Paradromics received a strategic investment from NEOM, a region taking shape in Saudi Arabia.
Crown Prince Mohammad bin Salman launched the NEOM region project in 2017. Plans include a floating industrial complex, global trade hub, tourist resorts and a linear city powered by renewable energy sources.
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The NEOM Investment Fund (NIF) leads the partnership to advance the development of brain-computer interface (BCI) therapies. BCI therapies seek to restore, enhance or replace lost neurological functions for those with conditions that impair movement, communication or cognitive function.
“This partnership marks a pivotal moment for Paradromics and the broader BCI industry,” said Matt Angle, Paradromics founder and CEO. “NEOM and Paradromics both have expansive visions for the future of mental health that are highly aligned. Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies.”
As part of the agreement, NEOM and Paradromics intend to establish a BCI Center of Excellence within the region. They seek to spearhead ambitious clinical research and eventually serve as the premier center for BCI-based healthcare in the MENA region and beyond.
Paradromics (Austin, Texas) develops the FDA breakthrough Connexus BCI system. It has the potential to help patients communicate after losing the ability to speak and control computer devices.
“At NIF, we are committed to enabling NEOM’s bold vision of redefining the future of healthcare by investing in transformative technologies that push boundaries and address humanity’s toughest challenges,” said Majid Mufti, CEO of NIF. “Paradromics was selected as a strategic partner for their groundbreaking advancements in BCIs and our shared mission of shaping industries, solving critical challenges and driving meaningful impact.”
