2024-11-07
On November 7th, Bloomberg reported that brain-computer interface (BCI) company Precision Neuroscience plans to raise $100 million, having already secured $93 million (approximately RMB 668 million), putting its valuation at $500 million (around RMB 3.59 billion). As a direct competitor to Elon Musk’s Neuralink, Precision is leveraging this funding to accelerate its growth and compete with top-tier companies like Neuralink and Science Corp. So far, Neuralink has raised over $685 million, while Science Corp. has raised $150 million. Precision’s spokesperson remained discreet about the financing progress, but SEC filings suggest the company’s funding target could reach as high as $150 million.
Precision was founded in 2021 by former Neuralink co-founder Ben Rapoport, a neurosurgeon, and CEO Michael Mager. Last year, Precision successfully raised $41 million, underscoring investor confidence in its core technology and growth potential.
Precision’s flagship device, known as the “Layer 7 Cortical Interface,” draws inspiration from the six-layer structure of the brain’s cortex, embodying a compromise between invasive and non-invasive BCI technology. Unlike Neuralink’s fully invasive implants, Precision’s device requires cutting through the skull but does not penetrate brain tissue; instead, it is placed on the brain’s surface, reducing potential harm to the brain. This relatively “gentler” approach could make it more appealing in the market, possibly accelerating its acceptance.
Although Precision’s device has not yet received regulatory approval, it is currently in clinical testing. Notably, the company has conducted temporary implants in patients during certain surgeries, such as tumor removal, using these opportunities to collect neural signal data with patients’ consent. This flexible testing approach could accelerate Precision’s technical refinement and lay the groundwork for future commercialization.
Precision is also actively exploring broader applications and has submitted an application to the U.S. Food and Drug Administration (FDA) for its device to be used in hospitals for temporary neural monitoring, with plans to launch it next year, an important early revenue source. The company is also developing a permanent implant aimed at treating paralysis, which, if successful, could significantly elevate Precision’s industry standing, though this technology will likely take several years to reach full commercial deployment.
Personal Thoughts: Precision’s unique approach is both cautious and innovative. By positioning its implant on the brain’s surface, it may ease concerns about invasiveness, offering a more “neutral” option that balances efficacy with reduced risks associated with deep implantation. In the highly competitive BCI field, this moderated approach might attract a broader user base, appealing to those wary of fully invasive methods. As BCI technology progresses, players in this space are unlocking possibilities ranging from medical applications to human-computer interaction. However, for this technology to achieve mainstream adoption, it must overcome multiple regulatory, ethical, and societal hurdles. With the combined momentum from funding, regulatory strides, and technological advancements, the rivalry between Precision and Neuralink is infusing fresh energy into the BCI industry, giving us an exciting glimpse into the future of human-machine integration.
