Neuralink competitor Paradromics secures investment from Saudi Arabia’s Neom

Key Points
Paradromics announced a strategic partnership with Saudi Arabia’s Neom, a developing region within the country that’s touted as “a hub for innovation.”
The company is building a brain-computer interface that could help patients with severe paralysis regain their ability to communicate.
Paradromics will also establish a Brain-Computer Interface Center of Excellence in Neom.
Texas-based neurotech startup Paradromics on Wednesday announced a strategic partnership with Saudi Arabia’s Neom and said it will establish a Brain-Computer Interface Center of Excellence in the region.

Neom is a developing area within northwest Saudi Arabia that’s touted as “a hub for innovation,” according to its website. The area’s strategic investment arm, the Neom Investment Fund, led the partnership. Paradromics declined to disclose the investment amount.

Paradromics is building a brain-computer interface, or a BCI, which is a system that deciphers brain signals and translates them into commands for external technologies. The company will work with Neom to “advance the development of BCI-based therapies” and set up the “premier center for BCI-based healthcare” in the Middle East and North Africa, it said in a release.

“Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies.” Paradromics CEO Matt Angle said in a statement.