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Precision Neuroscience has successfully raised $102 million in its latest funding round.

This New York-based company is working on a brain-computer interface that allows users to control devices like smartphones and computers using their thoughts.

What Happened The latest investment has increased Precision’s valuation to approximately $500 million, surpassing the $75 million raised by Synchron, another player in the BCI field, reported the Financial Times.

Despite this, the industry is still largely dominated by Elon Musk’s Neuralink, which has secured over $600 million in funding.

BCI devices leverage artificial intelligence to interpret brain signals and control computers.

Neuralink has already implanted electrodes in two individuals, enabling them to play video games and use design software.

Precision’s device, temporarily used on 27 patients during neurosurgery, aims to offer a less invasive procedure.

Why It Matters The BCI market is heating up with Neuralink setting ambitious goals.

Musk has previously announced plans to achieve 1,000 brain chip implantations by 2026.

He has also previously indicated that Neuralink’s brain implants could eventually be as affordable as an Apple Watch, priced between $1,000 and $2,000.

Earlier this year it was reported that another Neuralink competitor, Paradromics, is also preparing for human trials of its brain implant, aiming to facilitate high-speed communication with multiple neurons.