India-wide release, 08th November 2024: Bengaluru-based deep-tech startup Nexstem, a pioneer in developing cutting-edge non-invasive Brain Computer Interface (BCI) solutions, has raised $3.5 million in its latest funding round. The funding round attracted prominent investors, such as InfoEdge, Zupee, Smile Group and Nikhil Kamath & Abhijeet Pai’s Gruhas. This investment will help Nexstem scale its latest product ecosystem, and expand its IP portfolio, leading to disruption in the neurotech sector.
Nexstem’s breakthrough product suite for BCI – Instinct leverages a unique AI-powered onboard compute module that supports analysis for all kinds of biosignals from the human body. BCI technology essentially enables direct communication between the human brain and external devices, a field once confined to science fiction but now rapidly advancing toward real-world applications. From restoring lost motor functions to augmenting cognitive capabilities, BCI has the potential to redefine human-machine interactions in ways previously thought impossible. This funding will enable Nexstem to scale its operations to meet growing demand and deliver its highly customisable product line. By breaking down the cost barriers traditionally associated with BCI technology, Nexstem democratises access to innovations such as EEG (electroencephalography). The funds will also support global expansion, particularly into American and European markets.
Nexstem Instinct is crafted as a devkit to address the complexities researchers, academics, and innovators face in implementing and refining proof-of-concept (POC) use cases in BCI technology. By simplifying hardware customisation and managing data complexities, Instinct empowers researchers and innovators to design more comprehensive and intuitive BCI solutions with suitable form factors for usage. Nexstem Instinct’s AI-powered ecosystem delivers a comprehensive, end-to-end platform that has integrated hardware, SDKs, APIs, and real-time biosignal algorithms. Nexstem’s strength lies in rapidly customisable IP solutions which can speed up the adoption of Biosignal/BCI integrated solutions for applications beyond healthcare, enabling organisations to create advanced applications on the Human Body API.
Siddhant Dangi, Co-Founder, Nexstem, stated, “With this funding, we are excited to advance the deployment of our BCI ecosystem, which we believe will redefine how technology can address real-world challenges across diverse sectors. Our focus is on harnessing complex biosignal data from the human body, which will help us create better products, and highly customised services and understand humans better than ever. By addressing these challenges, we are opening doors to applications once imagined in sci-fi, such as longevity and telepathy. Our approach as an early platform player enables us to help others realise impactful use cases in neurotechnology, carefully balancing innovation with practical applications.”
Vibhore Sharma, Tech Investments, InfoEdge, said, “We believe that BCI would emerge as an extremely transformative technology in the next decade or so and we are very excited to back the Nexstem team in their endeavour in this space. In an industry characterised by lengthy development cycles and substantial investment, Nexstem’s progress has been fast, frugal and exceptional.”
Abhijeet Pai, Co-Founder, Gruhas, adds, “At Gruhas, we are committed to backing innovative technologies that redefine the way we interact with and understand the world. Nexstem’s advancements in BCI are at the frontier of what’s possible in neurotechnology, with the potential to unlock new dimensions of human capability. We are thrilled to support Nexstem’s journey as it expands its ecosystem and makes cutting-edge neurotech accessible to diverse industries. Their unique approach to biosignal infrastructure and commitment to democratising BCI technology aligns with our vision for transformative tech that leaves a lasting impact.”
Despite the competitive nature of the industry, the BCI market is poised for significant growth, with Morgan Stanley’s latest report estimating the market at $400 billion in the US alone. This presents an exciting opportunity for Nexstem to capitalise on these developments. Over the next three years, Nexstem aims to achieve significant milestones, including releasing the most awaited Nexstem Coin, EXG modules and tACS technology, adding to their existing product & IP portfolio, securing regional and compliance certifications and expanding into defence and consumer markets, supported by a robust distribution network. Nexstem plans to expand its team with key hires in neuroscience R&D, hardware and software development, and leadership, to drive growth. The company is also eyeing a potential Series A funding round in the coming year.