Brain-computer interface (BCI) company Precision Neuroscience has managed to raise millions of dollars in an attempt to develop an implant that may allow people to interact with digital devices directly with their mind.
According to media reports, the company announced a $41 million series B funding round this week, with a series A funding round netting them $12 million in 2021.
The proposed device is expected to help people suffering from severe neurological degenerative diseases to regain the ability to communicate with others.
"We imagine a world where devastating neurological conditions – stroke, traumatic brain injury, dementia – are finally treatable," Precision Neuroscience's CEO Michael Mager said as quoted by media. "To reach this world, brain–computer interface technology needs to progress out of the lab and into the clinic. Precision is excited to take on that challenge."
The device Precision Neuroscience is working on is a tiny electrode array dubbed Layer 7 Cortical Interface that resembles a thin piece of film.
While similar implants developed by other companies are expected to be inserted into the brain tissues directly, Precision Neuroscience wants their creation to be minimally invasive, requiring only making a slit less than a millimeter thick into the skull so that the implant could be put inside the cranium but not into the brain matter.
This approach does not entail a craniotomy, and the procedure is supposed to be reversible, potentially allowing a patient to have the device removed or replaced with an upgraded version.
"As you start thinking about rolling this out to larger patient populations, the risk-reward of any procedure is a fundamental consideration for anyone considering medical technology," Mager said as quoted by one US media outlet. "If your system is either irreversible, or potentially damaging upon explantation, it just means the commitment that you’re making to getting the implant is that much greater."
Jacob Robinson, founder of another BCI company called Motif Neurotech, did point out, however, that the fact that Layer 7 is not implanted directly into the brain tissue would likely mean that the resolution of the brain signals provided by the device won’t be as strong as that offered by other brain implants.