Neuralink competitor Paradromics secures investment from Saudi Arabia’s Neom

Texas-based neurotech startup Paradromics on Wednesday announced a strategic partnership with Saudi Arabia’s Neom and said it will establish a Brain-Computer Interface Center of Excellence in the region.

Neom is a developing area within northwest Saudi Arabia that’s touted as “a hub for innovation,” according to its website. The area’s strategic investment arm, the Neom Investment Fund, led the partnership. Paradromics declined to disclose the investment amount.

Paradromics is building a brain-computer interface, or a BCI, which is a system that deciphers brain signals and translates them into commands for external technologies. The company will work with Neom to “advance the development of BCI-based therapies” and set up the “premier center for BCI-based healthcare” in the Middle East and North Africa, it said in a release.

“Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies.” Paradromics CEO Matt Angle said in a statement.

Paradromics is one of several companies racing to commercialize BCIs, including Elon Musk’s startup Neuralink. Earlier this month, Neuralink announced it has implanted three human patients with its technology, according to a blog post. Precision Neuroscience and Jeff Bezos and Bill Gates-backed Synchron have also implanted their systems in humans.

None of these companies have secured the FDA’s final stamp of approval.

Paradromics’ BCI, the Connexus Brain-Computer Interface , formerly known as the Connexus Direct Data Interface, is an array of tiny electrodes designed to be implanted directly into the brain tissue. The system could eventually help patients with severe paralysis regain their ability to communicate by deciphering their neural signals. 

The company is gearing up to launch its first human trial this year, and announced its official patient registry in July. Paradromics’ technology has not yet been approved by the U.S. Food and Drug Administration, and it still has a long way to go before commercialization. In 2023, the company received the FDA’s Breakthrough Device designation, which aims to help accelerate the go-to-market process.

Watch: Inside Paradromics, the Neuralink competitor hoping to commercialize brain implants before the end of the decade