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The company also received a Breakthrough Medical Device Designation from the FDA
Some of the most exciting technologies to emerge in the brain health space are brain-computer interfaces (BCI), which allow people to control machines using their thoughts. These devices have the opportunity to have a major impact on the lives of people living with neurological conditions; for example, BCIs can help people with paralysis regain control of their limbs.
Probably the best known BCI company is Elon Musk's Neuralink, but there are a number of others also making strides in this up and coming space, such as Precision Neuroscience, a BCI company developing implants that are designed to be high-resolution, minimally invasive, and reversible, which raised $41 million earlier this year, and Paradromics, which announced this week that it raised $33 million.
Founded in 2015, Paradromics has developed the Connexus Direct Data Interface (DDI), which it calls "a revolutionary leap beyond today’s lab-confined brain-computer interfaces," as it "collects an unprecedented number of individual neural signals with a fully-implantable device designed for long-term daily service."
The first application of the Connexus DDI is an assistive communication device that translates brain signals into speech and movement in real time.
In addition to the funding round, Paradromics also announced that the U.S. Food and Drug Administration (FDA) has granted the Connexus Direct Data Interface (DDI) device with a "Breakthrough Device Designation", which allow manufacturers to interact with the FDA's experts so they can address topics as they arise during the premarket review phase, helping them receive feedback and identify areas of agreement. Manufacturers also receive prioritized review of their submission.
The new funding round was led by Prime Movers Lab, along with Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity, and it brings Paradromics' total funding to $91.3 million. The company plans to use the new funding will to launch its first-in-human clinical trial for the Connexus DDI.
"This designation recognizes 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 commercialization," Paradromics CEO Matt Angle said in a statement.
(Image source: paradromics.com)
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