Neuralink Secures $650 Million in Series E Funding for Device Development and Patient Access Expansion

Neuralink has announced that it has successfully closed a Series E funding round, raising a total of $650 million to support its ongoing work. According to a blog post released by the company, the funds will be used to expand patient access to its brain-computer interface (BCI) technology and to further the development of new devices designed to advance its capabilities.

A number of investors participated in the funding round, including ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners, and Vy Capital, along with several others. With the conclusion of this latest funding round, Neuralink’s total capital raised to date now exceeds $1.2 billion, according to the company.

The core technology developed by Neuralink is a brain-computer interface intended to assist individuals with paralysis by enabling them to control digital devices using only their thoughts. The primary device, known as the N1 implant, features a total of 1,024 electrodes that are distributed across 64 ultra-thin threads. This chip is designed to replace a small portion of bone in the human skull and is connected to the brain through these delicate electrode threads. The device has previously been described by Elon Musk as being comparable to a “Fitbit in your skull.”

Approximately two years ago, the company received approval from the U.S. Food and Drug Administration (FDA) to begin conducting human clinical trials after an earlier request was denied. Since receiving that approval, Neuralink has reported that it has implanted its device in five individuals who are living with severe paralysis. According to the company, these patients are now able to control both digital and physical devices using only their neural activity, with the support of Neuralink’s technology.

Neuralink has indicated that it has launched clinical trial efforts at several medical institutions. These include the Barrow Neurological Institute, The Miami Project to Cure Paralysis at the University of Miami, the University Health Network (Toronto Western Hospital), and the Cleveland Clinic Abu Dhabi. Each of these sites is contributing to the company’s ongoing research and clinical evaluation of its brain-computer interface.

In addition to its original applications, the company is also working to explore additional use cases for its technology. In November, Neuralink received approval to begin a new clinical study referred to as CONVOY. This study is aimed at testing the feasibility of linking the brain-computer interface chip with a robotic arm, further expanding the potential utility of the device.

Furthermore, Neuralink announced in May that it had received FDA Breakthrough Device Designation to pursue applications of its technology for individuals experiencing severe speech impairment. This designation supports the company’s aim to broaden the clinical reach of its brain-computer interface.

Neuralink has stated that it is making significant investments to increase the number of neurons and brain regions that its implant is able to interface with. This ongoing effort is intended to support the development of future devices that the company says could deepen the connection between biological intelligence and artificial intelligence.

To advance these initiatives, Neuralink is currently recruiting engineers and operators from a range of disciplines. These roles are expected to contribute to both research and development activities.

The company previously raised $280 million in a Series D funding round that took place in August 2023.