Phantom Neuro, a neurotechnology company that offers a muscle-machine interface for controlling prosthetic limbs and robotic exoskeletons, announced an oversubscribed $19 million Series A funding round, bringing its total raise to $28 million.
Ottobock led the round with participation from existing investors Draper Associates, Time BioVentures, Breakout Ventures, Risk and Return, and LionBird Ventures and new investors METIS Innovative, e1 Ventures, Actual VC, MainSheet Ventures, Jumpspace and Brown Advisory.
WHAT IT DOES
Phantom Neuro, spun out of Johns Hopkins University School of Medicine, offers its peripheral neural interface technology, Phantom X. The company says this technology allows one to control complex electronic systems, such as prosthetics and robotic skeletons, as natural extensions of the human body.
The company will use the funds to complete its first human trials, conduct preclinical testing, advance regulatory submissions, and expand research and development to explore broader applications of its technology beyond prosthetic limbs.
“Ottobock’s backing underscores the growing convergence of neurotechnology, prosthetics and robotics,” Dr. Connor Glass, founder and CEO of Phantom Neuro, said in a statement.
“For decades, Ottobock has been at the forefront of restoring mobility for millions of people. By partnering with them, we’re accelerating Phantom X’s path to market and laying the groundwork for the future we all desire where assistive devices truly function as natural extensions of the human body.”
MARKET SNAPSHOT
In March, Texas-based Phantom Neuro, which leverages neuroscience, surgery, robotics and AI, received two FDA designations for Phantom X, including breakthrough device and TAP (Targeted Acceleration Pathway) designations.
In 2023, the company announced it was merging internet-of-things (IoT) technology with implantable medical systems by partnering with Silicon Labs Wi-Fi, which supports device makers in creating edge connectivity applications.
Edge connectivity applications are software solutions designed to operate on edge devices, allowing them to process data logically without needing constant connectivity to a centralized system.
In 2022, Phantom Neuro secured $3.25 million in seed funding and, subsequently, $6 million in expanded seed funding.
That same year, the company announced an alliance with Blackrock Neurotech, a company that develops brain-computer interface technology. The companies partnered to enhance Phantom X’s research and development and accelerate its path to clinical trials.
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