Paradromics: Brain-Computer Interface Company Secures $33 Million In Series A
Summary
Paradromics a leading developer of high data-rate brain-computer interfaces (BCI) announced recently a $33 million Series A funding round led by Prime Movers Lab. The new funding round will help Paradromics launch its first-in-human clinical trial for the Connexus Direct Data Interface (DDI).Along with the new funding round, Paradromics announced that the U.S. Food and Drug Administration has granted the Connexus DDI Breakthrough Device Designation, which offers an expedited review process for transformative medical devices with the potential to treat irreversibly debilitating conditions.Conditions like ALS, spinal cord injury, and stroke may cause severe motor impairment, affecting patients ability to communicate. This latest funding round indicates confidence that Paradromics is well-positioned in these massive BCI markets.By building a medical device to record directly from the brain, the Paradromics neuroprosthesis could restore communication and functional independence to thousands of people living with paralysis.Prime Movers Lab backs transformational scientific companies that are ready to transform billions of lives. Were seeing only a couple of companies emerge as real contenders in the space, and I believe Paradromics will be the one that moves into successful human trials.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.We take great pride in being a part of Paradromics transformative journey.
Funding
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