Brain-Computer Interface Firm BCI Medical (Borui Kang) Files for STAR Market IPO, Rivaling StrongBrain in Race to Become China's First BCI Listed Company

On February 6, according to the information displayed on the CSRC's IPO coaching public announcement system, Neuracle Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Neuracle"), a brain-computer interface company, completed its IPO coaching registration on February 4. The coaching broker is CITIC Securities, which also indicates that Neuracle has officially initiated the process for a STAR Market IPO.

▌Aiming to Become the "First Brain-Computer Interface Stock" on China's A-Share Market

NeuracleFounded in November 2011, the core team is composed of members from the Neuroengineering Laboratory of Tsinghua University, which is among the global top five in brain-computer intelligence, and medical market experts in the field of clinical neuroscience. The company focuses on "brain-computer interface" technology and specializes in the research and development, production of brain-computer interface system-related equipment, and related technical services.

It was also reported that both Neuracle's Chairman Xu Honglai and General Manager Huang Xiaoshan graduated from the Department of Biomedical Engineering at Tsinghua University, under the tutelage of Professor Hong Bo.

According to public information, Neuracle's products are currently mainly divided into two series: clinical diagnosis and treatment, and scientific research and teaching. The former mainly includes digital electroencephalographs and transcranial electrical stimulation systems, while the latter includes multimodal acquisition systems and multimodal brain imaging systems.Polygraph Physiological Signal RecorderAmong them, Neuracle's transcranial electrical stimulator and electroencephalograph have obtained medical device registration certificates and are mainly used for neuromodulation, rehabilitation treatment assistance, and monitoring and evaluation of brain function.

Another representative product of Neuracle is the NEO Wireless Minimally Invasive Implantable Brain-Computer Interface System (hereinafter referred to as NEO), which was jointly developed with Professor Hong Bo's team from the Department of Biomedical Engineering at Tsinghua University.This product is the world's first brain-computer interface device featuring epidural implantation and full wireless transmission design.

Data shows that NEO belongs to the third technical route, which is neither invasive brain-computer integration nor non-invasive brain-computer interface ——"Minimally invasive" technology, which involves implanting coin-sized electrodes beneath the skull and outside the dura mater through minimally invasive surgery,It is very close to the brain neurons, but does not directly contact the neuron cells, thus avoiding damage to neural tissue. It uses near-field wireless power supply and signal transmission, eliminating the need for a battery implant in the brain.

In October 2023, NEO successfully conducted its first clinical implantation trial at Xuanwu Hospital in Beijing. Subsequently, clinical feasibility trials were carried out at Beijing Tiantan Hospital, Shanghai Huashan Hospital, and Jiangsu Provincial People's Hospital. In August 2024, NEO entered the National Medical Products Administration's special review channel for innovative medical devices, becoming China's first brain-computer interface product to enter the special review process for innovative medical devices.

In May 2025, NEO's multi-center study in ChinaGCPThe registered clinical trial has officially started. As of December, 32 patients with cervical spinal cord injuries have completed NEO implant surgeries at 11 hospitals across China. According to the information disclosed at its clinical trial summary meeting, all patients have successfully achieved home-based brain-controlled grasping assistance and rehabilitation training, achieving a 100% success rate in the primary clinical endpoint.

According to Neuracle's plan,NEO may soon officially submit a Class III innovative medical device registration application to the National Medical Products Administration (NMPA),If successfully approved, this product is expected to become the first domestically produced implantable brain-computer interface product to be launched in China. According to previous disclosures by Neuracle, the version applied for registration this time is NEO1.0. The subsequent 2.0 version will include new functions such as language decoding and small limb decoding.

Before starting the IPO coaching, Neuracle had completed multiple rounds of financing, with several well-known investment institutions backing it.

In December 2015, Neuracle completed an angel round of financing worth 12 million yuan,The main investor is Rongtuo Capital,The capital institution later participated in the company’s Series B and C financing rounds; in March 2018, Neuracle completed a Pre-A round of financing worth 30 million yuan, with Keywise Capital and WI Harper Group as the main investors.

Since then, Neuracle has successively completed five rounds of financing, introducing Sequoia China,Pinehurst Capital, Huakong Fund, Pudong Venture Capital, Baidu Ventures and other well-known institutions. The latest round was the D+ round completed in 2025, with investors including Fortune Ventures and Zhongguancun Development, bringing the post-investment valuation to 3.5-4 billion yuan.

According to the coaching filing report, Xu Honglai directly holds 12.2453% of the company's shares, and controls 11.0879% of the shares through Beijing Boruikang Investment Partnership (Limited Partnership) and Shanghai Boruikang Enterprise Management Partnership (Limited Partnership), for a total control of 23.3332% of the shares, making him the controlling shareholder of Neuracle.

▌Neuracle TechnologyYi Mi Goes Public on the Hong Kong Stock Exchange

Notably, prior to Neuracle, there were reports thatKnown as the "Hangzhou Six Dragons," Neuracle has secretly submitted its IPO application in Hong Kong.Neuracle Technology (Shanghai) Co., Ltd. was founded in February 2015, incubated by founder Han Bicheng and his team at the Harvard Innovation Lab. The company is primarily dedicated to the research and development of non-invasive brain-computer interface technology.

According to the official website of Neuracle,Its products cover three aspects: intelligent bionics, intelligent health, and intelligent education.Currently, it has launched several products, including the intelligent bionic hand, brain-computer intelligent sleep instrument, and brain-computer interface attention training system. Among them, the intelligent bionic hand and intelligent bionic leg have received FDA approval for market entry in the United States. Additionally, the medical version of the wearable EEG product for children with ADHD (commonly known as "hyperactivity disorder"), named "Focusen," was approved for marketing in China in January 2026.

As of now,Neuracle Technology Has Completed Six Rounds of Financing, which completed its Angel Round and Pre-A Round financing in March and June 2016, respectively,Among which, the angel round was invested by HanTan Investment.The financing amount has not been disclosed. In subsequent financings, institutions such as China Electronics, Everbright Holdings, KPCB China, CDH Investments, Daoshi Technology, and the 37 Interactive Entertainment Venture Capital Fund were introduced.

In January 2026, Neuracle completed approximately 2 billion RMB in financing, with investors including IDG, Walden International, Lens Technology, Lingyi Industrial Intelligence, and several top family offices from Hong Kong, China, and the United States.This financing is also the second-largest single financing in the global brain-computer interface field.

In recent years, brain-computer interface, as a cutting-edge future industry, has encountered dual development opportunities in terms of policies and markets in China.

In 2025, the Ministry of Industry and Information Technology and six other departments jointly released the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry," explicitly including brain-computer interfaces as a key focus for future industry cultivation. The proposal for China's "15th Five-Year Plan" lists "brain-computer interface" as one of the six "future industries."In the 2026 Shanghai government work report, brain-computer interface, among others, was explicitly listed as a key future industry for development.

Data shows that by 2040, the comprehensive market size of China's brain-computer interface industry is expected to exceed 120 billion yuan, with the direct market scale mainly driven by equipment possibly surpassing 50 billion yuan; in segmented markets, the scientific research-grade market size is projected to grow about 10 times, while the consumer-grade market size growth will exceed 50 times.

However, the industry generally believes that brain-computer interface technology is still in its early stages of development. To achieve large-scale application in medical scenarios, it must overcome multiple hurdles, including rigorous human clinical trials and ethical regulations.