Imagine the ability to control your environment just with your thoughts. That may seem like something that belongs to the realm of science fiction, but not anymore. It’s not even something that will come at a certain point in the future, it’s already here.
Advances in technology have made this a reality. The technology in question is brain-computer interface (BCI), which has been successful in allowing individuals who are unable to speak or move their limbs to communicate and manipulate objects.
So, what is this technology? BCI is a system that captures brain signals using a device like a headset with sensors. It then examines those signals with the help of a computer before finally translating them into commands that are transferred to a device/application to carry out the desired action.
This emerging technology, which basically facilitates the communication between our brains and computers, has attracted significant interest as a way to improve the quality of people’s lives, especially those who are physically impaired.
But while BCI can help restore motor functions, treat neurological conditions, monitor mental health, enhance cognitive abilities, and help understand the brain, the technology faces the challenges of high costs and regulatory approval.
Despite the challenges, BCI tech is fast advancing, with the size of its market projected to grow at a CAGR of 14.2% to $4.5 billion by 2029. Meanwhile, Morgan Stanley estimates that people with disabilities who are candidates for implants represent a total market worth $400 billion, though annual revenues aren’t projected to reach $1 billion a year until 2041.
Prominent BCI Companies
Now, let’s take a look at some of the most prominent names in the sector that are changing the world of BCI through innovation and development.
1. Neuralink
Founded by Elon Musk, Neuralink is redefining the boundaries of human capabilities through its implant, which is cosmetically invisible and is designed to let the human with the implant control a computer or mobile device.
The device is an N1 Implant, which is sealed in a biocompatible enclosure to withstand physiological conditions and is powered by a small battery that is charged wirelessly from the outside. The implant contains custom, low-power chips and electronics to process neural signals and transmit them to the Neuralink application, which then decodes the stream of data into intents and actions.
To record the neural activity, the N1 Implant utilizes 1024 electrodes distributed across 64 threads. These are highly flexible and ultra-thin threads that need a surgical robot for placement.
By facilitating direct communication between humans and computers, Neuralink aims to have its implant used for neurological disorder treatments and potential cognitive enhancements. With Neuralink, Musk’s goal is to eventually augment human memory to match the performance of AI.
The company has been in development for close to a decade now, and this year, it has its first two human trials in the US with plans for a similar study in Canada, where it has received approval from Health Canada to begin the recruitment for the same.
While patients are excited to get their critical abilities restored, they are not the only ones; scientists are just as eager to use brain implants to control things with the mind. Dr Andres Lozano, a professor of neurosurgery at the University of Toronto, actually envisions a future where people will drive cars simply by thinking about the actions they want to take.
“This is just the beginning. Right now, we’re talking about downloading information from the brain, but in the future, we will be able to upload as well.”
– Lozano
Such concepts, Dr. Lozano said, seemed like science fiction until Neuralink, which had its first funding round in 2017 and so far has raised a total of $680 million in over five rounds, with the latest round held in Nov. 2023, according to Tracxn. The startup counts the likes of Google Ventures, Founders Fund, Sam Altman, and Fred Ehrsam, among others, as its investors. Neuralink has a valuation of $5 billion as per the latest available filings.
While Neuralink’s technology clearly holds immense promise and has strong investor demand, it has faced many hurdles in its journey, particularly from regulators. Earlier this month, Musk shared a letter on X (previously Twitter), the social media platform that he owns, which showed that the US Securities and Exchange Commission (SEC) has reopened an investigation into his company.
Elsewhere, a letter to Congress revealed that an animal testing laboratory of Neuralink has also been found by the Food and Drug Administration (FDA) to have “objectionable conditions or practices.” The agency has urged Neuralink to address the problems, though it has not found evidence of any violations undermining the device’s safety.
Things, however, may finally take a positive turn for Neuralink in the coming year as President-elect Donal Trump takes office. The billionaire entrepreneur who also heads Tesla securities_stock_price_tag symbol=”TSLA”] and SpaceX spent over a quarter billion dollars to help Trump win November’s presidential election, and in turn, the Republican president chose Musk to slash government spending at federal agencies.
2. Synchron
Working on BCI technology for more than a decade now, Synchron focuses on developing a solution that uses a minimally invasive procedure instead of open brain surgery to implant the device. The aim of Synchron’s BCI is to restore the control of a touchscreen for patients with limited mobility using only their thoughts.
Unlike the Neuralink chip, which is put directly into the cerebral cortex, Synchron implants its devices through the patient’s bloodstream, removing the need to penetrate the skull and access the brain, which is “a complex and often highly specialized procedure.”
The BCI is inserted through the jugular vein using a catheter, which releases a self-expanding device made from biocompatible Nitinol in the brain. The implanted BCI then detects certain brain waves and sends them to a separate receiver, which is implanted in the chest.
In paralytic patients, the device transmits the intended actions that they can’t perform physically to an outside device, allowing them to use these devices without their voice or hands. Synchron’s BCI is designed to stay in the body for years, and if it malfunctions, it can be repaired simply by updating its software from the outside.
In 2020, Synchron’s BCI was designated as a Breakthrough Device by the FDA. Since then, the company has had two trials for its device, one in Australia, which involved four patients, and another in the US, which involved six patients, with plans to launch a third trial as well as a commercially available system next year.
“We have an opportunity to deliver a first-in-class commercial BCI,” Dr. Tom Oxley, CEO and founder of Synchron, said a couple of years ago, which may finally become a reality. Meanwhile, this year, the company successfully merged its brain implant with the mixed reality headset Apple Vision Pro, with plans to connect with other headsets, and announced the first use of Amazon’s Alexa with its BCI.
In Oct., the company also reported no major side effects in a year-long human safety study in which users were able to convert simple, thought-derived expressions of intent into digital actions on computers.
This shows the success of Synchron’s BCI technology in clinical trials, which has the company now focusing on expanding its applications. For that, it has secured the backing of Bill Gates, Jeff Bezos, Khosla Ventures, Metis, Forepont Capital Partners, University of Melbourne, and Reliance Digital, among other investors.
The company’s most recent funding round, however, was two years ago when Synchron raised $75 million in a Series C round. In total, it has raised $145 million over four rounds.
Besides raising capital, Synchron has also been making its own investments. Earlier this year, it acquired Acquandas, a German-based company that fabricates thin film components for applications in medical devices. This acquisition will help the neurotechnology company with innovation and secure its supply chain.
3. Precision Neuroscience
Founded in 2021, Precision Neuroscience is a relatively new company in this sphere, which was co-founded by former Neuralink co-founder Ben Rapoport. The startup’s core product is a high-resolution cortical surface array called the Layer 7 Cortical Interface.
The Layer 7 Cortical Interface is a BCI that conforms to the brain’s cortex without damaging tissue. It is a thin film microelectrode array that aims to treat neurological conditions by recording and stimulating neural activity.
For this, each microelectrode array has 1024 electrodes ranging in diameter from 50 to 380 microns and connected to a customized hardware interface. The thin film technology allows Precision to capture the signals at a micron scale, hence providing what the startup says is “an unprecedented view into the brain’s activity.”
The wafer-thin microelectrode array is inserted through a narrow slit in the skull, which the company says is fast, minimally invasive, and engineered to be reversible.
Precision has already begun testing the device, with as many as 27 patients having used it so far. The device has only been implanted temporarily in people while they undergo neurosurgery. This year, the company actually made the world record after placing 4,096 electrodes in a single patient at Mount Sinai Health System.
In addition to successful testing, Precision has partnered with medical institutions and acquired a state-of-the-art manufacturing facility in Texas to fabricate its implants. It has even got the Breakthrough Device designation from the FDA. The company now aims to make its first commercial product available in the market in 2025.
To advance its AI-powered brain implant and expand Precision’s clinical presence, the company has raised fresh funding of $102 million this month, which brings its total capital raise to $155 million.
Investors in this round included General Equity Holdings, B Capital, Stanley Druckenmiller’s Duquesne Family Office, and Steadview Capital. With that, the New York-based group has achieved a valuation of about $500 million.
While much like the other two neurotechnology companies, this one’s initial focus is also on helping patients with motor paralysis. For Precision, this roadmap will extend to addressing neurological conditions ranging from obsessive-compulsive disorder (OCD) to depression. According to co-founder and CEO Michael Mager, who believes the ability to control a device like a computer with just thought can give severely disabled people a chance to rejoin the workforce:
“Our goal is to develop a product that is safe enough and scalable enough to treat a broad range of neurological conditions.”
4. Paradromics
The Texas-based Paradromics is developing a high data-rate BCI, the Connexus Direct Data Interface, which translates neural signals into speech in real time for severely motor-impaired people.
While those who benefit from Paradromics technology will be patients with paralysis, the same kind of device will also be able to read out things like whether someone is depressed or experiencing chronic pain.
As Paradromics’ CEO and founder Matt Angle has stated, the mission of the company is to solve untreatable brain health conditions through its medical device that serves unmet needs. These kinds of devices, according to him, can be reasonably expected to cost around $100,000 per device.
As for the workings of the device, Paradromics’ chief scientific officer Vikash Gilja explained the system involving implanting an electrode array on the brain. The collected data is then sent through the cable, which is connected to a chest-based fully implanted internal transceiver. The power, meanwhile, is wirelessly transmitted to the device and does not require any charging.
The user only has to go through a brief calibration routine to learn the mapping, and then the system can be used, which can be sustained for days and weeks.
“Building a device that senses neural signals with single neuron resolution and works reliably in the body for years was challenging. We want to deliver the best possible device on the safest possible timeline.”
– Paradromics CEO Angle
This year, the company got accepted into the FDA’s newest program for innovative devices to “help spur more rapid development” and widespread patient access. Paradromics has received two Breakthrough Device designations from the agency — one for helping patients communicate again and the other for controlling computer devices.
The company is now preparing for its first human clinical trial in 2025 and has started signing up patients for the same. Paradromics is also expecting to get the commercial approval to sell the product no earlier than 2029.
For these efforts, the neurotechnology startup has raised $121 million over 14 rounds, with the latest funding round being held in Nov. 2023, as per CB Insights.
5. Neurable
The Boston-based Neurable was founded in 2015 to enable people to use the power of their brains to get more out of their everyday devices. The company specializes in AI-powered tools for brain signal translation and BCI.
Neruable is driven by a mission to seamlessly integrate BCI into daily life to empower users and envisions a future where brain data facilitates productivity, safety, wellness, and clinical diagnostics.
According to Crunchbase, Neurable has raised over $30 million in total funding over 13 rounds to advance its efforts. Their latest funding was raised in May this year from Ultratech Capital Partners, Pace Ventures, TRAC, and Metaplanet, which puts its post-money valuation in the range of $50 million to $100 million.
The fresh capital will be used to expand the company’s technology and make its non-invasive BCI accessible to a wide range of consumer products and a wider consumer audience.
A few months ago, Neurable launched its smart headphones called MW75 Neuro, which are integrated with its BCI tech. The headphones feature Bluetooth connectivity, custom 40mm Beryllium, adaptive ambient and noise cancellation modes (ANC), and a durable hardshell travel case. There is a limited inventory of MW75 Neuro, which is priced at $699 and only available in the US & Canada.
The BCI-enabled everyday device is a first-of-its-type product that incorporates advanced electroencephalography (EEG) sensors, which are powered by AI, into the ear pads of the headphones to assess brain signals. The resulting data offers valuable insights, which can be easily accessed on the Neurable app. The EEG sensors also allow users to track their focus and prevent burnout by taking breaks at optimal times.
In addition to enhancing productivity, Neurable’s headphones, which can be controlled just by thinking, are also capable of flagging cognitive irregularities, allowing the diagnosis of neurodegenerative diseases like Alzheimer’s or Parkinson’s. The MW75 Neuro is currently being used at a longevity clinic in Dubai to measure brain health.
According to Dr. Ramses Alcaide, CEO and Co-Founder of Neurable, who shared the company’s plans to license its tech to other companies:
“These headphones mark the beginning of BCI-enabled technology for all, with the development of future use cases already underway.“
Neurable has also collaborated with the 711 Human-Performance Wing of Air Force Research Lab to validate its technology, which has helped the company secure $5 million in contracts from the DOD.
Conclusion
As we shared, the field of BCI technology is advancing at a rapid pace, with the primary focus of companies on treating cases where voluntary muscle movements are restricted. With millions of people in the US alone living with different forms of paralysis, a BCI that enables the restoration of the ability to control interactions with others and the environment can drastically change the lives of people.
While BCI devices still need successful clinical validations, regulatory approvals, and the ability to address ethical and societal considerations associated with interfacing directly with the human brain for broader adoption, they are finally making their way into the market, and with that, they are ready to enhance the human potential tremendously!
Click here for a list of technologies with scary potential.
