New York-based brain-computer interface company Precision Neuroscience Corporation closed $41 million in Series B funding, bringing the company’s total raise to $53 million.
Forepont Capital Partners led the round with participation from Alumni Ventures, Draper Associates, Mubadala Capital and re.Mind Capital. Existing investors Steadview Capital and B Capital Group also contributed.
Precision will use the funds to expand its team and further product development. The company plans to seek FDA regulatory review in the coming months.
“We imagine a world where devastating neurological conditions — stroke, traumatic brain injury, dementia — are finally treatable,” Michael Mager, CEO of Precision Neuroscience, said in a statement. “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.”
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Atomic AI, a biotech company focusing on tech-enabled drug discovery, launched with a $35 million Series A round led by Playground Global, bringing the company’s total raise to $42 million.
Factory HQ, 8VC, Greylock, AME Cloud Ventures, NotBoring and angel investors — including GitHub’s former CEO Nat Friedman, Curai’s CEO Neal Khosla Doug Mohr and UC Berkeley professor and Arc Institute cofounder Patrick Hsu — also participated in the round.
The company aims to create RNA-targeted molecules and RNA-based medicines and tools using machine learning models based on RNA structural datasets and large-scale in-house experimental wet-lab biology.
“To create effective and safer small molecules against undruggable diseases, there is a significant need to develop tools that can accurately predict 3D RNA structures,” Raphael Townshend, founder and CEO of Atomic AI, said in a statement. “Atomic AI is oriented at the cutting edge of AI, RNA, and structural biology. We are creating an entirely new field of drug discovery.”
San Francisco-based Mighty Health, a lifestyle company offering exercise, nutrition and daily health programs for people ages 50 and older, scored $7.6 million in financing co-led by Will Ventures and GFT Ventures.
AARP also participated in the round alongside Immad Akhund, CEO of Mercury, a banking company for startups; Baselayer Ventures, a strategic arm of VF Corporation; Hyper, an accelerator program; and Z Venture Capital, the strategic venture arm of messaging app LINE. Existing investors also contributed to the round.
The funding will be used to launch multiple chronic disease programs and expand strategic partnerships.
“We love that the Mighty Health platform addresses multiple needs of a polychronic population at once with foundational lifestyle change, eliminating the need for older adults to use multiple apps and coaches,” Isaiah Kacyvenski, cofounder and managing partner at Will Ventures, said in a statement.
Lithuania-based Oxipit, which offers AI-enabled medical imaging tools, garnered $4.9 million in funding led by Taiwania Capital, Coinvest Capital and Practica Capital, with participation from angel investors.
The company’s ChestLink application produces reports for patient X-ray studies showing no abnormalities. Oxipit also offers a virtual radiologist assistant dubbed Oxipit Quality, which compares radiology reports and diagnostic images to determine if anything was missed in the report.
The company will use the funds to develop its AI-based applications further and expand market access in new geographic regions, focusing on the UK market.
MedCrypt, a cybersecurity provider for medical device manufacturers, extended their Series B funding round following its receipt of additional funds from Dexcom Ventures, bringing the company’s total raise to $36.4 million.
The extension comes after the company received $25 million in Series B funding in November, which brought the company’s total raise at that time to $34.4 million.
The additional funds from the extension will be used to grow MedCrypt’s engineering team.
Source: Mobi Health News
