Neuranics, a Scottish deep-tech semiconductor company, has secured $8 million in seed funding to advance its innovative magnetic sensing technology. The funding round was led by Blackfinch Ventures, with participation from Archangels, Old College Capital, the University of Glasgow, Par Equity, and the University of Edinburgh's venture investment fund.
The company, founded in 2021 as a spin-out from the Universities of Glasgow and Edinburgh, has developed ultra-sensitive, low-power magnetic sensing technology that can detect minute signals from the human body. Their Tunneling Magnetoresistance (TMR) quantum sensing technology combines custom semiconductor designs with AI-enabled hardware and software to track muscle activity for gesture recognition and heart signals without requiring skin contact.
This touchless capability opens significant opportunities across multiple sectors, particularly in digital health, extended reality (XR), and wearables. The fresh capital will fuel Neuranics' international growth, accelerate commercial adoption of its technology, expand its team, and enable integration of its TMR technology into high-tech markets.
"The team at Neuranics have shown us that they can not only accurately detect finite movement but do so whilst consuming low power, which clearly opens up a tremendous number of applications across business and industry. Neuranics have an exciting market for their technology, and we look forward to working with the team," said Kimberley Hay, senior ventures manager at Blackfinch Ventures, in a statement.
The company reports active collaborations with Tier-1 semiconductor and XR manufacturers to demonstrate the value and production readiness of its technology in industrial, consumer, and healthcare markets.
This latest funding follows several earlier financial milestones. Less than six months ago, Neuranics raised $700,000 in seed funding led by Inflection Point Ventures. Prior to that, the company secured an £800,000 ($1.03 million) grant from Scottish Enterprise to support a £2.4 million ($3.11 million) project utilizing magnetomyography (MMG) technology and machine learning to interpret muscle movements using wristbands.
The project initially focused on XR applications, enabling gesture recognition and muscle activity monitoring through wristbands for natural gesture-based interactions in immersive environments. In 2023, the company also received a $2.3 million investment led by Par Equity and launched a magnetic sensor development kit that records heart magnetic activity and transfers that information to mobile devices over Bluetooth for continuous recording and analysis.
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