Musk's Neuralink raises $650 million in latest funding round
June 2 (Reuters) - Elon Musk's brain implant company Neuralink said on Monday that it had raised $650 million in its latest funding round.
It closed its funding round with participation from key investors including ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners and Vy Capital, the company said.
"This funding helps us bring our technology to more people — restoring independence for those with unmet medical needs and pushing the boundaries of what's possible with brain interfaces," Neuralink said.
Neuralink is in the process of testing its implant, which is intended to help people with spinal cord injuries.
According to the company, the device allowed its first patient to play video games, browse the internet, post on social media and move a cursor on his laptop directly with his brain.
Neuralink received the U.S. Food and Drug Administration's "breakthrough" tag for the device last month.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
23 minutes ago
- Times
London couple found dead ‘from synthetic opioid overdose'
Act now to keep your subscription We've tried to contact you several times as we haven't been able to take payment. You must update your payment details via My Account or by clicking update payment details to keep your subscription.
Times
23 minutes ago
- Times
Virgin Australia returns to stock market five years after collapse
Act now to keep your subscription We've tried to contact you several times as we haven't been able to take payment. You must update your payment details via My Account or by clicking update payment details to keep your subscription.
Reuters
23 minutes ago
- Reuters
AI-driven search ad spending set to surge to $26 billion by 2029, data shows
June 4 (Reuters) - Spending on AI-powered search advertising is poised to surge to nearly $26 billion by 2029 from just over $1 billion this year in the U.S., driven by rapid adoption of the technology and more sophisticated user targeting, data from Emarketer showed on Wednesday. Companies that rely on traditional keyword-based search ads could experience revenue declines due to the growing popularity of AI search ads, which offer greater convenience and engagement for users, according to the research firm. Search giants such as Alphabet-owned (GOOGL.O), opens new tab Google and Microsoft's (MSFT.O), opens new tab Bing have added AI capabilities to better compete with chatbots such as OpenAI's ChatGPT and Perplexity AI, which provide users with direct information without requiring to click through multiple results. Apple (AAPL.O), opens new tab is exploring the integration of AI-driven search capabilities into its Safari browser, potentially moving away from its longstanding partnership with Google. The report has come as concerns grew about users increasingly turning to the chatbots for conversational search and AI-powered search results could upend business models of some companies. Online education firm Chegg (CHGG.N), opens new tab said in May that it would lay off about 248 employees as it looks to cut costs and streamline operations because students are using AI-powered tools including ChatGPT over traditional edtech platforms. "Publishers and other sites are feeling the pain from AI search. As they lose out on traffic, we're seeing publishers lean into subscriptions and paid AI licensing deals to bolster revenue," Emarketer analyst Minda Smiley said. GRAPHIC AI search ad spending is expected to constitute nearly 1% of total search ad spending this year and 13.6% by 2029 in the U.S., according to Emarketer. Sectors such as financial services, technology, telecom, and healthcare are embracing AI as they are seeing clear advantages in using the technology to enhance their ad strategies, while the retail industry's adoption is slow, the report said. Google recently announced the expansion of its AI-powered search capabilities into the consumer packaged goods sector through enhancements in Google Shopping.
