Axoft, a Boston, MA-based neurotechnology company, raised USD8M in Seed funding.
The round was led by The Engine, with participation from Ab Initio Capital, Decent Capital, Alumni Ventures, Safar Partners, AIBasis, LiquidMetal VC, Taihill Venture, AMINO Capital, Blindspot Ventures and Mintz. The Engine’s General Partner Reed Sturtevant joined its Board of Directors.
The company intends to use the funds to conduct pre-clinical studies with the FDA and to scale up prototypes of its neural implants “as soft as the brain”.
Founded in 2021 by CEO Paul Le Floch and CTO Tianyang Ye, alongside Assistant Professor at Harvard’s School of Engineering and Applied Sciences Jia Liu, PhD., Axoft provides implant promotes long-term communication with the nervous system – transforming clinical outcomes, individual health, and the human experience. Its implant mimics the soft tissues which surround it, while maintaining resilience against the harsh conditions of the brain. This brain-machine interface means less damage to the patient, extended device stability and precise communication with a greater number of neurons.
Axoft announced FDA Breakthrough Device designation for its brain-machine interface (BMI) to better treat neurological disorders. The company was founded in 2021 by CEO Paul Le Floch and CTO Tianyang Ye, alongside Assistant Professor at Harvard’s School of Engineering and Applied Sciences Jia Liu, PhD. The novel technology was born out of Dr. Liu’s work developing materials and designs of ultra-flexible nanoelectronics to mimic the mechanical and structural properties of the brain and was further researched by Le Floch while he was completing his PhD at Harvard in Mechanical Engineering and Material Sciences. The novel implants they developed are gliosis-free. In other words, the implants can reside in the central nervous system for the long term without harm. The implants also exhibit electrical stability to track brain signals over the long term, and deliver an ultra-high density of sensors to maximize the information that can be exchanged between the brain and electronics.
Participation in the FDA Breakthrough Devices Program will speed the development, assessment and review of technology while preserving the standards for premarket approval and clearance for protection of public health. The company will introduce its technology in a staged approach, with the primary focus on improving quality of life; first addressing illnesses that have large patient populations that are underserved by current medical technology as well as diseases such as pediatric CP and epilepsy where patients undergo treatment for life-long conditions.
FinSMEs
20/10/2022