Precision Neuroscience has raised $250 million in a Series D financing round to develop its brain-computer interface (BCI) and build commercialization infrastructure. The company’s total funding now stands at $430 million.
Precision Neuroscience is partnered with Medtronic and has created an electrode array called Layer 7, which records and stimulates the brain, turning brain signals into commands for digital devices.
Layer 7 features 1,024 electrodes on a device the size of a postage stamp and is thinner than a human hair. This design allows surgeons to implant the cortical interface via a micro-slit incision technique.
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Precision Neuroscience received Food and Drug Administration clearance for 30-day use of the device last year. The Series D round positions it to expand its clinical program and advance Layer 7 through the next stages of FDA review.
Pershing Square, the Ackman Oxman Institute, and an undisclosed life sciences investment fund co-led the financing round. Investor Bill Ackman, CEO of Pershing Square and co-founder of the Ackman Oxman Institute brain research center, said “Neurotechnology will be central to the next generation of cures, treatments and rehabilitation.”
