All the fundraising deals in the neurotechnology market (from Q1 2025 to Q1 2026)
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In our neurotechnology market deck, you will find everything you need to understand the market
Between Q1 2025 and Q1 2026, neurotechnology startups raised a combined $2.36 billion across 30 publicly disclosed funding rounds, with brain-computer interfaces capturing the lion's share of that capital.
Q1 2026 alone accounted for nearly $1 billion in neurotechnology market funding, driven by massive rounds from BrainCo, Merge Labs, Science Corporation, and Cognito Therapeutics.
The neurotechnology market is clearly accelerating, and both the number of deals and average deal sizes point to growing investor conviction in neurodevices, neuromodulation, and neurodiagnostics.
And if you want to better understand this new industry, you can download our pitch covering the neurotechnology market.
Insights
- Brain-computer interface (BCI) startups captured roughly 75% of all neurotechnology market funding over the past five quarters, totaling about $1.77 billion across 11 deals.
- Merge Labs raised $252 million in what is one of the largest seed rounds ever recorded in the neurotechnology market, backed by OpenAI and Bain Capital.
- Q1 2026 was the strongest quarter for neurotechnology funding at $976 million, and unlike Q2 2025, that total was not dominated by a single mega-round.
- Neuromodulation attracted the most deals (12 rounds) across the widest range of clinical indications, from migraine and depression to asthma and Tourette syndrome.
- In Q2 2025, Neuralink's $650 million Series E represented 86% of all neurotechnology market funding that quarter, making it one of the most concentrated periods on record.
- Only five investors appeared in more than one deal over the entire period, suggesting the neurotechnology investor base is still fragmented and exploratory.
- Khosla Ventures was the most active neurotechnology market investor, participating in three separate rounds (Somnee, Synchron, and Science Corporation).
- China-based neurotechnology startups raised over $356 million in this period, led by BrainCo's $286 million round and StairMed's $48 million Series B.
- The average deal size across all 30 neurotechnology rounds was about $79 million, but that figure drops significantly once you remove the five largest rounds.
- Q3 2025 recorded just one disclosed deal (Cumulus Neuroscience at $4.4 million), making it by far the quietest quarter in the dataset.
In our neurotechnology market deck, we will give you useful market maps and grids
Summary table of the funding deals in the neurotechnology market (last 5 quarters)
We define the neurotechnology market as products that directly measure, stimulate, or computationally interface with the human nervous system for clinical or validated functional outcomes.
We include neurodevices and their enabling software such as BCIs, neuromodulation systems, and neurodiagnostic/monitoring tools (e.g., EEG and related analytics).
We exclude pharmaceuticals, general-purpose imaging infrastructure not purpose-built for neuro, and standalone wellness or mental-health apps that do not directly capture or act on nervous-system signals.
You can also read our detailed analysis to understand how funding activity in the neurotechnology market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the neurotechnology market.
| Name | What they do | Amount ($M) | Quarter | Source(s) |
|---|---|---|---|---|
| Zeto | Makes wearable dry-electrode EEG headsets with cloud AI for faster hospital brain monitoring | $31.0M | Q1 2025 | PR Newswire |
| StairMed | Develops implantable brain-computer interface systems for clinical use in China | $48.0M | Q1 2025 | Yicai Global |
| Valencia Technologies | Builds a minimally invasive nerve stimulation implant for urinary incontinence | $35.0M | Q1 2025 | BioSpace |
| Subsense | Builds a non-surgical, nanoparticle-based brain-computer interface | $17.0M | Q1 2025 | BioSpace |
| Neuro Event Labs | Uses video and AI to detect and characterize epileptic seizures | $2.2M | Q1 2025 | Neuro Event Labs |
| Neuromod Devices | Makes Lenire, a bimodal neuromodulation device combining sound and tongue stimulation for tinnitus | $10.9M | Q1 2025 | PR Newswire |
| Phantom Neuro | Builds a neural interface that lets users control prosthetics and robotic systems naturally | $19.0M | Q2 2025 | PR Newswire |
| Spark Biomedical | Builds wearable neurostimulation systems for therapeutic neurological use | $15.0M | Q2 2025 | Medical Buyer |
| Salvia BioElectronics | Develops minimally invasive nerve-stimulation implants to prevent chronic migraine | $60.0M | Q2 2025 | Salvia BioElectronics |
| Somnee | Sells an EEG-enabled sleep headband that monitors brain activity and delivers stimulation | $10.0M | Q2 2025 | Fierce Healthcare |
| Neuralink | Develops implantable brain-computer interfaces for people with severe disabilities | $650.0M | Q2 2025 | Neuralink |
| Cumulus Neuroscience | Provides an at-home EEG platform for neuroscience trials and patient monitoring | $4.4M | Q3 2025 | UK Tech News |
| Neuronoff | Develops an injectable neuromodulation platform for chronic pain treatment | $4.5M | Q4 2025 | PR Newswire |
| ONWARD Medical | Develops spinal cord stimulation systems to restore movement after spinal cord injury | $55.0M | Q4 2025 | FT Markets |
| Ampa Health | Makes a portable TMS brain stimulation system for depression treatment | $8.5M | Q4 2025 | PR Newswire |
| CoMind | Develops a non-invasive optical brain-monitoring system for critical care | $60.0M | Q4 2025 | Angelini Ventures |
| Synchron | Develops an endovascular brain-computer interface for people with paralysis | $200.0M | Q4 2025 | Business Wire |
| Coherence Neuro | Builds an implantable closed-loop neurotechnology platform for cancer treatment | $10.0M | Q4 2025 | MassDevice |
| NextSense | Builds wireless earbuds with EEG sensors for brain-responsive sleep tracking | $16.0M | Q4 2025 | Business Wire |
| Beacon Biosignals | Uses large EEG datasets and AI to build brain biomarkers for drug development | $86.0M | Q4 2025 | Beacon Biosignals |
| NeuroBionics | Develops an endovascular neuromodulation platform using bioelectronic fibers | $10.0M | Q4 2025 | NeuroBionics |
| Neurable | Embeds brain-signal processing into wearables like headphones for focus and fatigue tracking | $35.0M | Q4 2025 | Business Wire |
| Spiro Medical | Builds an implantable pulmonary neuromodulation system for severe asthma | $67.0M | Q1 2026 | Fierce Biotech |
| BrainCo | Builds non-invasive BCI and EEG-based assistive systems, primarily in China | $286.3M | Q1 2026 | Yicai Global |
| Enspire DBS Therapy | Develops deep-brain-stimulation therapy to restore arm function after stroke | $10.3M | Q1 2026 | PR Newswire |
| Merge Labs | Builds a non-invasive ultrasound brain-computer interface to read and write brain activity | $252.0M | Q1 2026 | TechCrunch |
| Neupulse | Makes a wrist-worn nerve stimulation device for Tourette syndrome | $3.8M | Q1 2026 | Neupulse |
| Science Corporation | Commercializes PRIMA, a BCI retinal implant aimed at restoring functional vision | $230.0M | Q1 2026 | TechCrunch |
| Cognito Therapeutics | Develops non-invasive light-and-sound neuromodulation therapy for Alzheimer's disease | $105.0M | Q1 2026 | BioSpace |
| Gestala | Develops a non-invasive ultrasound brain-computer interface for chronic pain, based in China | $21.7M | Q1 2026 | TechCrunch |
In our neurotechnology market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the neurotechnology market changed over time?
Q1 2026 was the most active quarter for neurotechnology market funding at $976 million across 8 deals, and this time the total was spread across four large rounds (BrainCo, Merge Labs, Science Corporation, and Cognito Therapeutics) rather than being driven by a single company.
Q3 2025 was the quietest quarter by far, with only one disclosed neurotechnology deal (Cumulus Neuroscience at $4.4 million), likely reflecting a seasonal lull rather than a structural slowdown.
Total neurotechnology market funding in Q1 2026 ($976 million) was about 101% higher than Q4 2025 ($485 million), and roughly 577% higher than Q1 2025 ($144 million one year earlier).
If you remove the single largest deal from each quarter (for example, Neuralink's $650 million in Q2 2025 or BrainCo's $286 million in Q1 2026), the funding trend still shows steady growth from $113 million in Q1 2025 to $690 million in Q1 2026. That suggests the neurotechnology market's momentum is not just about a few headline-grabbing rounds.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 6 | $144.1M | Solid opening quarter with StairMed and Valencia leading the pack in neurotechnology funding |
| Q2 2025 | 5 | $754.0M | Neuralink's massive $650M Series E heavily skewed this quarter's neurotechnology market total |
| Q3 2025 | 1 | $4.4M | Only one disclosed deal, making this the quietest quarter in the neurotechnology market dataset |
| Q4 2025 | 10 | $485.0M | Strong rebound with 10 deals, led by Synchron, Beacon Biosignals, and CoMind in neurotechnology |
| Q1 2026 | 8 | $976.1M | Record quarter for the neurotechnology market, with four separate deals above $100M |
| All quarters | 30 | $2,363.6M | Five quarters of neurotechnology market funding totaling over $2.3 billion across 30 deals |
In our neurotechnology market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the neurotechnology market raised the largest rounds over the last months?
These startups raised the most recently in the neurotechnology market:
- Neuralink raised $650 million in a Series E to expand patient access for its implantable brain-computer interface, backed by top-tier investors like ARK Invest, Founders Fund, and Sequoia Capital.
- BrainCo raised $286.3 million to scale its non-invasive BCI and EEG platform in China, co-led by IDG Capital and Walden International in the largest BCI round outside the US.
- Merge Labs raised $252 million in a record-breaking seed round to develop a non-invasive ultrasound brain-computer interface, with OpenAI writing the largest check.
- Science Corporation raised $230 million in a Series C to commercialize PRIMA, its BCI retinal implant that restores functional vision for patients.
- Synchron raised $200 million in a Series D to commercialize its endovascular brain-computer interface, Stentrode, with backing from Jeff Bezos and ARCH Venture Partners.
- Cognito Therapeutics raised $105 million in a Series C to fund pivotal trials and FDA submission for its light-and-sound neuromodulation therapy for Alzheimer's disease.
- Beacon Biosignals raised $86 million in a Series B to expand the world's largest neurodiagnostic EEG dataset and AI-driven brain biomarkers for drug development.
- Spiro Medical raised $67 million in a Series A to build an implantable neuromodulation system for severe asthma and run its clinical program.
- Salvia BioElectronics raised $60 million in a Series B to finish clinical development and prepare commercial launch of its migraine nerve-stimulation implant.
- CoMind raised $60 million to advance its non-invasive optical brain-monitoring system through regulatory work, clinical research, and manufacturing partnerships.
And, yes, we do cover most of them in our our beautiful pitch about the neurotechnology market.
You may also want to check our ranking of the most funded startups in the neurotechnology market as well as our list of the most valued startups.
In our neurotechnology market deck, we answer all the common questions from investors and entrepreneurs
Is the neurotechnology market shifting toward smaller or bigger deals?
Across all 30 disclosed neurotechnology funding rounds from Q1 2025 to Q1 2026, the average deal size was approximately $79 million, a number heavily influenced by a few very large BCI rounds.
Breaking it down by quarter, the average neurotechnology deal size ranged from $4.4 million in Q3 2025 (only one deal) to $150.8 million in Q2 2025 (driven by Neuralink's $650 million round). Q1 2026 averaged $122 million per deal because four companies each raised over $100 million.
If you exclude the top two neurotechnology market rounds each quarter, the average deal size drops significantly, closer to $15-25 million, suggesting that most neurotechnology startups still raise in the tens of millions rather than the hundreds.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 6 | $24.0M | 0 | 0 |
| Q2 2025 | 5 | $150.8M | 0 | 2 |
| Q3 2025 | 1 | $4.4M | 0 | 0 |
| Q4 2025 | 10 | $48.5M | 0 | 4 |
| Q1 2026 | 8 | $122.0M | 0 | 5 |
| All quarters | 30 | $78.8M | 0 | 11 |
In our neurotechnology market deck, we help you understand how the market is structured
How concentrated was funding activity in the neurotechnology market?
Neurotechnology market funding remained highly concentrated throughout the period. In Q2 2025, for instance, Neuralink alone accounted for 86% of all disclosed funding that quarter, making it one of the most top-heavy periods in the dataset.
The concentration eased somewhat in Q4 2025 and Q1 2026, where the top deal represented 41% and 29% of total neurotechnology funding respectively. Still, the top three deals consistently captured 71-79% of quarterly capital, showing that a handful of conviction bets continue to define the neurotechnology market.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 6 | 33.3% | 79.1% | 100.0% |
| Q2 2025 | 5 | 86.2% | 96.7% | 100.0% |
| Q3 2025 | 1 | 100.0% | 100.0% | 100.0% |
| Q4 2025 | 10 | 41.2% | 71.3% | 100.0% |
| Q1 2026 | 8 | 29.3% | 78.7% | 100.0% |
| All quarters | 30 | 27.5% | 50.3% | 84.5% |
In our neurotechnology market deck, we have designed useful charts to give you full market clarity
Which categories in the neurotechnology market received the most funding?
Brain-computer interface (BCI) startups captured about $1.77 billion, representing roughly 75% of all neurotechnology market funding over the past five quarters. That dominance was driven by massive rounds from Neuralink, BrainCo, Merge Labs, Science Corporation, and Synchron, all of which are building direct neural interfaces.
Neuromodulation came second with $385 million across 12 deals, making it the broadest category in the neurotechnology market by number of indications covered, from migraine and tinnitus to asthma and Tourette syndrome.
Neurodiagnostics and monitoring raised about $210 million across 8 deals, led by Beacon Biosignals ($86 million) and CoMind ($60 million). This category represents the most commercially pragmatic lane in the neurotechnology market, since many of these companies already sell to hospitals and biopharma customers.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| BCI | 11 | $1,769.0M | Neuralink ($650M), BrainCo ($286.3M), Merge Labs ($252M), Science Corporation ($230M), Synchron ($200M), StairMed ($48M), Neurable ($35M), Gestala ($21.7M), Phantom Neuro ($19M), Subsense ($17M), Coherence Neuro ($10M) |
| Neuromodulation | 12 | $385.0M | Cognito Therapeutics ($105M), Spiro Medical ($67M), Salvia BioElectronics ($60M), ONWARD Medical ($55M), Valencia Technologies ($35M), Spark Biomedical ($15M), Neuromod Devices ($10.9M), Enspire DBS Therapy ($10.3M), NeuroBionics ($10M), Ampa Health ($8.5M), Neuronoff ($4.5M), Neupulse ($3.8M) |
| Neurodiagnostics / monitoring | 8 | $209.6M | Beacon Biosignals ($86M), CoMind ($60M), Zeto ($31M), NextSense ($16M), Somnee ($10M), Cumulus Neuroscience ($4.4M), Neuro Event Labs ($2.2M) |
In our neurotechnology market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the neurotechnology market?
Khosla Ventures was the most active neurotechnology market investor in this period, participating in three separate deals (Somnee, Synchron, and Science Corporation) representing $440 million in total funded rounds. Khosla Ventures has a broad portfolio across deep tech and healthcare, and its repeated neurotechnology bets signal strong conviction in brain-interface and brain-monitoring startups.
Nexus NeuroTech Ventures participated in two neurotechnology rounds (Ampa Health and Beacon Biosignals) totaling $94.5 million in funded deals. As a specialist neurotechnology investor, Nexus NeuroTech Ventures is one of the few dedicated funds focused entirely on the neurotechnology market.
Panakes Partners backed two neurotechnology companies (Neuromod Devices and Salvia BioElectronics) in rounds totaling $70.9 million. Panakes Partners is a European medtech-focused fund with a clear appetite for neuromodulation startups.
Dolby Family Ventures participated in two neurotechnology rounds (Salvia BioElectronics and NeuroBionics) totaling $70 million in funded deals. Dolby Family Ventures appears to be placing consistent bets across different neuromodulation approaches.
Lightspeed Venture Partners backed two neurotechnology companies (Neuralink and Science Corporation) in rounds totaling $880 million in funded deals. Lightspeed Venture Partners chose to back two of the largest BCI rounds in the entire dataset, reflecting a focus on high-conviction, large-scale neurotechnology bets.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Khosla Ventures | 3 | $440.0M | Somnee, Synchron, Science Corporation |
| Nexus NeuroTech Ventures | 2 | $94.5M | Ampa Health, Beacon Biosignals |
| Lightspeed Venture Partners | 2 | $880.0M | Neuralink, Science Corporation |
| Panakes Partners | 2 | $70.9M | Neuromod Devices, Salvia BioElectronics |
| Dolby Family Ventures | 2 | $70.0M | Salvia BioElectronics, NeuroBionics |
In our neurotechnology market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- All funding deals in the neurotechnology market
- Which companies have raised the most funding in the neurotechnology market?
