Bloomberg News has reported that Elon Musk’s neural implant firm, Neuralink, intends to secure approximately $500 million in funding at a pre-money valuation of around $8.5 billion, according to sources familiar with the situation.
According to the report, the firm has initiated initial talks with possible investors regarding the financing round.
The terms for the funding round have not been completed yet.
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Neuralink did not immediately respond to a Reuters request for comment.
The startup was estimated to be valued at $5 billion in 2023, based on privately executed stock trades described to Reuters. The company had previously raised $280 million in a funding round led by Peter Thiel’s Founders Fund.
The company is in the process of
testing its device
, which is intended to help people with
spinal cord injuries
.
The gadget has enabled the
initial patient to engage with video games
, surf the web, share posts on social media, and control the cursor on his laptop using just his mind.
Reuters reported in 2023 that the Food and Drug Administration had originally turned down Neuralink’s application for initiating clinical trials due to concerns about safety issues. However, the administration later granted approval, allowing these trials to proceed and they are currently underway.
Musk has shared ambitious goals for the company, stating that its implantable chip could enable both able-bodied and disabled individuals to easily undergo quick surgeries at local centers. These procedures would aim to address conditions like obesity, autism, depression, and schizophrenia. Additionally, he envisions these chips being utilized for online browsing as well as facilitating telepathic communication.
In February, Reuters revealed that the FDA was seeking information from certain recently terminated scientists, including some
employees
If they return to their roles, reviewing Neuralink’s device.
A competitor to Neuralink, Synchron Inc., is likewise in the process of testing a device that assists individuals with motor impairments in typing on computers.
