Elon Musk’s company Neuralink announced on Monday that it has raised $650 million in its latest funding round. This comes as the company starts clinical trials for its brain implant device.
Neuralink said the new funds will help expand access to its technology. The goal is to restore independence for people with serious medical needs and advance brain-computer interface technology.
The company has begun clinical trials in three countries. So far, five patients with severe paralysis are using Neuralink’s device to control digital and physical devices through their thoughts.
Last month, Neuralink’s speech restoration device received the U.S. Food and Drug Administration’s (FDA) “breakthrough” designation. The company’s vision-restoring device earned the same status last year. This FDA program speeds up the development and review of important medical devices to get them to patients faster.
Elon Musk recently stepped down as a special adviser to former U.S. President Donald Trump to focus more on his companies, including Neuralink, Tesla, SpaceX, and others.
In related news, Morgan Stanley is reportedly arranging a $5 billion debt package for Musk’s AI company xAI. The company aims for a $113 billion valuation in a $300 million share sale.
Neuralink’s funding round included major investors such as ARK Invest, Founders Fund, Sequoia Capital, and others. Last month, the startup was valued at $9 billion after raising $600 million.
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