Paradromics Secures $33 Million In Funding And Earns Fda Breakthrough Designation For Medical Device
Paradromics, a leading developer of high data-rate brain-computer interfaces (BCI), has successfully raised $33 million in a Series A funding round. The funding round was led by Prime Movers Lab and included participation from Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity. The funds secured will enable Paradromics to advance its Connexus® Direct Data Interface (DDI) and conduct its first-in-human clinical trial.
In addition to the funding, Paradromics announced that the U.S. Food and Drug Administration (FDA) has granted their Connexus DDI the prestigious "Breakthrough Device Designation." This designation provides an accelerated review process for innovative medical devices that have the potential to address debilitating conditions that are otherwise irreversible.
The Connexus DDI developed by Paradromics aims to assist individuals affected by conditions such as ALS, spinal cord injury, and stroke, which can lead to severe motor impairment and communication challenges. By translating brain signals into real-time speech and movement, the device serves as an assistive communication tool, fostering social connection and enabling independent interaction with technology.
Dr. David Brandman, a functional neurosurgeon and BCI researcher, expressed enthusiasm about the Paradromics neuroprosthesis, highlighting its potential to restore communication and functional independence for individuals living with paralysis.
Beyond assistive communication, BCI holds promise in addressing various unmet medical needs, including motor and sensory deficits, chronic pain, and mood disorders. With treatment-resistant mental illness representing a significant market, estimated at $240 billion in the United States, the recent funding round demonstrates confidence in Paradromics' position as a key player in the expanding BCI markets.
Dakin Sloss, Founder and General Partner at Prime Movers Lab, shared his belief that brain computer interfaces will become a standard treatment for neurological problems. Sloss expressed confidence in Paradromics' potential, considering them among the leading contenders in the field.
Matt Angle, CEO of Paradromics, sees the FDA's Breakthrough Designation and the recent funding as significant milestones, bringing the company closer to market availability. Angle recognizes the transformative potential of their device and looks forward to continued collaboration with the FDA to expedite its deployment. Reema Khan, Founder and CEO of Green Sands Equity, expressed pride in being part of Paradromics' journey and highlighted the company's breakthrough technology with wide-ranging applications beyond neurological disorders.