Latest capital raise will accelerate delivery of silicon roadmap to drive next-generation implantable devices for neurological applications

LONDON, Nov. 12, 2024 /PRNewswire/ -- MintNeuro, a pioneer of scalable, low-power semiconductor technology for minimally-invasive neural implant applications, today announces that it has raised £1 million in a funding round led by Empirical Ventures. Additional investment came from Parkwalk Advisors (through the Imperial College Enterprise Fund), Imperial College London, Plug & Play, Excellis Holding, and several prominent angel investors.

Neurological disorders impact over a billion people globally and pose a significant social and economic burden. Current treatments, especially pharmaceuticals, are often ineffective or fail to provide long-term solutions. With drug development becoming increasingly costly and less productive, many patients are left without effective care options. Neural implants offer a promising alternative, yet traditional technologies remain bulky, power-intensive, and reliant on invasive surgeries that limit accessibility and increase patient risk.

Developed at Imperial College London, MintNeuro uses semiconductor technology to make neural implants smaller, more efficient, and scalable. With over £14 million in underpinning R&D grant funding to date, the MintNeuro team leverages semiconductor manufacturing to allow cost-effective, mass-producible neural devices. Unlike conventional implants, its compact, low-power chips enable modular designs adaptable to various neurological conditions, offering sensing, stimulation, and processing capabilities to enhance both functionality and accessibility.

"Our semiconductor-based approach is fundamentally reshaping what neural implants can achieve," said Timothy Constandinou, CTO and co-founder of MintNeuro. "By offering a customisable, compact solution that integrates seamlessly into medical devices, we're empowering a new era of neural interfaces that are not only more powerful but also less invasive. This marks a transformative shift in neurological care."

"Millions of patients with neurological disorders face limited treatment options," said Dorian Haci, CEO and co-founder of MintNeuro. "Our goal is to bridge that gap with safer, more accessible, and effective neural technology. This investment accelerates our chip development and enables us to expand our team of experts, bringing game-changing neural implants to clinicians for the benefit of patients everywhere."

MintNeuro's innovative semiconductor solutions have already gained considerable traction through strategic partnerships with leading institutions and medical device companies. Collaborations include the NIHR-funded DREAM project with Imperial College London and King's College London and Hospital, targeting development of a breakthrough device for epilepsy monitoring, with a first-in-human study planned for next year. Additionally, MintNeuro's partnership with Amber Therapeutics, which has recently secured $100 million in funding, is focused on developing a neuromodulation therapy chipset through an Innovate UK Smart grant. This technology initially targets mixed urinary incontinence, with the potential for future applications of the MintNeuro chipset in conditions such as Parkinson's disease, dementia, and depression.

"MintNeuro is uniquely addressing the core limitations of neural implants with a semiconductor-based approach," said Johnathan Matlock, General Partner at Empirical Ventures. "We are excited about the market opportunity and the potential of entrepreneurial scientists like Dorian and Tim to drive forward the next generation of neural implants."

The global neural implant market is experiencing rapid growth, with rising interest from major healthcare and technology players. Recent Morgan Stanley research estimates that, in the US alone, the Total Addressable Market (TAM) for brain-computer interface (BCI) technologies could span almost 10 million patient candidates – seeking optimised treatment options for health conditions ranging from multiple sclerosis to strokes – and total around $400 billion in potential revenue from initial implant procedures.

Martin Glen, Investment Director at Parkwalk Advisors, added: "MintNeuro's innovative technology has the potential to change the lives of millions of patients suffering from a diverse range of neurological conditions. Its accessible, adaptable solution represents a major advancement in treatment options, and we're extremely excited to be supporting the team in its journey to revolutionise neurological care."

Notes to editors

About MintNeuro (www.mintneuro.com)

Founded as a spinout from Imperial College London, MintNeuro leads in advanced semiconductor technology for neural implants. With strong roots in world-class academic research and a dedication to innovation, the company boasts a robust portfolio of intellectual property underpinning its groundbreaking solutions. MintNeuro's proprietary chip technology tackles core challenges in neurology with scalable, low-power solutions that enhance the efficiency and accessibility of implantable devices. Strategic partnerships with leading institutions and medical device companies place MintNeuro at the forefront of adaptable systems addressing a range of neurological conditions, including epilepsy, movement disorders, and cognitive dysfunctions. For more information, visit our website.

About Empirical Ventures (www.empiricalventures.vc)

Empirical Ventures leads pre-seed and seed rounds for deep science startups that are creating century-defining technologies. The team are looking for exceptional science-led startups that are using the latest technological advances to solve some of the most pressing challenges facing society and our planet. Empirical fills a key need in the DeepTech landscape in the UK by leading due diligence on deep science startups, helping to de-risk early-stage investments for their investors and co-investors. Empirical Ventures operates as an appointed representative of SFC Capital Partners. For more information about Empirical Ventures and its mission, please visit our website.

About Parkwalk (www.parkwalkadvisors.com)

Parkwalk is the largest growth EIS fund manager, backing world-changing technologies emerging from the UK's leading universities and research institutions. With £500m of assets under management, it has invested in over 180 companies across its award-winning Parkwalk Opportunities and Knowledge Intensive EIS Funds, as well as the enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford, Bristol and Imperial College. Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, medtech and big data. For more information, please go to our website.

About Plug and Play (www.plugandplaytechcenter.com)

Plug and Play is the leading innovation platform connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across 5 continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit our website.

About Excellis Holding (www.excellis.it)

Excellis is a private holding that invests in early-stage deep-tech companies founded or co-founded by exceptional Italian expatriate researchers, recognized for their expertise and contributions to their fields.

Press contacts:

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+44 (0)118 328 2916

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SOURCE MintNeuro