What are the top neurotech startups by revenue today?

The ranking of top startups in the neurotechnology market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Neurotechnology Market.

What actually counts as a neurotech startup?

For this ranking, a neurotech startup is an independent specialist company whose core business measures, stimulates or interfaces with the nervous system, including the newer public scaleups that grew out of the startup ecosystem.

That definition keeps the comparison useful. Medtronic generated roughly $2.07 billion from neuromodulation in its latest fiscal year. Boston Scientific reported around $1.2 billion from neuromodulation, while Abbott was above $1 billion. Cochlear generated more than A$2 billion from cochlear implants and related services. These companies show how large neurotechnology can become, but putting them next to venture-backed neurotech companies would turn the ranking into a medtech ranking.

We do keep specialist companies such as Ceribell, Saluda Medical, CVRx, BrainsWay and Mobia Medical even though they are now publicly traded. Excluding a neurotech startup as soon as it goes public would remove companies precisely when their commercial scale becomes easiest to measure.

The boundary also depends on what the revenue covers. Ceribell fits cleanly because neurological EEG monitoring drives the business. ClearPoint Neuro also belongs, although its revenue stretches across neurosurgical navigation, CNS drug delivery and neurocritical-care products. We take those differences into account rather than pretending every dollar in this market is identical.

Which neurotech startups make the most revenue today?

Saluda Medical and Ceribell currently lead the specialist neurotech market on reported annual revenue, at roughly $90 million each, followed by a second group around the $50–60 million level.

The ranking becomes much thinner below that. BrainsWay and CVRx have both crossed $50 million of annual revenue, while Mobia Medical is growing quickly toward the same range. ClearPoint Neuro, Mainstay Medical and electroCore sit around the $30–40 million level on their latest completed annual figures.

The striking part is where the money is actually being made. The biggest revenue businesses are mostly companies selling neurostimulation, EEG monitoring or other regulated clinical devices. Neuralink, Synchron, Precision Neuroscience and Paradromics attract far more attention, but they do not currently sit near the top of the revenue table.

We also separate actual revenue from expected sales, guidance and third-party estimates. Nalu Medical, for example, was expected by Boston Scientific to generate more than $60 million of sales before its acquisition. That is strong evidence of commercial scale, but an expected figure is still different from reported revenue.

Company	Strongest recent revenue evidence	Main neurotech market	Evidence quality
Saluda Medical	$90.2M FY2026 revenue	Closed-loop spinal cord stimulation	Reported financial results
Ceribell	$89.1M 2025 revenue	Rapid EEG / neurological monitoring	SEC filing
Nalu Medical	>$60M expected 2025 sales	Peripheral nerve stimulation	Acquirer disclosure
CVRx	$56.7M 2025 revenue	Baroreflex neuromodulation	SEC filing
BrainsWay	$52.2M 2025 revenue	Deep TMS	Filed results
Mobia Medical	$45.3M trailing revenue after Q2 2026	Vagus nerve stimulation / stroke rehab	SEC filings
ClearPoint Neuro	$37.0M 2025 revenue	Neurosurgical navigation / CNS delivery	SEC filing
Mainstay Medical	$36.2M 2025 revenue	Restorative neurostimulation	Audited annual report
electroCore	$32.0M 2025 net sales	Non-invasive vagus nerve stimulation	SEC/company results
Nyxoah	€14.0M H1 2026 revenue	Hypoglossal nerve stimulation	Company results

Is Saluda Medical the biggest neurotech startup by revenue?

Saluda Medical currently has the strongest claim to first place on completed annual revenue, with $90.2 million in FY2026 sales.

Saluda grew 28% over the previous fiscal year. Its Evoke system uses closed-loop spinal cord stimulation, measuring the body's neural response and adjusting stimulation automatically rather than delivering a fixed level of therapy.

The $90.2 million figure is particularly useful for this ranking because it is recent recognized revenue. We do not need ARR, an annualized quarter or a third-party estimate to size the company.

Saluda's fourth quarter reached $27.0 million, 43% above the previous-year quarter, while U.S. patient implants grew 50%. The company has also started expanding its product range with the CAP24 paddle lead, which gives surgeons another way to deliver its closed-loop therapy.

First place is close, though. Ceribell finished only about $1 million behind Saluda on its latest full year and has since been growing faster. Saluda leads on completed annual revenue; the gap is too small to call it a runaway lead.

Is Ceribell about to pass Saluda Medical?

Ceribell appears likely to move above Saluda's latest $90.2 million annual figure if its current 2026 trajectory holds, although its full-year result has not been reported yet.

Ceribell generated $89.1 million in 2025, up 36%. Revenue then reached $26.5 million in the first quarter of 2026 and $28.1 million in the second, taking first-half revenue to $54.6 million.

The company now expects $114–117 million for the full year. We do not put that guidance into the ranking as though the money had already been recognized, but it gives a good picture of where Ceribell is heading.

The business model helps explain the growth. Hospitals buy disposable wearable EEG products and pay subscription fees for Ceribell's Clarity software, recorders and portal. In the latest quarter, product revenue reached $21.2 million and subscription revenue $6.9 million.

Ceribell ended the quarter with 712 active accounts, up from 647 at the end of 2025. That mix of new hospitals, higher usage inside existing hospitals and recurring software revenue gives Ceribell more ways to grow than a company depending entirely on new surgical implants.

Which neurotech startups have already crossed $50 million in annual revenue?

Only a small group of specialist neurotech companies can clearly show more than $50 million of recent annual revenue: Saluda Medical, Ceribell, CVRx and BrainsWay, with Nalu Medical also expected to exceed that level before its acquisition.

CVRx generated $56.7 million in 2025 from Barostim, its implantable neuromodulation system for heart-failure patients. Second-quarter 2026 revenue reached $15.7 million, up 16%, and the company had 258 active U.S. implanting centers.

BrainsWay generated $52.2 million in 2025 and has been accelerating. Its latest quarter reached $17.1 million, 35% higher than a year earlier, while the company shipped 125 Deep TMS systems.

Mobia Medical is the clearest candidate to join the group next. Its 2025 revenue was only $32.0 million, but the company's latest quarterly growth has already pushed trailing revenue to roughly $45 million.

Crossing $50 million still means something in neurotech. Dozens of companies can raise large venture rounds or reach human trials; far fewer have built a commercial organization capable of generating $1 million of revenue every week.

Company	Latest completed annual figure	More recent development
Saluda Medical	$90.2M	Q4 revenue $27.0M
Ceribell	$89.1M	$54.6M in H1 2026
Nalu Medical	>$60M expected	Acquired by Boston Scientific
CVRx	$56.7M	$15.7M in Q2 2026
BrainsWay	$52.2M	$17.1M in Q2 2026
Mobia Medical	$32.0M	~$45.3M trailing revenue
ClearPoint Neuro	$37.0M	$10.9M in Q2 2026
Mainstay Medical	$36.2M	Continued ReActiv8 commercialization
electroCore	$32.0M	$9.5M in Q2 2026

How fast is Mobia Medical growing right now?

Mobia Medical is currently one of the fastest-growing commercial neurotech companies we found, with second-quarter revenue up 102% year over year to $13.5 million.

The company was previously called MicroTransponder and sells Vivistim Paired VNS Therapy for people recovering from ischemic stroke. Revenue reached $32.0 million in 2025 after roughly doubling from the previous year.

The acceleration continued after that. First-half 2026 revenue reached $25.6 million, and trailing revenue after the second quarter was approximately $45.3 million. Management's full-year guidance is now $54–56 million.

That trajectory deserves more attention than the old $32 million annual figure by itself. Mobia has moved from roughly $16 million of revenue to a business approaching the mid-$50-million range in about two years.

Few neurotech companies are showing that kind of growth on a meaningful revenue base right now.

How big is BrainsWay now?

BrainsWay has become a genuine $50-million-plus neurotech business and is currently growing quickly enough to approach $70 million of annual revenue.

Full-year 2025 revenue reached $52.2 million, up 27%. BrainsWay then reported $17.1 million in the second quarter of 2026, 35% above the previous year, and increased its full-year revenue guidance to $68–70 million.

The operating data backs up the revenue growth. The company shipped a record 125 Deep TMS systems during the quarter, 42% more than a year earlier, while remaining performance obligations increased to $80.4 million.

BrainsWay is also unusual among the faster-growing companies in this ranking because the growth already comes with operating profit. Adjusted EBITDA reached $3.5 million in the latest quarter.

Deep TMS gets less attention than implantable BCIs, but BrainsWay shows how large a neurotech company can become by selling a relatively mature treatment into psychiatry.

Which neurotech companies are sitting around $30–40 million of revenue?

ClearPoint Neuro, Mainstay Medical and electroCore currently form a meaningful $30–40 million commercial tier below the largest neurotech scaleups.

ClearPoint generated $37.0 million in 2025 and reached $10.9 million in its latest quarter, up 18%. Its business spans neurosurgical navigation, CNS drug-delivery work and neurocritical-care technology, so its revenue is broader than pure neuromodulation.

Mainstay Medical reported $36.2 million of 2025 revenue from ReActiv8, its restorative neurostimulation system for chronic low-back pain. The company is more narrowly focused than ClearPoint and gives us a cleaner view of what a specialist implanted-neurostimulation business can generate before reaching the $50 million level.

electroCore generated $32.0 million of 2025 net sales. Its latest quarter reached $9.5 million, up 28%, with growth coming from prescription gammaCore products, acquired Quell products and the company's Truvaga wellness business.

These companies rarely dominate neurotech discussions, but together they show that the market already has a fairly deep layer of businesses producing tens of millions of dollars in annual sales.

Is Nyxoah becoming one of the larger neurotech startups?

Nyxoah is still smaller than the companies above, but its U.S. launch has changed the scale of the business remarkably quickly.

Revenue reached €14.0 million in the first half of 2026, compared with only €2.4 million a year earlier. Second-quarter revenue alone was €7.7 million.

The jump followed the U.S. commercial launch of Genio, Nyxoah's hypoglossal nerve stimulation system for obstructive sleep apnea. By the end of the second quarter, the company had activated 180 high-volume U.S. accounts, trained 262 surgeons and built an active U.S. sales team of 40 people.

Another 427 patients were moving through prior authorization entering the third quarter, 77% more than three months earlier.

Nyxoah is starting from a smaller revenue base, so its percentage growth is naturally much larger than Ceribell's or BrainsWay's. Even with that caveat, few neurotech companies are adding commercial scale this quickly right now.

How much revenue does Flow Neuroscience make?

Flow Neuroscience has clearly built a real commercial neurotech business, but there still is not enough reliable public revenue data to give the company a precise place in this ranking.

Flow sells an at-home transcranial direct-current stimulation treatment for depression. The company says tens of thousands of patients have already used the treatment, and its expansion into the U.S. has widened the commercial opportunity considerably.

The patient number is useful evidence of adoption, but it cannot tell us annual revenue. Patients joined in different years and countries, under different prices and payment arrangements.

We therefore leave Flow financially unranked rather than multiplying patients by a current device price and presenting the result as revenue.

Here, a blank revenue figure is more useful than a manufactured estimate.

How big is Blackrock Neurotech?

Blackrock Neurotech is one of the most commercially established private BCI companies, with its research products used in more than 1,000 laboratories across 53 countries, but the company does not disclose enough financial information for a reliable revenue rank.

Blackrock has been selling neural-recording technology for years. Its systems have supported more than 2,000 published studies, and the company says its technology has accumulated more than 30,000 collective days implanted in human research.

That puts Blackrock in a very different commercial position from a BCI company whose only activity is an early feasibility study. Research labs already buy Blackrock products.

What remains missing is a recent, authoritative company-wide revenue number. Available third-party estimates vary too much for us to treat them like filed revenue.

So Blackrock looks commercially substantial today, but its exact position remains unknown.

Does Neuralink make meaningful revenue today?

Neuralink still belongs in the clinical-development group rather than among the neurotech revenue leaders.

Neuralink's PRIME study is evaluating its N1 implant, surgical robot and software in people with paralysis. Neuralink's own study materials describe the devices as investigational and not for sale.

That distinction is enough for this ranking. Clinical implants can produce extraordinary technical demonstrations without producing normal commercial product revenue.

Neuralink has attracted enormous amounts of investment capital, which reflects what investors think the technology could become. We do not use funding or valuation as substitutes for sales.

A revenue ranking therefore gives Neuralink a very different position from a funding, media-attention or technical-ambition ranking.

Are Synchron, Precision Neuroscience and Paradromics making real commercial revenue yet?

Synchron, Precision Neuroscience and Paradromics are all moving closer to commercialization, but none currently has public revenue evidence comparable with the scaled neurotech companies above.

Synchron's Stentrode remains an investigational device. The company says the system is being assessed in clinical trials in the U.S. and Australia and is not currently approved for commercial use in any geography.

Precision Neuroscience is further along in one respect because its Layer 7 cortical interface has received FDA 510(k) clearance. Precision currently reports more than 95 implanted clinical-study patients and more than 15 active hospital partners. Its fully implanted BCI, however, remains investigational, and the company does not disclose enough commercial sales data for a revenue rank.

Paradromics has moved quickly lately. Its first participant received the Connexus implant in the Connect-One early feasibility study, and the company subsequently demonstrated real-time speech and text communication from that implant. This is genuine clinical progress, but the Connexus system is still being studied under an FDA investigational pathway.

We can compare these companies on clinical progress, regulatory milestones or funding. Revenue is still the wrong yardstick for separating them from one another.

Why aren't Neuralink and other BCI startups leading neurotech revenue?

BCI startups are still building and validating a new product category, while neurostimulation and neurodiagnostic companies are already selling into healthcare systems every day.

Ceribell has hundreds of active hospital accounts buying EEG products and subscriptions. Saluda sells a commercially approved spinal cord stimulation system. BrainsWay ships Deep TMS equipment to treatment centers. Mobia sells an implanted VNS treatment for stroke rehabilitation.

The leading next-generation BCI companies are working through a much earlier commercial stage. Neuralink and Paradromics are running human studies. Synchron's system remains investigational. Precision has a cleared cortical electrode, but its complete implanted BCI is still under development.

Blackrock comes closest to bridging the two worlds because research institutions have bought its neural-recording systems for years.

The revenue gap is not especially mysterious once you look at the sales channels. Neurotech companies make serious money once they have an approved product, reimbursement or hospital budgets, and a repeatable sales process. Most advanced BCIs have not reached that combination yet.

Do neurostimulation startups make more money than BCI startups?

Neurostimulation startups currently generate far more revenue than the new generation of implantable BCI startups.

Saluda is around $90 million of annual revenue. BrainsWay has crossed $50 million. CVRx is above the same threshold, while Mobia, Mainstay Medical and electroCore already generate tens of millions.

The BCI side looks completely different. Neuralink, Synchron, Precision and Paradromics still disclose clinical milestones much more often than sales.

The explanation is mostly commercial maturity. Spinal cord stimulation, vagus nerve stimulation, TMS and related therapies already have defined patients, trained physicians, reimbursement pathways and existing treatment workflows.

BCI companies are trying to create new interfaces between the brain and computers. The potential market could eventually be much larger, but these companies still have to prove safety, clinical usefulness, regulatory acceptability and a scalable way to deliver the technology.

Today, neurostimulation pays the bills while implantable BCI attracts the bigger futuristic story.

Are diagnostic neurotech startups scaling faster than implant companies?

Ceribell shows that neurodiagnostics can scale faster than many implant businesses because adding a new hospital account does not require creating a new surgical procedure.

The company increased revenue 36% in 2025 and another 33% in its latest quarter. Its account base has also continued expanding, reaching 712 active accounts.

Ceribell benefits from two layers of growth. It can sign more hospitals, then generate more product and subscription revenue as each hospital uses the system more often.

Wearable EEG companies such as Zeto follow a similar model, although their public financial disclosure is much weaker. Onera Health is another interesting example: its wearable sleep-testing platform is already being used across multiple clinics, but the company has not disclosed revenue clearly enough for us to rank it.

Implants can eventually produce very high revenue per patient. Diagnostics usually have an easier deployment path, and Ceribell currently provides the strongest evidence that this can translate into faster commercial scaling.

Which smaller private neurotech startups already appear to make real money?

Below the public scaleups, several private neurotech companies appear to have reached multi-million-dollar revenue, although the evidence becomes much less reliable.

Third-party estimates put Zeto around the low-$20-million range and Cala Health somewhere around $10–25 million. ANT Neuro appears to be around the low-double-digit millions, while g.tec medical engineering, Neuroelectrics and Soterix Medical appear smaller again.

We would not treat those numbers like SEC-filed revenue. They are useful for understanding the rough size of the private-company layer, not for claiming that one company generated exactly $2 million more than another.

Blackrock and Flow illustrate the opposite problem. Both have stronger evidence of commercial adoption than many estimated-revenue companies, but neither gives us a sufficiently clean current revenue number.

Private company	Best visible commercial evidence	Main business	Revenue confidence
Zeto	~$20M annual revenue estimate	Wearable EEG	Low
Cala Health	$10–25M revenue estimate	Wearable neuromodulation	Low
ANT Neuro	~$11M revenue estimate	EEG / TMS systems	Low
g.tec medical engineering	~$7.5M revenue estimate	BCI / EEG research systems	Low
Neuroelectrics	~$5.5M revenue estimate	EEG / electrical stimulation	Low
Soterix Medical	~$5M revenue estimate	Brain-stimulation systems	Low
Blackrock Neurotech	Revenue not disclosed; 1,000+ labs	BCI research systems	Revenue unknown
Flow Neuroscience	Revenue not disclosed; large patient base	At-home depression tDCS	Revenue unknown

The lower end of the ranking should therefore be read as a map of commercial scale rather than a precise league table.

Is consumer neurotech a big revenue market yet?

Consumer neurotech has produced large installed bases, but we still do not see transparent financial evidence that it rivals clinical neurotech in annual revenue.

Muse is the clearest example. More than 1.5 million EEG headbands have reportedly been sold over the product's lifetime. That is a substantial installed base, but cumulative units sold over many years cannot tell us what the business generates today.

electroCore gives us a useful bridge between the clinical and consumer markets. Its company revenue includes prescription gammaCore products as well as Truvaga wellness products. Truvaga has grown quickly, yet prescription and institutional sales still account for much of the business.

Flow Neuroscience is also unusual because its at-home format feels consumer-like even though the device is a regulated depression treatment.

Consumer neurotech is clearly a real market. What we have not found is a specialist consumer-neurotech startup transparently generating hundreds of millions of dollars a year.

What kind of neurotech business actually makes money today?

The strongest commercial model in neurotech today is a regulated product for a specific clinical problem, sold through a repeatable hospital or physician channel and supported by reimbursement or a clear healthcare budget.

Saluda does this with spinal cord stimulation. Mobia does it with paired vagus nerve stimulation after stroke. CVRx targets heart failure with Barostim. BrainsWay sells Deep TMS into psychiatric care.

Ceribell uses a slightly different model and may have found an even more scalable combination: disposable EEG products plus recurring software subscriptions inside hospitals.

Research tools can support a smaller but durable business as well. Blackrock and g.tec have spent years selling neural-recording systems to universities and research teams.

Clinical-stage BCI companies, by contrast, still spend heavily to generate evidence before they can build routine sales. Their science may be more ambitious, but commercial neurotech currently rewards distribution, reimbursement and repeated clinical use.

Which neurotech startups are growing fastest right now?

Mobia Medical, Nyxoah, BrainsWay and Ceribell currently stand out when we look at recent recognized revenue growth rather than funding announcements or clinical milestones.

Mobia's latest quarter grew 102%. Nyxoah's first-half revenue increased from €2.4 million to €14.0 million as its U.S. launch ramped up. BrainsWay's latest quarter grew 35%, while Ceribell increased 33%.

electroCore also grew 28% in its latest quarter, and Saluda's latest full fiscal year grew 28%.

The starting point still matters. Nyxoah can multiply revenue much faster because it is coming off a small base. Ceribell adding roughly one-third to a business already generating close to $100 million carries much more absolute revenue.

Mobia is particularly interesting on both measures: growth is above 100%, yet the company is already heading toward the $50-million-plus tier.

Company	Latest reported growth	Latest revenue period	Main driver
Nyxoah	H1 revenue ~5.8× YoY	€14.0M H1	U.S. Genio launch
Mobia Medical	Q2 +102%	$13.5M Q2	Vivistim adoption
BrainsWay	Q2 +35%	$17.1M Q2	Deep TMS shipments
Ceribell	Q2 +33%	$28.1M Q2	More accounts and higher usage
electroCore	Q2 +28%	$9.5M Q2	Prescription and wellness products
Saluda Medical	FY +28%	$90.2M FY	Evoke commercial expansion
ClearPoint Neuro	Q2 +18%	$10.9M Q2	Navigation, IRRAflow and CNS programs
CVRx	Q2 +16%	$15.7M Q2	U.S. Barostim adoption

Are the biggest neurotech startups profitable yet?

Most of the largest neurotech growth companies are still losing money, although BrainsWay shows that profitability is possible well before reaching $100 million of revenue.

Ceribell generated $28.1 million in its latest quarter but recorded a $19.3 million net loss. The company is spending heavily on its commercial team and product pipeline while expanding its hospital footprint.

Saluda's annual revenue reached $90.2 million, yet the company continues to absorb large losses as it builds its U.S. commercial organization.

CVRx also remains loss-making despite annual revenue above $50 million. Mobia is growing extremely fast but is still investing heavily after its IPO.

BrainsWay looks different. The company reported $3.5 million of adjusted EBITDA in its latest quarter, with a 20% adjusted EBITDA margin, and has been generating operating profit alongside 30%-plus growth.

So $50 million of neurotech revenue is enough to prove that customers want the product. It is not automatically enough to pay for a national sales force, clinical studies, regulatory work, manufacturing and continued R&D.

Are the famous BCI startups commercially behind less glamorous neurotech companies?

Yes. The companies receiving the most public attention in neurotech are currently far behind several neurostimulation and diagnostic businesses on commercial revenue.

Neuralink, Synchron, Precision Neuroscience and Paradromics are pushing the technical frontier of implanted brain-computer interfaces. Their milestones deserve attention. Paradromics' first long-term participant has already used brain activity for real-time speech and text communication, while Precision has implanted more than 95 study patients.

Meanwhile, Ceribell is heading toward well above $100 million of annual revenue, Saluda has crossed $90 million, and companies such as CVRx, BrainsWay and Mobia are already selling tens of millions of dollars of neurotechnology every year.

There is no contradiction. The BCI companies are trying to open an entirely new market. The revenue leaders are selling products into markets that already exist.

For anyone trying to understand the neurotech business today, following clinical sales tells a very different story from following headlines.

What are the top neurotech startups by revenue today?

Saluda Medical and Ceribell currently sit at the top of the specialist neurotech revenue ranking, with roughly $90 million of completed annual revenue each, while Ceribell's more recent growth suggests it may already be moving into a higher revenue tier.

The next group includes Nalu Medical on expected pre-acquisition sales, CVRx and BrainsWay above $50 million, followed closely by the fast-growing Mobia Medical. ClearPoint Neuro, Mainstay Medical and electroCore form the next meaningful revenue cluster.

Nyxoah is smaller but rising very quickly after its U.S. launch.

For private companies, the picture becomes less precise. Flow Neuroscience and Blackrock Neurotech clearly have real commercial adoption but insufficient current revenue disclosure. Zeto, Cala Health, ANT Neuro, g.tec, Neuroelectrics and Soterix have third-party revenue estimates, which we treat more cautiously.

Neuralink, Synchron, Precision Neuroscience and Paradromics currently belong in a different part of the market. Their commercial importance is mostly prospective because their main implanted BCI platforms remain investigational or at an early stage of commercialization.

Neurotech has already produced several companies capable of generating $30–100 million a year, and the leaders currently come from medical neurostimulation and neurodiagnostics. The BCI companies may reshape the ranking later, but they have not done it yet.