Neuranics Secures £1.9m in Investment

Neuranics has successfully secured £1.9 million funding, led by Par Equity. Pre-seed investment also came from the University of Glasgow, Old College Capital, and the London-based Creator Fund, which is known for backing scientific founding teams. This significant investment underscores the potential of Neuranics’ cutting-edge magnetic sensor solutions, poised to transform applications across health, fitness, and the metaverse.

Established in 2021 as a joint spinout from the Universities of Glasgow and Edinburgh, Neuranics develops pioneering magnetic sensors integrated with semiconductor technology for health, fitness, and metaverse applications. Neuranics technology uses scalable spintronics sensors powered by semiconductors to detect tiny magnetic signals from organs of the body—such as the heart and muscles of the arms—which the company believes could overcome the current shortcomings of health monitoring devices and human-machine interfaces.

The company’s magnetocardiography (MCG) sensors are easier to use than traditional electrocardiography (ECG) sensors. In human-machine interface applications, the magnetomyography (MMG) sensing system can estimate single finger movements by detecting the magnetic activity of forearm muscles. These sensors improve latency issues when used to control a robotic hand or interact with virtual objects in the metaverse.

Neuranics chip-scale sensors are low-cost, scalable, low-power, and operate at room temperature, unlike current methods of measuring magnetic signals, which typically involve large, complex, and expensive lab or clinic-based equipment.

CEO Noel McKenna highlighted the global demand for Neuranics’ technology, noting that the company is already engaged with several leading consumer electronics firms. Neuranics aspires to become the world’s leading magnetic sensor company, aiming to integrate its sensor chips or license its technology into millions of products annually.

Investor confidence in Neuranics is strong. Robert Higginson, Partner at Par Equity, commended the company for its transformative technology and outstanding team, which aligns with Par Equity’s focus on tough-tech. Alexandra Ntemourtsidou, Director of Operations at Creator Fund, emphasised Neuranics’ potential to overcome significant limitations in brain-machine technologies, while Andrea Young, Head of Investment at Old College Capital, expressed enthusiasm for supporting a joint spinout that is set to make a significant impact across multiple market sectors.