$12 million seed round for AI-enhanced neurotech wearable

A consortium of scientists, doctors, and entrepreneurs have revealed a pioneering wearable neurotechnology platform.

This platform leverages proprietary algorithms and artificial intelligence (AI) to enhance health through non-invasive, proactive brainwave stimulation, eschewing the side effects commonly associated with pharmaceuticals. Elemind, a novel AI-enhanced neurotech health enterprise, emerged from stealth, announcing the closure of a $12m seed funding round to advance the development of its inaugural product, set for unveiling in the forthcoming months.

The scientists behind Elemind are affiliated with premier research institutions such as the Massachusetts Institute of Technology (MIT), Imperial College London, Harvard Medical School, and the University of California at Berkeley. Their research, validating the efficacy of the underlying science and technology, has been published in peer-reviewed journals, including Nature Communications.

Elemind’s wearable neurotechnology interprets individual brainwaves and actively guides them in real-time through bespoke stimulation. This precise guidance aims to alter behaviour more intelligently, targeted, and naturally than traditional pharmaceutical methods.

Dubbing the method ‘electric medicine’, Elemind advocates for a drug-free, personalised, and adaptive strategy that adjusts stimulation based on bodily responses until achieving the desired state. The company has collaborated with several leading research institutions to corroborate the technology and develop its applications.

Elemind's technology, underpinned by five clinical trials and numerous peer-reviewed scientific publications, has demonstrated efficacy in inducing sleep 74% faster, significantly reducing essential tremor within 30 seconds of stimulation, and enhancing memory. Additional trials have shown its effectiveness in raising pain thresholds and augmenting sedation; this particular study is presently under peer review. Elemind shows promise for a broad spectrum of neurological conditions.

“Chemical drugs affect the entire body, often leading to unwanted side effects. Elemind offers a non-chemical, direct, and on-demand solution that learns and dynamically adjusts to each person,” said Meredith Perry, CEO, and Co-Founder of Elemind. “We’re the first and only company able to precisely guide and redirect brainwaves in real-time.”

The seed funding round attracted an impressive roster of investors, including industry-leading entrepreneurs, business figures, and funds:

  • Village Global, the company's initial investor, is an early-stage venture fund supported by Jeff Bezos, Reid Hoffman, Bill Gates, and Ann Wojcicki, among others.
  • LDV Partners, a global deeptech and life sciences fund, also contributed, with LDV Partner Dr. Qing Zhang, a seasoned investor, entrepreneur, and Harvard-trained medical doctor, joining Elemind’s board.
  • Additional funding came from MIT’s E14 Fund, Wharton’s Alumni Angel fund, Embark Ventures, and founders of Skype, Nest, OpenTable, BroadVision, Boston Scientific, Vital Proteins, and Fab Fit Fun.

“We were impressed by Meredith and the team’s bold vision, the significant market potential, and were fortunate to be the first investor in Elemind,” said Erik Torenberg, Venture Partner at Village Global. “Elemind’s neurotech wearable represents the latest advancements in the industry. The team has made significant progress towards its vision and has made our decision to invest look easy. I’m excited about what’s to come in 2024.”

“Elemind is revolutionising neurotechnology,” said Dr. Qing Zhang MD, partner at LDV Partners. “Their innovative design combines cutting-edge technology with thoughtful craftsmanship to help individuals improve their health.”

Since 2019, the Elemind team has developed its technology in secrecy, securing three critical patents for its core signal processing algorithms and dynamic neurostimulation techniques. The team comprises seasoned neuroscientists and researchers, including Dr. Ed Boyden, Dr. David Wang, Dr. Ryan Neely, Dr. Nir Grossman, and Dr. Heather Read, who have made significant contributions to the field of neurotechnology.

“A new era of transformative neurotechnology is arriving and Elemind is at its forefront,” said Dr. David Wang, CTO, and Co-Founder of Elemind. “Elemind broke new ground with an algorithm that allows for instantaneous neuromodulation. Each brain is unique and constantly changing, so we leverage AI and ML to optimise stimulation parameters to achieve the desired state the fastest. You can think about it like noise cancellation for the mind – our technology uses phase-locking auditory stimuli to align precisely with the user’s brainwaves and steer them to a different frequency associated with a different state.”

Elemind’s first product is categorised as a general wellness device, thus not requiring FDA regulation.