(Yicai) Jan. 8 -- Chinese brain-computer interface startup BrainCo has completed a CNY2 billion (USD286.3 million) financing round, setting the largest funding record globally in the BCI sector outside of Neuralink, a US-based company founded by Elon Musk, Shanghai Securities News reported today.

The funding round was co-led by Hong Kong-based private equity firm IDG Capital and Walden International, an investment firm founded by Intel Chief Executive Lip-Bu Tan. Strategic industry investors joining the round included smart terminal components supplier Lens Technology and semiconductor design company Omnivision Integrated Circuits Group.

The proceeds will be used to accelerate research and development of core BCI technologies, achieve engineering breakthroughs, and scale up product production and delivery, the report said, citing a source from Hangzhou-based BrainCo.

BrainCo aims to help one million people with limb disabilities regain daily function and reintegrate into society within the next five to 10 years through neuro-controlled prosthetics, the source noted. The company also plans to improve conditions for 10 million patients with autism, attention deficit hyperactivity disorder, Alzheimer’s disease, and insomnia using BCI devices, while enabling more ordinary users to interact directly with the world through thought, reshaping the future of human-computer interaction.

Founded in 2015, BrainCo focuses on developing non-invasive BCI technology and has launched several mass-produced products, including smart bionic prosthetics and smart sleep aids.

By comparison, Neuralink, the world’s most highly valued BCI company, completed a USD650 million Series E financing round last year, reaching a post-investment valuation of USD9 billion. According to recent remarks by its founder, Elon Musk, the company is set to begin large-scale production of BCI devices this year.

Editor: Emmi Laine