Precision Neuroscience, a precision medicine company providing virtual treatments for people suffering from neurological illnesses and other brain disorders, raised $41 million in Series B funding.
Forepont Capital Partners led the investment round with participation from Mubadala Capital, Draper Associates, Alumni Ventures, re.Mind Capital, and returning investors Steadview Capital and B Capital Group.
According to the company’s press release, the latest investment brings its total funding to $53 million in under two years.
With the new money, Precision Neuroscience plans to hire top talent, scale up its products, and prepare for an FDA review, which is expected in the coming months.
Commenting on the funding news announcement, Michael Mager, CEO of Precision Neuroscience, said: “We imagine a world where devastating neurological conditions – stroke, traumatic brain injury, dementia – are finally treatable.” “To reach this world, brain–computer interface technology needs to progress out of the lab and into the clinic. Precision is excited to take on that challenge.”
According to the American Neurological Association, nearly 100 million people in the U.S. alone suffer from neurological conditions ranging from migraines to Parkinson’s disease.
“Precision Neuroscience aims to provide breakthrough treatments for the one billion people worldwide suffering from neurological illnesses. We are building the only brain–computer interface that is designed to be minimally invasive, safely removable, and capable of processing large amounts of data,” the company said in a press statement.
Investors
“Forepont is proud to lead Precision Neuroscience’s Series B round to support the advancement of Precision’s cutting-edge technology,” Eric Attias, founder and managing partner of Forepont Capital Partners, said. “Precision is pioneering a BCI product that we believe will achieve patient outcomes that were previously thought to be impossible.”
Precision medicine funding
According to our database, precision medicine companies have raised more than $2 billion in funding to date. More recently, Perceiv AI, an artificial intelligence-driven precision medicine company developing a multimodal prognostic platform to forecast disease progression in age-related disorders, received $1.5 million in early-stage funding from CABHI (Centre for Aging + Brain Health Innovation), Plug and Play Ventures, Boreal Ventures, IKJ Capital, Red Abbey Labs, and Investissement Québec. In another deal, Variantyx, a precision medicine company providing molecular diagnostic solutions, received $20 million in debt funding from Kreos Capital.
