Musk's Neuralink raises $600M funding at $9B valuation
What's the story
Elon Musk's brain implant firm, Neuralink, has raised $600 million in a funding round that values the company at $9 billion, Semafor has reported.
This new funding comes as Neuralink continues to test its innovative implant technology aimed at helping those with spinal cord injuries.
To note, the company was valued at $3.5 billion in late 2023.
Growth trajectory
A look at the company's journey
Since 2023, Neuralink has implanted three chips into the brains of patients who were paralyzed or simply unable to speak.
The most recent case was a non-verbal Arizona man with ALS, who demonstrated his ability to communicate using the chip in a video posted on Musk's X account last month.
Regulatory approval
Neuralink's FDA breakthrough and ambitious goals
Earlier this month, Neuralink got a "breakthrough" designation from the US Food and Drug Administration (FDA) for its speech-restoration device.
The implant has already allowed the first patient to play video games, surf the web, post on social media, and control his laptop cursor directly with his brain.
Musk envisions that these chips could be used for everything from treating obesity to enabling telepathy.
Financial background
Funding history and market position
Before this latest round, Neuralink had raised around $280 million in a funding round led by Peter Thiel's Founders Fund.
In April, Bloomberg reported that the company was looking to raise around $500 million.
Despite its smaller size compared to Musk's other ventures like SpaceX and xAI, Neuralink has made significant strides in its technology and market presence.