Musk's Neuralink's rival Precision secures $93 million in funding, with an estimated valuation of around $500 million.

According to sources familiar with the matter, Precision Neuroscience Corp., a competitor of Elon Musk's brain-machine interface company Neuralink, has raised $93 million in a round of financing of $100 million. This deal values the startup at approximately $500 million. The new round of financing has given Precision a boost as the company is seeking to compete with other companies in the field such as Neuralink (which has raised over $685 million) and Science (which has raised $150 million). A spokesperson for Precision declined to comment. A document from the U.S. Securities and Exchange Commission shows that the company has applied for financing of up to $150 million. It is understood that Precision was founded in 2021 by neurosurgeon Ben Rapoport and Michael Mager, co-founder and CEO of Neuralink. Last year, the company raised $41 million. In recent months, startups focusing on brain implants and related technologies (or brain-machine interfaces) have gained significant momentum. As part of an experiment earlier this year, Neuralink successfully implanted its device into the first human patient. A research group at the University of California, Davis implanted a device into a patient with Amyotrophic Lateral Sclerosis (ALS), allowing him to speak through a machine by decoding brain signals at an unprecedented level of accuracy. Precision's main product is called "The Layer 7 Cortical Interface," inspired by the six-layer structure of the brain cortex, representing a compromise between invasive and non-invasive brain-machine interface technologies. The device requires a surgical incision of the skull but does not penetrate deep into brain tissue, instead being placed on the surface of the brain. Precision claims that this approach avoids damage to brain tissue. This is in contrast to devices from companies like Blackrock Neurotech, Inbrain Neuroelectronics SL, Neuralink, and Paradromics, which require placement within brain tissue. Synchron's device enters the brain via blood vessels like a stent, eventually being placed near the brain's motor cortex. Another company called Science is developing a device that can be placed both on and within brain tissue. Precision's device has not yet received regulatory approval but is undergoing testing. The startup has implanted its device in several patients temporarily during surgical procedures, mainly for other therapeutic purposes such as tumor removal. During the surgery, with patient consent, the Precision team places their "Layer 7 Cortical Interface" device in position and uses it to detect neural signals. The company has applied to the Food and Drug Administration for approval of a version of its device for temporary monitoring in hospital settings and hopes to launch next year. This device will provide revenue for the startup. Meanwhile, Precision is also developing another device: a permanent implant for treating paralysis. If this device is successful, it could be approved and commercialized within a few years.