Healthcare VR Startup MindMaze Achieve Unicorn Status With $100 Million Fund From an Early Round
A Swiss virtual reality startup focusing on health and neuroscience has secured a $100 million fund from an early round led by an Indian conglomerate group. The early round of funding had a valuation of $1 billion, making MindMaze qualified to claim the unicorn status.
MindMaze has been focusing on developing both hardware and software platforms to build intuitive human machine interfaces. In order to achieve that, the company combines virtual reality, computer graphics, brain imaging, and neuroscience. The technology could be useful for numerous applications, but the startup is focusing mostly in healthcare. The MindMaze system is certified for clinical use in Europe and Asia.
MindMaze, founded by a neuroscientist named Dr. Tej Tadi, have been used to help patients recover from brain injuries. Last year, the company launched devices that could help stroke victims learn after the brain suffered damage, using virtual reality, brain imaging, and gaming technologies. The startup also developed an EEG scanner that could project what's happening in the virtual world of the user.
According to Xconomy, MindMaze has sold or received orders from hospitals for nine of its virtual reality systems. Tadi hopes to bring that number up to 20 this year, as new funds arrive. The company also plans to develop portable versions of the system so that patients could take the devices home with them.
Previously, MindMaze received an early round of $8.5 million from undisclosed investors, as reported by Fortune. Hinduja Group, which recently joined as an investor to the startup in the same round, had shown interests in energy, automobiles, energy, and healthcare, judged by previous investments the group made. The funding round is still open and the startup is still waiting for other investors to join in.
A spokesperson from the Hinduja Group expressed the conglomerate's delight in taking part in the VR development done by MindMaze. "MindMaze's next-generation human-machine interface is already proving itself in healthcare, games, and its potential for applications in transportation, defense and various types of media are now ready to be truly explored. We are excited to help MindMaze build on its achievements while seeing that both current and future partners have their collective visions realized," the spokesperson stated, as quoted by TechCrunch.
With the new funds of $100 million led by the Hinduja Group, MindMaze aims to form future contracts and service centers, as well as expanding the technology for other uses in the form of gaming, educational and fitness applications. The company is now qualified to claim the unicorn status with a valuation of over $1 billion, with a funding round still open for investors.