Elon Musk's brain-chip company Neuralink raises $650 million

Elon Musk's brain-implant company Neuralink has raised $650 million from investors in a new funding round, the company announced on Monday.

Neuralink's implant, currently used by five patients with severe paralysis, allows users to control digital and physical devices with their thoughts.

The latest funding round follows a $280 million raise in August 2023.

The fresh capital will help expand patient access and "innovate future devices that deepen the connection between biological and artificial intelligence," the company said in a statement.

It added that clinical trials for the device have started in three countries.

When people intend to move, specific areas of the brain become active. Neuralink's implant uses a chip that processes these signals and transmits them to computers or phones, allowing users to control devices simply by imagining movement.

According to the company, one patient has used the implant to browse the internet, play chess and compete in video games like Mario Kart.

Brain-computer interfaces have been in development for years and Neuralink faces competition from other companies also aiming to bring the technology to market.