Paradromics Inc., a leading developer of high data-rate brain-computer interfaces (BCI), has successfully raised $33 million in a Series A funding round led by Prime Movers Lab. The funding round also saw participation from notable investors such as Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity. The newly secured funds will enable Paradromics to initiate its first-in-human clinical trial for the Connexus® Direct Data Interface (DDI).
In a significant development, Paradromics announced that the U.S. Food and Drug Administration (FDA) has granted the Connexus DDI the coveted “Breakthrough Device Designation.” This designation signifies the FDA’s recognition of the transformative potential of the device in treating irreversibly debilitating conditions and provides an expedited review process for such groundbreaking medical devices.
The Connexus DDI holds immense promise for individuals affected by conditions like ALS, spinal cord injury, and stroke, which can result in severe motor impairment and hinder communication abilities. While these patients may possess highly active brains, their ability to speak or utilize conventional computer systems may be severely compromised, often relying on slow and frustrating gaze-tracking systems. Paradromics’ innovative assistive communication device translates brain signals into real-time speech and movement, thereby restoring social connections and enabling independent engagement with technology.
Dr. David Brandman, a functional neurosurgeon and BCI researcher, underscores the significance of Paradromics’ neuroprosthesis in restoring communication and functional independence for individuals living with paralysis. By developing a medical device capable of directly recording brain activity, Paradromics has the potential to revolutionize the lives of thousands of people.
Beyond its application in assistive communication, BCI holds the potential to address a wide range of unmet medical needs, including motor and sensory deficits, chronic pain, and mood disorders. The U.S. market for treatment-resistant mental illness alone is estimated to be worth $240 billion. The successful Series A funding round further reinforces the confidence in Paradromics’ position as a key player in the rapidly expanding BCI markets.
Dakin Sloss, Founder and General Partner at Prime Movers Lab, highlights the transformative impact of brain computer interfaces in neurological treatments, citing it as an exciting investment opportunity. Sloss expresses belief in Paradromics’ potential to emerge as a successful contender in the field, particularly with their imminent move into human trials.
Matt Angle, CEO of Paradromics, views the FDA’s Breakthrough Designation and the recent funding as significant milestones in the company’s journey to market. Angle emphasizes the transformative promise of their device and expresses enthusiasm for continued collaboration with the FDA to accelerate its availability. The investment received also validates Paradromics’ leading position among a select group of BCI platform companies on the cusp of commercialization.
Reema Khan, Founder and CEO of Green Sands Equity, echoes the sentiments of pride and excitement, recognizing Paradromics’ transformative advancements in the field. While Paradromics may have operated quietly compared to Neuralink, they have developed a breakthrough device and technology that surpasses others in the field. Khan emphasizes the broad potential applications of Paradromics’ technology, extending beyond neurological disorders.
Paradromics, headquartered in Austin, Texas, aims to bring its high data-rate brain-computer interface, the Connexus® Direct Data Interface, to market. Initially, the focus lies on developing a BCI-enabled assistive communication device for individuals with severe motor impairment. However, the technology holds the potential to revolutionize the treatment of various neurological and brain-related conditions, fostering happier, healthier, and more enriching lives for millions of people.