Elon Musk, the tech billionaire's brain implant company Neuralink, is planning to raise about $500 million at a pre-money valuation of $8.5 billion, Bloomberg News reported on Wednesday.
The company kicked off its preliminary discussions with potential investors; however, the terms of the funding round are not yet clear, the report suggests.
In 2023, the startup firm was estimated to be valued at $5 billion, that too based on privately executed stock trades, as per Reuters. Prior to this, the company had raised $280 million in a funding round led by Peter Thiel's Founders Fund.
Neuralink is a brain implant firm that is testing its implants intended to help people with spinal cord injuries. The device aims to allow patients to play video games, browse the internet, post on social media, and move a cursor on their laptops directly with their brains.
Earlier, the U.S. Food and Drug Administration had rejected Neuralink's request to begin the clinical trials, citing safety concerns. However, now the agency has given its approval to conduct the clinical trials, which are currently in process.
The Tesla owner has time and again expressed his ambitions for the company. He believes that the chip would allow healthy and disabled people to pop into their neighbourhood facilities for a quick surgical insertion of devices.
Mainly to treat conditions like obesity, autism, depression, and schizophrenia. Not only that, but he even sees them being used for web surfing and telepathy.
As soon as the news surfaced on social media, netizens shared their reactions. One said, "Neuralink will help solve some of humanity's biggest challenges!"
"They should just launch a token, they would raise that 500m in minutes," another said.
¡°Neuralink's $8.5B valuation and $500M funding round signal a bold leap in tech innovation.¡±
¡°Elon Musk does it again. Everything he touches turns to billions and all for the greater good. Thank you ??¡±
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