Latest news with #bioniclimbs

Yahoo

China Neuralink Rival Seeks Pre-IPO Funds at $1.3 Billion Value

(Bloomberg) -- BrainCo, a startup aiming to compete with Elon Musk's Neuralink, is in talks to raise funds at a valuation of more than $1.3 billion ahead of a potential initial public offering in Hong Kong or mainland China. PATH Train Service Resumes After Fire at Jersey City Station Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Seeking Relief From Heat and Smog, Cities Follow the Wind The company founded in 2015 by Harvard alumnus Han Bicheng is in negotiations to secure about $100 million in pre-IPO financing, people familiar with the matter said. The startup has begun preparing documents for a market debut, though it hasn't decided on venue or other details, the people said, asking to remain anonymous discussing private plans. BrainCo, or Zhejiang Qiangnao Technology Co., is one of 'Six Little Dragons' that garnered acclaim this year as among the country's most advanced technology innovators. Based in the affluent eastern city of Hangzhou like fellow dragon DeepSeek and e-commerce leader Alibaba Group Holding Ltd., BrainCo is developing bionic limbs and technologies for human brains to control computers. It isn't the only fledgling Chinese firm hoping to take on Neuralink. Earlier this year, Shanghai StairMed Technology raised 350 million yuan ($48.7 million) in Series B funding and launched the country's first clinical trial for invasive brain-computer interfaces, local media outlet Yicai reported. BrainCo's founder told the South China Morning Post in April he was exploring an expansion to Hong Kong. Discussions around financing and an IPO remain in flux and the details could change depending on market conditions. But BrainCo's financing underscores the growing investor interest in a new generation of startups aiming to shake up the tech sector and pioneer advances in spheres from artificial intelligence to robotics. Representatives for the startup didn't respond to a request for comment. China's largest venture capital houses are tapping the market for at least $2 billion in new funds, re-engaging with the country's startups in a signal of renewed attention on areas like AI. Together, they represent a wave of fundraising that hasn't been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and broader economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds. Much of that resurgent interest can be traced to the rise of breakout AI stars like BrainCo, DeepSeek and Manus, which has galvanized local entrepreneurs. The Hangzhou Six also includes Game Science — developer of the hit game Wukong — Deep Robotics, Unitree Robotics and Manycore. AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity Russia's Secret War and the Plot to Kill a German CEO What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P.