Neuralink, the brain-tech venture founded by Elon Musk, is drawing attention once again, this time for a potential funding round that could value the company at $8.5 billion—a more than twofold increase from its previous valuation of $3.5 billion in late 2023. This boost reflects the increasing investor enthusiasm for brain-computer interface (BCI) technologies.
Reports indicate that Neuralink is in the early stages of discussions to raise $500 million in fresh capital. Though the round has not been finalized, the ambitious valuation points to bold moves as the company continues human trials of its implantable brain chip.
Founded in 2016, Neuralink’s mission is to develop a direct interface between the human brain and computers, enabling users to control digital devices purely with neural signals. In 2024, the company made headlines after successfully implanting its first chip into a human patient. Initial tests demonstrated the patient’s ability to play video games and move a computer cursor using only their thoughts—a major milestone for neural interface technology.
However, the excitement surrounding these advancements is tempered by a range of complex issues, including safety risks, regulatory challenges, and the rising competition in the field.
Is Innovation Outpacing Safety?
While Neuralink’s clinical successes are remarkable, they have also raised concerns about the speed at which the company is pushing forward. Recent reports indicate that shortly after implanting the chip in the first human subject, the electrode threads that connect the chip to the brain began to retract from their designated positions, potentially affecting the device’s performance.
This is not the first time safety has been questioned in Neuralink’s development process. There have been prior allegations of rushed animal trials, regulatory complaints, and a lack of transparency regarding long-term testing. Of particular concern is the electrode thread issue, as reports suggest that Neuralink had been aware of the potential risks for years before testing on humans.
Critics argue that this situation highlights the tension between pushing the boundaries of innovation and ensuring responsible development. Brain implants, unlike software, interact directly with delicate neural tissue, where precision is crucial. In this context, ethical considerations and clinical safeguards are just as important as the technology itself.
Despite these concerns, Neuralink continues to draw significant investor interest. The valuation surge and ongoing human trials suggest that many investors still believe in the long-term potential of BCI technology to revolutionize human-machine interaction and potentially treat neurological disorders.
European and UK Startups Join the BCI Race
While Neuralink is a major player in the brain-tech space, it is far from alone. Across Europe and the UK, a growing number of startups are establishing themselves as contenders in the BCI market, often with a more cautious and medically-focused approach. Here are three noteworthy rivals:
MindMaze (Switzerland)
Founded in 2012 and based in Lausanne, MindMaze offers a neurotechnology platform that combines virtual reality, motion capture, and neuroscience to help with cognitive and motor recovery. Unlike Neuralink, which takes an invasive approach, MindMaze’s non-invasive methods stimulate neuroplasticity, already being used for stroke and spinal cord injury recovery in hospitals. MindMaze recently raised $105 million for its neurotechnology efforts.
BIOS Health (UK)
BIOS Health, based in Cambridge, is focused on using AI-driven insights to decode and modulate signals between the brain, nervous system, and organs. The company’s closed-loop therapies offer real-time responses to physiological changes, providing a medically grounded approach to integrating AI with biological systems. Unlike Neuralink’s consumer-driven vision, BIOS is targeting chronic disease treatment and long-term health benefits.
Neurable (UK)
Originally launched in the US and now expanding in the UK, Neurable specializes in wearable BCIs designed to enhance productivity in gaming and extended reality (XR) environments. Neurable’s non-invasive headsets read brainwaves, allowing users to interact with virtual environments hands-free. While still in early stages, Neurable’s technology offers a gentler, consumer-friendly alternative to Neuralink’s invasive approach.
The Future of BCIs: Innovation vs. Responsibility
The BCI industry is at a pivotal point. Neuralink’s boldness in pushing the boundaries of what’s possible is admirable, but the company’s safety track record and high-risk approach raise important questions. Meanwhile, startups in Europe and the UK are approaching the field more cautiously, seeking a balance between innovation and clinical responsibility. These companies are often opting for non-invasive solutions, which may offer safer long-term integration into medical and consumer environments.
The future of BCI technology will depend on technological breakthroughs, but also on developing ethical frameworks, effective regulatory oversight, and earning public trust. For Neuralink, its potential $8.5 billion valuation is a sign of investor confidence, but it must still address safety issues if it hopes to build a sustainable and responsible future for brain-tech.
With the rise of competitors like MindMaze, BIOS Health, and Neurable, there is room for a more diverse and collaborative BCI ecosystem—one that emphasizes patient well-being and the long-term viability of the technology.
In the end, the race in brain-tech is on. But as the field progresses, speed alone won’t determine the winner. Precision, trust, and accountability will be the keys to success.
