Neuralink, a brain chip company backed by Elon Musk, has raised $280m in funding led by Founders Fund.
In a post on X (formerly Twitter), the company said: “We are happy to announce our $280m Series D round led by @foundersfund [Founders Fund]. We are extremely excited about this next chapter at Neuralink.”
Neuralink did not disclose the valuation at which funding was raised.
The company was valued at $5bn following privately executed stock trades, reported Reuters in June this year, citing sources.
Founded in 2016, Neuralink is engaged in developing a brain chip, called Link, to allow people to control an external device via their thoughts.
By enabling patients with degenerative diseases such as ALS to communicate via cursor motions and mind-controlled typing, this technology has the potential to help them regain their ability to speak.
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Neuralink’s Series D round comes just a few months after the company secured approval from the US Food and Drug Administration (FDA) for first-in-human clinical trials.
The FDA permitted Neuralink to use its brain implant and surgical robot for patient studies.
Most recently, the company announced that more than 20 of its brain implants had passed its five-year accelerated ageing standard.
The key developments come as the US government probes Neuralink.
The Department of Transportation is investigating Neuralink over alleged laxity in the transportation of hazardous pathogens on chips extracted from monkey brains without proper containment measures.