Paradromics has received $33m in a Series A funding round to support the launch of its first-in-human clinical study with the Connexus direct data interface (DDI).
Prime Movers Lab led the financing round, while other investors such as Dolby Family Ventures, Westcott Investment Group and Green Sands Equity also participated in the funding round.
Prime Movers Lab founder and general partner Dakin Sloss said: “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.”
Furthermore, the company has secured breakthrough device designation from the US Food and Drug Administration (FDA) for its Connexus DDI.
The Connexus DDI is primarily intended for use as an assistive communication device that converts brain signals into speech and movement in real-time.
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It helps to restore social interaction and allows individuals to interact with technology on their own.
In addition to its applications in assistive communication, the brain-computer interface can potentially address a wide spectrum of unmet medical challenges. These encompass conditions such as motor and sensory impairments, mood disorders and chronic pain.
Paradromics CEO Matt Angle said: “This designation recognises 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 commercialisation.”