Funding Overview
Neuranics, a Scottish semiconductor company specializing in deep-tech, has successfully raised $8 million in seed funding to advance its magnetic sensing technology. The funding round was led by Blackfinch Ventures and included contributions from:
- Archangels
- Old College Capital
- The University of Glasgow
- Par Equity
- The University of Edinburgh’s venture investment fund
Technology Capabilities
Neuranics is pioneering ultra-sensitive, low-power magnetic sensing technology that can detect minute signals from the human body. This technology is designed for:
- Tracking muscle activity for gesture recognition
- Monitoring heart signals without direct skin contact
The company’s Tunneling Magnetoresistance (TMR) quantum sensing technology integrates custom semiconductor designs with AI-enabled hardware and software.
Company Background
Founded in 2021, Neuranics is a spin-out from the Universities of Glasgow and Edinburgh. The newly acquired funds will be utilized to:
- Accelerate international growth and commercial adoption of its technology
- Expand its team
- Facilitate the integration of TMR technology into high-tech markets, including digital health, extended reality (XR), and wearables
Collaborations and Market Readiness
Neuranics is actively collaborating with leading semiconductor and XR manufacturers to showcase its technology’s value and readiness for production across various sectors, including:
- Industrial applications
- Consumer electronics
- Healthcare
Kimberley Hay, senior ventures manager at Blackfinch Ventures, commented on the team’s ability to detect fine movements with low power consumption, highlighting the vast potential applications across different industries.
Recent Funding History
This latest funding follows a $700,000 seed funding round led by Inflection Point Ventures less than six months ago. Additionally, Neuranics received an £800,000 ($1.03 million) grant from Scottish Enterprise to support a £2.4 million ($3.11 million) project utilizing magnetomyography (MMG) technology and machine learning for muscle movement interpretation through wristbands.
Future Prospects
The wristband project aims to enhance gesture recognition and muscle activity monitoring for natural interactions in immersive environments. In 2023, Neuranics also secured a $2.3 million investment led by Par Equity and launched a magnetic sensor development kit for continuous heart activity monitoring, which can transmit data to smartphones and other devices via Bluetooth.
For more information, visit MobiHealthNews or Neuranics’ official website.