Strategic partnership with Paradromics will accelerate advancements in brain-computer interfaces and establish a Center of Excellence in NEOM.
AUSTIN, Texas, Feb. 12, 2025 /PRNewswire/ -- Paradromics, Inc., a global leader in high-data rate brain-computer interface (BCI) technology, announced a strategic investment from NEOM, the sustainable region taking shape in northwest Saudi Arabia.
Led by NEOM's strategic investment arm, NEOM Investment Fund (NIF), the partnership will advance the development of BCI-based therapies, which aim to restore, enhance or replace lost neurological functions for individuals with conditions that impair movement, communication or cognitive function. As part of the agreement, a Brain-Computer Interface Center of Excellence will be established within NEOM to spearhead ambitious clinical research and eventually serve as the premier center for BCI-based healthcare in the MENA region and beyond.
"At NIF, we are committed to enabling NEOM's bold vision of redefining the future of healthcare by investing in transformative technologies that push boundaries and address humanity's toughest challenges," said Majid Mufti, CEO of NIF. "Paradromics was selected as a strategic partner for their groundbreaking advancements in BCIs and our shared mission of shaping industries, solving critical challenges and driving meaningful impact."
Paradromics has developed the world's most advanced BCI platform, engineered for longevity and real-time data processing. Paradromics BCI is concealed under the skin and seamlessly bridges the gap between the brain and digital devices. Using artificial intelligence (AI), the Paradromics BCI translates recorded brain signals into actionable health data.
Paradromics' initial application focuses on restoring independent communication through digital devices for individuals living with spinal cord injuries, stroke, or ALS, a motor neuron disease. Paradromics is also developing future applications to enhance the treatment of mental health conditions, including mood disorders and chronic pain.
"This partnership marks a pivotal moment for Paradromics and the broader BCI industry," said Matt Angle, Ph.D., founder and CEO of Paradromics. "NEOM and Paradromics both have expansive visions for the future of mental health that are highly aligned. Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies."
Dr. Mahmoud AlYamany, Head of NEOM's Health and Well-Being sector, added, "Our partnership with Paradromics represents a major step forward in addressing the critical needs of individuals facing motor paralysis, speech impairment and other debilitating conditions. This collaboration accelerates groundbreaking clinical research in BCI-based therapies that will offer hope and life-changing solutions to millions worldwide."
The partnership with Paradromics is part of a growing portfolio of disruptive technology investments by the NIF, underscoring its pivotal role in enabling NEOM's commercial success by accelerating the growth of its 15 sectors, creating jobs and galvanizing the investment community.
About Paradromics Inc.
Paradromics is building the industry-leading brain-computer interface (BCI) platform. Its advanced neurotechnology captures brain signals at unmatched speeds and will connect users to boundless AI-enabled treatments for motor impairment, chronic pain, addiction, depression, and other mental health conditions. Paradromics' first clinical product, Connexus® BCI, is designed to help people unable to speak due to debilitating motor conditions to communicate independently through digital devices. For more information, visit www.paradromics.com or contact media@paradromics.com.
Media Contact:
Renee Day
rday@paradromics.com
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