BoRaycon's STAR Market IPO Application Accepted, Aims to Raise RMB 2.5 Billion to Advance Brain-Computer Interface Technology

　　【Pharmaceutical Network - Corporate News] Brain-computer interface (BCI) is a technology that establishes a direct communication pathway between the brain and external devices, primarily categorized into three types: invasive, semi-invasive, and non-invasive. In the past two years, the BCI industry has entered a period of rapid development, simultaneously attracting increasing attention from capital investors.
 

Recent news indicates that Neuracle’s IPO application for the STAR Market has been officially accepted by the Shanghai Stock Exchange. It is reported that the number of shares to be issued in this offering will not exceed 20 million, representing no less than 25% of the total share capital after the issuance. In this bid for listing, the company plans to raise approximately RMB 2.5 billion. After deducting issuance expenses, the proceeds will be invested in brain-computer interface (BCI) R&D projects, BCI industrialization projects, and supplementary working capital.
 

Public information indicates that Neuracle is a high-tech enterprise driven by its independently developed, globally professional brain-computer interface (BCI) technology, specializing in the research and development, manufacturing, and sales of BCI-related products. The company is committed to providing precise, reliable, and comprehensive tools and solutions for the diagnosis, treatment, and rehabilitation of neurological disorders, as well as for cutting-edge neuroscience research, thereby addressing key pain points in clinical practice and scientific research.
 

From 2023 to 2025, Neuracle’s operating revenues were RMB 75.21 million, RMB 65.97 million, and RMB 108 million, respectively. In 2025, revenue from EEG acquisition systems amounted to RMB 77.6557 million, accounting for 72.32% of the total.
 

Currently, its core product, NEO-ONE SCI, has not yet generated any revenue during the reporting period. It is reported that the product entered the National Innovative Medical Device Special Review Procedure in August 2024 and received market approval from the National Medical Products Administration (NMPA) on March 13, 2026. The product adopts an epidural implantable technical approach and is indicated for patients with quadriplegia resulting from cervical spinal cord injury, making it the world’s first approved invasive brain-computer interface (BCI) medical device. Currently, the Shanghai municipal healthcare security authorities have included NEO-ONE SCI in the Shanghai Medical Insurance Catalogue for Medical Consumables.
 

Industry analysts believe that the mere three-month interval between regulatory approval and the acceptance of the IPO application demonstrates substantial support from regulators for the brain-computer interface (BCI) sector as a future industry, indicating that the pathway for industrial capitalization is being accelerated. Meanwhile, this development has further fueled the already booming domestic BCI market in China.
 

Data shows that the primary market for brain-computer interfaces (BCI) has become increasingly vibrant in the past one to two years. In 2025, a total of 26 financing events occurred in the BCI sector, with the total funding amount reaching RMB 1.778 billion. Among these, more than six deals exceeded RMB 100 million each, continuously breaking previous funding records. This represents a significant increase compared to the seven financing events and RMB 230 million in total funding recorded in 2024.
 

In summary, Neuracle’s push for an IPO on the STAR Market marks the formal entry of brain-computer interface (BCI) technology from the laboratory into the spotlight of the capital markets, signifying that the entire industry is undergoing a critical transition from “technical validation” to “commercial validation.” Whether it can achieve large-scale profitability will depend on its ability to convert its first-mover advantage into a systematic competitive edge through scaled product rollout, expansion of indications, and integration with payment systems.
 

　　Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice for any person.