Elon Musk's brain-computer interface startup Neuralink secured $650 million in series E funding to expand patient access to its technology and build new devices, the company announced in a blog post.
Investors ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners and Vy Capital backed the series E round, among others.
The company's brain-computer interface technology is designed to give paralyzed patients the ability to control digital devices using only their minds. The company's N1 implant includes 1,024 electrodes distributed among 64 threads, according to the company's website.
Previously described by Musk as a potential “Fitbit in your skull,” the device includes a chip that replaces a small piece of bone and is connected to the brain via a series of thin, threaded electrodes. After rejecting a previous request, the FDA gave Neuralink the green light to begin human clinical trials two years ago.
The company said the massive series E funding round will support its efforts to expand patient access and develop future devices that "deepen the connection between biological and artificial intelligence."
Neuralink is also hiring engineers and operators across disciplines, the company said.
Neuralink banked a $280 million series D funding round in August 2023. The company has raised north of $1.2 billion to date.
Semafor reported last week that the latest deal values Neuralink at $9 billion pre-money.
The company has hit significant milestones in the past year. Neuralink says its conducted more human clinical trials, implanting its brain chips in five patients with severe paralysis. Those patients are now using Neuralink to control digital and physical devices with their thoughts, "marking a profound step toward helping restore independence," the company said in the blog post.
The company has also launched clinical trials at Barrow Neurological Institute, The Miami Project to Cure Paralysis at the University of Miami, University Health Network (Toronto Western Hospital), and the Cleveland Clinic Abu Dhabi.
Neuralink is also making strides to expand its technology to use cases beyond digital device control. In November, the company got a green light for a new clinical study, called CONVOY, to test the feasibility of connecting its brain-computer interface chip with a robotic arm.
In May, the company also secured US Food and Drug Administration (FDA) Breakthrough Device Designation to treat individuals with severe speech impairment, according to Neuralink's post on X.
And the company said it has invested heavily in expanding the number of neurons and brain regions that its device interfaces with to "unlock new dimensions of human potential."