In 2015 a tech start-up called Neurable began its work in using EEG to let users control virtual reality (VR) using only the power of the brain. Now the Zell Lurie Commercialisation Fund (ZLCF) has announced that it has participated in a Series A fudning round for Neurable.
Neurable began as a project by two University of Michigan alumni, Ramses Alcaide and Michael Thompson, which uses a cutting-edge brain-computer interface to allow hands-free control of VR.
The Neurable technology uses machine learning and proprietary algorithms to measure brain activity in real time and translate it into control of the virtual characters and environment. Recognising that the technology could have a wide range of applications for various areas and industries, the company plans to use the new funding injection to fuel continued growth and development in the VR market.
“We are very excited to support Neurable in this next stage of growth,” said Scott Collins, VP of portfolio management at the ZLCF. “In the due diligence process, our team was impressed by Neurable’s breakthrough BCI technology, and we believe that the company is well-positioned to lead in the emerging neurotechnology market.”
The ZLCF is a student-led fund, one of five such funds at the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies. The purpose of the ZLCF is to let students have experience in venture capital by investing real money into real businesses both in and outside the university.
“This is an exciting investment for ZLCF,” said Michael Johnson, faculty director of ZLCF and entrepreneur-in-residence at the Zell Lurie Institute. “The Neurable team and technology came out of the outstanding innovation ecosystem at the University of Michigan. The ZLCF students are looking forward to working with the team as they build a great company.”
For future coverage on Neurable and other VR start-up firms, keep checking back with VRFocus.