MindMaze enters unicorn club

03.02.2016 12:45

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MindMaze has forged a strong financial and strategic partnership with industrial groups such as The Hinduja Group and other important family offices, for a valuation of more than $1 billion to accelerate the launch of the MindMaze platform globally and into new applications such as Gaming, Defense and Automotive.

Finding a way to accelerate learning and decoding brain signatures is something of a holy grail in the field of medical research. Swiss neuroscientist Tej Tadi (picture above) is among those who believe they have the answer. This promise has vaulted his company MindMaze, which he started in Switzerland four years ago, into unicorn territory—startups worth $1 billion or more.

What started as doctoral research around a decade ago at the Swiss Federal Institutes of Technology led to the birth of MindMaze, which marries neuroscience with computer graphics and robotics and AI to help aiding patients with diseases, trauma and disorders of the nervous system.

Indian investors and a valuation of more than $1 billion
MindMaze has forged a strong financial and strategic partnership with industrial groups such as The Hinduja Group and other important family offices, for a valuation of more than $1 billion to accelerate the launch of the MindMaze platform globally and into new applications such as Gaming, Defense and Automotive.

The company's previous seed funding since its creation in mid-2012 was $10 million from Swiss and European Union grants, foundations and angel investors.

MindMaze is looking to raise more funds to accelerate and take operations to a large commercial scale. For its seed round, MindMaze chose a different funding strategy to control the vision and commercialization strategy. It is now in talks with several global institutional investors, VC's and family offices achieve its long term vision.

MindMaze has 52 employees, including physicists, mathematicians, computer scientists, neuroscientists, roboticists and engineers with a background in machine learning. The company is organised into three units--healthcare, media and transportation.

"I believe Mindmaze technology will be adopted by all facilities that focus on stroke rehabilitation,'' said Barry W Wilson, chairman, MindMaze. "In addition, the company offers a home unit which will enable the patient to continue the same intensive treatment at home, further enhancing recovery and facilitating a return to active life." Mr. Wilson is former president of Medtronic International, one of the world's largest medical equipment makers.

Tadi said he's open to quicker exits in the media unit to fund expansion in other longer-term businesses. The company's virtual reality goggles combine neural sensing with embedded motion-capture cameras to allow players' minds to enhance game play and experiences.

MindMaze medical devices, currently being sold in Europe, will be available in India through Hinduja hospitals. Its medical devices are certified for sale in Europe the Middle East and some countries in Asia. It expects to get certification for North America this year.

(SK / ES)

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