector, despite being one of the smaller entities within Musk’s expansive business portfolio.
Neuralink’s progress in neurotechnology could revolutionize the way individuals with disabilities interact with the world.
The company’s latest funding round not only boosts its financial standing but also signals growing investor confidence in its potential to transform healthcare and communication technologies.
Musk announced at the Qatar Economic Forum that Neuralink plans to initiate clinical trials for its Blindsight implant by 2026, aiming to restore vision in completely blind individuals. This ambitious goal highlights the broader implications of Neuralink’s work, potentially offering new hope to millions affected by vision loss.
Neuralink’s advancements and funding achievements position it as a key player in the future of medical technology, with the potential to significantly impact the lives of those with severe disabilities.
As the company continues to innovate, its influence within the tech and healthcare sectors is likely to expand, drawing further attention and investment.
May 27 (Reuters) – Elon Musk’s brain implant company Neuralink raised $600 million in a deal that values the company at $9 billion before the new cash, Semafor reported on Tuesday, citing people with knowledge of the matter.
Neuralink did not immediately respond to a Reuters request for comment.
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The startup was estimated to be valued at $5 billion in 2023, based on privately executed stock trades described to Reuters. The company had previously raised $280 million in a funding round led by Peter Thiel’s Founders Fund.
In April, Bloomberg News reported that the company was planning to raise about $500 million.
Neuralink is in the process of testing its implant, which is intended to help people with spinal cord injuries. The device has allowed the first patient to play video games, browse the internet, post on social media and move a cursor on his laptop directly with his brain.
Earlier this month, Neuralink received the U.S. Food and Drug Administration’s “breakthrough” tag for its device.
Musk has expressed grand ambitions for the company, saying its chip would allow healthy and disabled people alike to pop into neighborhood facilities for speedy surgical insertions of devices to treat obesity, autism, depression and schizophrenia. He even sees them being used for web-surfing and telepathy.
