Paradromics has unveiled a successful US$33 million Series A funding round, spearheaded by Prime Movers Lab. Joining as additional investors are Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity.
This influx of funding will enable Paradromics to initiate its inaugural clinical trial for the revolutionary Connexus® Direct Data Interface (DDI).
Paradromics also announced that the US Food and Drug Administration (FDA) has designated the Connexus DDI as a "Breakthrough Device Designation."
This prestigious designation expedites the review process for groundbreaking medical devices capable of treating irreversibly debilitating conditions.
Severe motor impairment resulting from conditions such as ALS, spinal cord injury, and stroke can significantly impact patients' communication abilities. Despite having active brains, many patients face challenges in speaking, using computers, or relying on slow and frustrating gaze-tracking systems. The primary application of the Connexus DDI is an assistive communication device that instantaneously translates brain signals into speech and movement.
This innovative technology aims to restore social connections and empower independent engagement with various technological devices.