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Neuralink plans to use the money raised to market its device named N1 link. This device is designed to provide digital freedom to people with quadriplegia.
Neuralink, which is one of the more discreet ventures by billionaire Elon Musk, has raised $205 Mn in its series C round of funding. In a tweet on 30th July, Neuralink announced that the latest round was led by Vy Capital, a global technology investment firm with participation from several leading investment firms.
In addition to Vy Capital, the recent funding round saw contributions from Venture Capitals like DFJ Growth, Valor Equity Partners, Craft Ventures, Founders Fund, and Giga Fund. Another significant participant in the Series C round was Google Ventures, founded by Bill Mars. The company provides seed, venture, and growth-stage funding to bold technology-driven companies.
Along with the corporate giants, several executives and entrepreneurs representing areas of strategic importance joined the recent round of funding. Robert Nelson (Co-founder of ARCH Venture Partners), Blake Byer (Byers Capital), Sam Altman (Chairman of YC Group and CEO of OpenAI), Fred Ehrsam (Co-founder of Paradigm and Coinbase), and Ken Howery (Co-Founder of PayPal and Founders Fund) are few of the notable names in the round that raised $205 Mn for Neuralink.
According to Neuralink’s message on Twitter, the company has been working on a brain-machine interface that will be used to assist patients with neurological problems. The company claims to have created a 1024 channel device called N1 link. The pioneering technology will be able to transfer information through a wireless system. This device is said to be unnoticeable and is built to furnish tetraplegics with digital freedom like never before. The device will assist them in organically interacting with their electronic devices using high bandwidth.
The Neuralink company also explains that the money raised in this funding round will be used to market and spread information about the new technology, as well as fund innovation for future products.
As a rather discreet venture by Musk, the company has not made any noteworthy announcements since the launch of the first-ever brain-hacking device in 2020. During the inauguration of the V.09 surgical bot, Musk had dubbed it as a “Fitbit in your skull with tiny wires”. The technology was implanted in a human’s brain to treat several neurological disorders like depression, insomnia, and brain damage.
Neuralink, with its remarkable breakthrough in 2020, has been aggressively hiring people to add to its innovation team. The firm has recently announced quite a few work opportunities in Texas. Musk plans to shift all his ventures related to Neuralink in the state, along with Tesla’s North American Production.