Edinburgh-based startup Neuranics has successfully secured a significant £1.9 million investment, primarily led by Par Equity, a prominent venture capital firm. The funding round also saw participation from GU Holdings, the investment arm of the University of Glasgow, Old College Capital, affiliated with the University of Edinburgh, and London-based Creator Fund, known for supporting scientific founding teams.
Established in 2021 as a collaborative spinout from the University of Glasgow and the University of Edinburgh, Neuranics specializes in developing cutting-edge magnetic sensors integrated with semiconductor technology. These sensors have diverse applications in the fields of health, fitness, and metaverse technologies. Neuranics’s patented technology employs scalable spintronics sensors powered by semiconductors to detect minuscule magnetic signals emanating from organs within the human body, such as the heart and arm muscles. The company asserts that this innovation could potentially address the limitations of existing health monitoring devices and human-machine interfaces.
One of Neuranics’s key developments includes magnetocardiography (MCG) sensors, which offer a more user-friendly alternative to traditional electrocardiography (ECG) sensors. Additionally, in the realm of human-machine interface applications, the magnetomyography (MMG) sensing system can estimate single finger movements by capturing the magnetic activity of forearm muscles. These sensors play a pivotal role in mitigating latency issues, particularly when controlling robotic hands or interacting with virtual objects in the metaverse.
Unlike current methods of measuring magnetic signals, which involve large, complex, and expensive lab or clinic-based equipment, Neuranics’s chip-scale sensors are not only cost-effective but also scalable, energy-efficient, and capable of operating at room temperature. This technological advancement holds the potential to revolutionize various industries by providing more accessible and practical solutions.
CEO Noel McKenna expressed the company’s vision, stating, “Our breakthrough technology will enable much better sensor resolution for human-machine interface, will have huge benefits for health and fitness devices, and also controllers in the metaverse. We see global demand for our technology, and we are already working with several Tier 1 consumer electronics groups. We want to be the world’s leading magnetic sensor company, selling our sensor chips or licensing our technology into hundreds of millions of products per annum.”
Robert Higginson, Partner at Par Equity, commended Neuranics’s transformative technology and the team behind it. He emphasized the rare combination of groundbreaking technology and a skilled team, which aligns well with Par Equity’s focus on supporting tough tech innovations. Neuranics’s patented technologies, according to Higginson, complement the portfolio of technologies developed by Par Equity’s other portfolio companies, showcasing the synergy and potential impact of their investments in the tech sector.
