We-Linking Secures Nearly RMB 100 Million in Two Rounds of Financing Within a Year to Advance Fully Implantable Medical-Grade Brain-Computer Interface Systems and Clinical Research on Neural Electrode Arrays

Brain-Machine Intelligence Fusion Technology Company — WE-LINKING (Shenzhen) Medical Technology Co., Ltd. ("WE-LINKING" for short) recently announced the completion of an angel-plus round of financing worth tens of millions of RMB, led by Gaorong Ventures, with participation from Life Park Venture Capital ("Life Park VC"), Shandong Qiji Investment, and follow-on investment from existing shareholder CDH Investments. Earlier this year, WE-LINKING had completed an angel round of financing worth tens of millions of RMB.

This round of financing is mainly used to promote the development of a fully implantable medical-grade brain-computer interface system, including clinical research on implantable ultra-compliant high-density electrode arrays, clinical application verification of thousand-channel medical-grade neural signal acquisition and processing systems, finalization of hundred-channel neural electronic chips, as well as verification of bidirectional brain-computer interface precise neural modulation technology and wireless broadband communication verification of neural signals.

Implantable brain-computer interfaces enable direct information exchange between the brain and a computer through neural interface technology. Relying on the principles of the brain's neuroplasticity and functional distribution, they allow the brain to learn to control external electronic devices at will, achieving direct information interaction between the brain and the machine.

In recent years, implantable brain-computer interface technology has achieved many significant milestone advancements and has been fairly well validated. From controlling robotic arms with the brain, speech reconstruction, restoring limb control, to treating severe depression and other mental illnesses, brain-computer interfaces are no longer science fiction. Instead, they have found numerous practical applications and are entering a phase of accelerated clinical translation. This technology holds promise to provide better solutions for treating various brain-related disorders.

Currently, in the field of medical applications, one way implantable brain-computer interface systems are combined with rehabilitation training is by replacing damaged neural organs in patients who have lost sensory or motor functions. Through robotic limbs and digital terminals, patients can achieve self-care and social interaction, helping the nervous system rebuild and restore its functions, with the potential to achieve both physiological and social rehabilitation for the patient.

This year marks the 50th anniversary of the proposal of the brain-computer interface concept and is also a crucial year for the commercialization and industrialization of the technology. Not long ago, the Ministry of Industry and Information Technology released the "Notice on Organizing and Carrying Out the 2023 Future Industry Innovation Task Under the Public Challenge System," which aims to accelerate innovation cultivation and R&D implementation in four key areas, with brain-computer interface technology being one of them.

Internationally, Neuralink, the brain-computer interface company founded by Elon Musk, completed a $280 million Series D funding round in August 2023, bringing its total financing to $653 million over eight years. In the past year, other globally representative brain-computer interface companies such as Synchron, Paradromics, and Precision Neuroscience have also secured multiple rounds of funding, with cumulative financing reaching several hundred million dollars. Significant clinical progress has been made by various companies and teams. In May 2023, Neuralink received FDA approval for clinical trials and began recruiting patients in September. In May, Precision Neuroscience completed multiple IIT tests, and its product received the FDA's Breakthrough Device Designation, demonstrating significant clinical advantages of high-density flexible electrode arrays in detailed "brain mapping." In September, Precision Neuroscience acquired a MEMS platform specifically for mass production of flexible electrode array products to meet clinical application demands.

In recent years, Chinese brain-computer interface companies are seizing the opportunities in cutting-edge industries and accelerating their pace to catch up with international leading enterprises. WE-LINKING, founded in 2019, is a start-up company focusing on the full-stack technology R&D of medical-grade implantable wireless brain-computer interfaces.

The majority of the research and development team members at WE-LINKING are senior researchers from leading international brain-computer interface research institutions, such as the Chinese Academy of Sciences, Northwestern University (USA), Brown University, the U.S. National Institutes of Health, and RWTH Aachen University in Germany. They have formed deep collaborations with renowned domestic universities, research institutes, and hospitals, including the Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences. The founding team has over two decades of international research experience in the foundational research, engineering practice, and clinical medicine of implantable brain-computer interfaces, and they possess a profound understanding of the principles and clinical applications of brain-computer interfaces.

WE-LINKING is the only team in China capable of independently developing brain-computer therapies and providing targeted solutions. The research and development team was the first in China to propose an implantable brain-computer interface solution based on high-density flexible electrode arrays on the surface of the cerebral cortex. They introduced a high-density mesh ultra-compliant neural electrode array, utilizing MEMS technology with micron-level ultra-thin structures and composite nanotechnology to enhance neural compatibility and conductivity. By attaching to the surface of the cerebral cortex, it can obtain high spatiotemporal precision neural signals, solving the technical challenge of implantable brain-computer interfaces where the implant site has only a single lifespan due to brain damage caused by penetrating electrodes.

Currently, WE-LINKING has largely completed the R&D of the full-stack hardware and software systems for brain-computer interfaces. In terms of hardware systems, the key core components include high-density ultra-flexible neural sensor arrays, integrated acquisition-stimulation closed-loop neural electronic chips, multi-thousand channel miniature brain-computer information interaction devices, and wireless transceivers for brain information. Regarding the software systems, these encompass preprocessing algorithms, decoding analysis algorithms, and brain-inspired control algorithms, among others. In terms of commercial applications, the technology extends to multiple specific scientific research and clinical application scenarios. Several brain-computer interface products are about to systematically complete development and are planned to be launched in the market soon.

Founder Professor Li Xiaojiang"Micro refers to micro-sensing technology and micro-large-scale integrated circuit technology, while spirit refers to brain intelligence. We hope to use tiny yet high-performance implantable devices as a brain-computer interface solution. By simultaneously enhancing both engineering hardware/software and our understanding of the brain, we aim to achieve the next leap forward in brain-computer interfaces."

Dr. Jingyi Liu from Gaorong Ventures"It is noted that the application and implementation of brain-computer interface technology require a team with a global perspective and the capability for breakthrough innovation. The WE-LINKING team is experienced and versatile, possessing extensive research and work experience, a solid foundation in technical theory, and a clear and pragmatic product pipeline plan. This will help to further advance the research, development, and clinical progress of implantable brain-computer interface technology, bringing new hope to patients as soon as possible."

Yuan Xue, Partner of Life Park Venture Capital Fund"It is noted that brain science and brain-computer interface technology are frontier strategic emerging industries proposed in the 14th Five-Year Plan, with extensive applications based on unmet clinical needs, and hold considerable future market potential. We have high regard for the profound accumulation of the WE-LINKING team in full-stack hardware and software development for brain-computer interfaces, and we look forward to the company making further progress."

Zhang Li, Founding/Managing Partner of Shandong Qiji Investment Management Co., Ltd."It is noted that the 21st century is called the 'Century of Brain Science,' with brain imaging technology, supercomputing, and information and communication technology all in rapid development. At the same time, major countries have successively launched brain initiatives. This top-down push, along with substantial research funding, is expected to accelerate the comprehensive development of brain science. The founding team has over 20 years of research accumulation in the field of brain science, mastering full-chain technologies across multiple key areas, including neural interfaces, chips, and decoding algorithms. Their self-developed patch-type brain-computer electrodes strike a good balance between safety risks and read-write accuracy, which is expected to promote the application and development of brain-computer interfaces in humans."

Dr. Dan Liu, Senior Partner of CDH Investments Innovation and Growth FundRepresenting the existing investor shareholders, they stated, "The WE-LINKING team is one of the few senior teams globally recognized by international peers to possess full-stack brain-computer interface technology. The founding team has deep and diverse technical expertise and industry resources. As an early investor in WE-LINKING, we are continuing to increase our investment in this round, firmly believing in the rapid development of the company’s minimally invasive implantable brain-computer interface products. We look forward to the company's technology being applied in the medical field as soon as possible, benefiting society."

In the past year, WE-LINKING has raised nearly 100 million yuan in financing from leading hard-tech investment institutions, market-oriented funds, medical device industry capital, and local governments. WE-LINKING will continue to design its products according to medical device requirements, guide the specific design of brain-computer systems based on clinical needs, and focus on delivering system-level products to clinical applications within a few years. The core mission is to ensure patients benefit as soon as possible, adhering to this principle while promoting the clinical transformation of brain-computer interface technology and emphasizing the implementation of application scenarios.

Gaorong Ventures, founded in 2014, focuses on early-stage and growth-stage investments, with a primary focus on new technologies, healthcare, and new consumer innovation fields. To date, Gaorong has invested in over 300 leading enterprises, among which 22 companies have completed IPOs, and more than 30 companies are valued at over 1 billion US dollars. Several companies have grown into leaders in their respective industries, including Pinduoduo, Huya Live, BOSS Zhipin, Roborock, and Dingdong Maicai. Gaorong Ventures continues to pay close attention to the healthcare sector, discovering and supporting leading enterprises in digital health and medical services, new drug development, medical devices, and testing.

Life Science Park Venture Capital Fund is a specialized fund primarily incubated in Beijing's Science and Innovation Center and Zhongguan Village Life Science Park, radiating across China and focusing on investment and financing services for technological innovation.

The fund's vision is to "discover scientists and entrepreneurs who change the world, and jointly create real social value." Its investment areas cover innovative drugs, new medical services, intelligent medical-engineering intersections, and other fields.

Shandong Qiji Investment Management Co., Ltd. is an investment institution focused on early-stage investments in the healthcare sector. It primarily targets high-quality investment opportunities in technology-driven fields such as biopharmaceuticals, medical devices, and in vitro diagnostics. The firm concentrates on niche sectors with significant competitive advantages, emphasizing unmet needs within the global healthcare market and patient population. It adheres to empowering portfolio companies and creating synergistic value, advancing medical innovation collaboratively while generating societal value.

CDH Investments is one of the earliest alternative asset management companies in China that focuses on the Chinese market, founded by professional investment and financial experts in collaboration with institutional investors such as the Government of Singapore Investment Corporation. With a multi-asset management platform, it supports enterprises at different stages of growth. The 350 leading companies it has invested in have become an important force in enhancing the vitality of China's economy. CDH Investments firmly believes in "discovering outstanding enterprises, allocating resources to them, and thereby driving them to transform industry landscapes and create social value."