Neuranics, a Scottish deep technology semiconductor company, has secured $8 million in seed funding for magnetic sensing technology.
Blackfinch Ventures led the round and led participation from venture investment funds at Archangel, Old College Capital, Glasgow University, Perequity and Edinburgh University.
What it does
Neuranics offers ultra-sensitive, low-power magnetic sensing technology that detects small signals from the human body to track muscle activity for gesture recognition and cardiac signals without touching the skin.
The company’s gesture recognition tunnel magnetoresistance (TMR) quantum sensing technology consists of custom semiconductor designs and AI-enabled hardware and software.
Founded in 2021, Neuranics is a spin-out from universities in Glasgow and Edinburgh.
The company will use its funds to accelerate the international growth and commercial adoption of its technology, expanding its teams and enable it to integrate TMR technologies such as digital health, augmented reality (XR), and wearables into the high-tech market.
The company is promoting its active collaboration with Tier-1 semiconductor and XR manufacturers to demonstrate its value and production readiness in the industrial, consumer and healthcare markets.
“The Neuranics team shows that not only can accurately detect finite movements, but it can do so while consuming low power.
Market Snapshot
The funding comes less than six months after Neuranics won $700,000 in seed funding in a round led by an inflection point venture.
A month ago, the company announced it had secured a grant of £800,000 ($1.03 million) from a Scottish company. The grant is intended to support a £2.4 million ($3.11 million) project that uses magnetic imaging (MMG) technology and machine learning to interpret muscle movements using wristbands.
The project was originally intended for XR applications, allowing gesture recognition and muscle activity monitoring using wristbands for natural gesture-based interactions in immersive environments.
In 2023, the company won a $2.3 million investment led by PAR Equity, and announced the launch of a magnetic sensor development kit that records magnetic activity in the heart and transfers that information over Bluetooth to a smartphone, tablet or laptop for 24/7 record and analysis.
