• Neuralink raises $650 million in its latest funding round.
• The funding will expand clinical trials of its brain implant technology.
• Five patients with severe paralysis are currently using the device.
• The FDA has granted "breakthrough" designation for its technology.
• Key investors include ARK Invest and Sequoia Capital.

Elon Musk's Neuralink announced on Monday that it has successfully raised $650 million in its latest funding round, with a strong focus on accelerating its clinical trials for brain implant technology. This Series E funding round garnered the attention of major investors such as ARK Invest, DFJ Growth, Founders Fund, and Sequoia Capital, valuing the company at approximately $9 billion before the latest cash influx, compared to $280 million in its previous round in August 2023, according to Channel News Asia and Reuters.

Neuralink has now initiated clinical trials across three countries, including the Barrow Neurological Institute and the Miami Project to Cure Paralysis. Currently, five patients suffering from severe paralysis are using Neuralink’s brain implant to control both digital and physical devices solely through thought, marking a significant step towards restoring independence for individuals with neurological conditions, as noted by India Times and Channel News Asia.

This funding is also important as Neuralink received the U.S. Food and Drug Administration's "breakthrough" designation for its speech and vision restoration technologies last month and in 2024, respectively. This designation is intended to expedite development and review processes for promising medical devices, according to Reuters and India Times.

As part of its goals, Neuralink aims to utilize the funding to enhance patient access and develop next-generation devices that create deeper interactions between brain functions and artificial intelligence. Company officials expressed aspirations to expand the interface across more neurons and brain regions, striving towards a "whole-brain interface," according to India Times and Reuters.