The saga of the Hinduja Group started in Sind, the cradle of the Indus Valley Civilisation, where more than 5,000 years ago, the human race learnt its first lessons in organised business and banking. Parmanand Deepchand Hinduja, a young entrepreneur from the fabled town of Shikarpur, realised early in life that business was all about spotting opportunities, and seizing them wherever they surfaced. Merchant Banking and Trade were the twin pillars of the business and the Group remained headquartered in Iran, until 1979 when it moved to Europe.  The Group has expanded and diversified its businesses, with significant social and charitable contributions, under the present leadership of Chairman, Srichand, ably supported by his brothers, Gopichand, Prakash and Ashok. Today, the Hinduja Group has become one of the largest diversified groups in the world spanning all the continents. The Group employs over 70,000 people and has offices in many key cities of the world and all the major cities in India. The Hinduja Family has always adapted to free-market reforms moving quickly in new markets that have opened, and capitalising on new economy opportunities. As a result, the Hinduja Group has now strategically positioned itself to contribute to old economy sectors such as Banking & Finance, Transport, Energy (Oil & Power) as well as the new economy of Technology, Media and Telecom.

Hinduja Group

MindMaze

MindMaze is a digital neurotherapeutic platform that provides digital assessments and therapeutics to treat and rehab patients. It develops medical grade virtual reality products to stimulate neural recovery. It also develops a platform to build intuitive human machine interfaces combining VR, computer graphics, brain imaging, and neuroscience.  MindMaze offers MindMotionPRO, which provides patients with engaging and motivational virtual reality rehabilitation programs that support their recovery goals enabling them to follow a personalized exercise regimen prescribed by the rehabilitation expert. It promotes the ability of clinicians to design and personalize the dose and modality of a range of therapies and provides hospitals with the ability to optimize the delivery of rehabilitation therapy.  MindMaze’s technology includes user interfaces, including a lightweight wearable head mounted display and 3D motion capture cameras that offer VR, gesture, and multiple object/user recognition and augmented reality capabilities, and medical grade technology enables new applications in gaming, brain machine control, and healthcare. It also offers motion capture technology and analysis, immersive virtual reality, and neurophysiological measurements and analysis solutions.  Tej Tadi founded MindMaze on May 24, 2012. Its headquarters is in Lausanne in Switzerland with additional locations in Zürich and Ecublens in the same country and San Francisco in California in the United States.

Switzerland-based MindMaze is an FDA-approved digital neurotherapeutics company that offers treatments for patients suffering from neurological injuries (including stroke, trauma, dementia, and Parkinson’s disease). It provides a platform (named MindMotion) that assists the patients’ rehabilitation process through game-based digital therapies (such as a movement-tracking game), helping patients regain upper limb functionality after suffering a stroke or other neurophysiological impairment.

A concentration of wealth and a willingness to adopt age-in-place technologies present new opportunities.

Age Tech

Switzerland-based MindMaze offers digital therapies for brain repair and neurorehabilitation for conditions such as Parkinson’s and Alzheimer’s disease. Its brain repair therapies include immersive activities through an animated gaming experience called MindPod Dolphin to assist the recovery of motor skills and cognitive decline. Gamified VR-based digital therapies MindMotion Pro (MMP) and MindMotion Go (MMG) assist with neurorehabilitation and received FDA clearance in 2017 and 2018, respectively. The solutions use a combination of wearable head-mounted displays and 3D motion capture cameras. MMP, which focuses on acute neurorehabilitation, maps a patient's movement onto 3D avatars and allows them to engage in VR-based interactive exercises designed to help stroke patients remain engaged in therapy.

Technologies bringing about a new reality

Extended Reality

MindMaze is a global leader in digital therapeutics and neurotechnology for neurological recovery and care. The company develops game-like digital neurotherapeutic solutions designed to improve cognitive and motor function recovery for conditions such as stroke, traumatic brain injury, spinal cord injury, Parkinson's disease, and Alzheimer's disease. MindMaze offers software-based interventions, assessments, and monitoring capabilities through products like MindMotion Go, MindMotion Pro, MindPod, and TOAP Run. The MindMotion Pro system, cleared by the FDA in 2017, is used in clinical settings for tracking upper-extremity rehabilitation in adult patients, while the MindMotion Go system, approved in 2018, targets rehabilitation in clinics and homes. The company's business model involves partnering with healthcare providers to deploy its digital health technology platform for patient care across the continuum from clinics to homes. As of November 2022, MindMaze reported generating revenues, though specific figures were not provided.

MindMaze, Mount Sinai partner on digital neurotherapeutic program

Digital neurotherapeutic startup MindMaze raises $105M

Hinge Health appoints Mario Queiroz as chief product officer and more digital health hires

MindMaze Partners with Mount Sinai Health System to Pioneer a Digital Neurotherapeutic Program to Improve Patient Outcomes in the Clinic and at Home

MindMaze Receives Recognition as one of Switzerland’s Best Managed Companies

therapeutic Program Following Receipt of Prestigious CHF 5.9 Million Grant

MindMaze receives recognition as one of Switzerland’s best managed companies

MindMaze and Vibra Healthcare Partner to Deliver Advanced Digital Medicine and Neurorehabilitation Solutions for Patients from Clinic

MindMaze, Mount Sinai Partner on Digital Neurotherapeutic Program

Bridging the gap between the human brain and computer

Brain-computer Interfaces

SPAC Genesis Growth to merge with digital health company MindMaze

Switzerland-based MindMaze is an FDA-approved digital neurotherapeutics company that offers treatments for patients suffering from neurological injuries (including stroke, trauma, dementia, and Parkinson’s disease). It provides a platform (named MindMotion) that assists the patients’ rehabilitation process through game-based digital therapies (such as a movement-tracking game), helping patients regain upper limb functionality after suffering a stroke or other neurophysiological impairment.In May 2017, the company entered the US market with FDA approval for its hospital-based platform, MindMotion Pro. The platform’s at-home model received FDA clearance in 2018.In November 2018, the company acquired fellow neuro-rehabilitation tech company Neuro Motor Innovations Corporation (NMI) for an undisclosed amount. Owing to the acquisition, MindMaze acquired a perpetual license for NMI’s rehabilitation technology. NMI’s technology consists of an AI-driven video game designed to treat neurological patients by challenging their cognitive skills. The product usage is not limited to neurotherapeutics but is also beneficial to the healthy aging population. This acquisition will strengthen and enhance MindMaze’s product offerings to patients as a multi-stage platform for neurological therapy. Key customers and partnershipsIn May 2021, the company entered a multitude of partnerships. The partnering companies included Peruvian medical biotech company Surgicorp, Saudi Arabian medical company Alkholi, Spanish neurorehabilitation clinic Guttmann Barcelona, and the Switzerland-based rehabilitation center Swiss Rehabilitation. Through the series of new partnerships, the company aims to expand its global presence to the Middle East, Latin America, and Spain and further expand its presence in Switzerland.

Honor provides a platform for elderly persons and their families to find home care providers, and is claimed to be one of the largest on-demand home care networks in the US. The company’s key offerings include Home Care, Family Caregiver Resources, and the Honor Family App and Honor Family Care Network for remote monitoring.In August 2021, Honor announced the acquisition of home care provider Home Instead at an undisclosed value. The merged entity was expected to combine for over USD 2.1 billion home care services revenue.&nbsp; Key customers and partnershipsAs of August 2021, Home Instead had around 90,000 caregivers serving at 1,200 locations across the US and global markets. Home Instead acquired UK-based online platform SuperCarers in June 2020. It connects professional caregivers to elderly people seeking at-home care. Prior to the acquisition, SuperCarers had raised a total of GBP 4.9 million (USD 6.6 million).It also partners with the Organisation for the Review of Care and Health Applications (ORCHA) to provide quality assured apps for psychological wellbeing, physical activity, and mental stimulation.

Honor

Eargo specializes in developing hearing aid and related services. Eargo has four products in its lineup: Link by Eargo, Eargo SE, Eargo Neo HiFi, Eargo 6, and Eargo 7. The company’s products are unique due to its design meant to keep the device invisible when plugged in.The products are priced between USD 749 (Link by Eargo) and USD 2,490 (Eargo 7). The Eargo Neo HiFi comes alongside an app and offers connected smart features such as audio personalization and control. The app allows the user to control the audio to suit their surroundings, customize settings, and contact Eargo's licensed hearing professionals for consultation and support.In October 2020, Eargo was listed as a public company and then acquired by Patient Square Capital In October 2023. Via the acquisition, Patient Square Capital acquired all outstanding shares of Eargo—that were not owned by Patient Square—at USD 2.55 per share. Key customers and partnershipsThe company utilizes a business-to-consumer (B2C) online retail strategy compared to traditional business-to-business (B2B) model deployed by other manufacturers who sell their products through clinics. The strategy has proven beneficial through the Covid-19 pandemic as consumer footfall for brick-and-mortar clinics have declined.

Eargo

K4Connect provides technology solutions to residents and staff members in senior living communities through its K4Community platform. The company was co-founded by Scott Moody who sold his fingerprint sensor technology company AuthenTec to Apple for USD 356 million in 2012, which then became the basis for Touch ID.The platform's offerings include digital voice and video communication, and community updates for residents. It also provides smart home automation through the provisioning of plug and play Alexa devices for residents and supports smart thermostats, smart lights, motion sensors, and sleep tracking devices. In addition, community staff members have access to tools for resident surveys, resident and family management, and communications. During the Covid-19 pandemic, the platform also established an expanded video chat service to facilitate resident-to-resident communication, staff requests, yoga classes, and dining room bookings. Further, in March 2020, it partnered with software communications firm Bandwidth to introduce a hotline for staff and residents as a means of keeping all parties up to date with community information.The platform is built on the company’s patented operating system, FusionOS. The company claims that FusionOS is an advanced multi-modal edge-cloud architecture, the first of its kind in the senior living industry. Residents and staff can access the platform using a smartphone app or pre-provisioned tables in the living communities priced on a per-resident basis.As of July 2020, the platform served over 800 independent and assisted living senior living communities across the US. The platform serves over 29,000 users at more than 125 senior living communities across 27 customers as of February 2020, more than doubling its users from 2018, which it expects to repeat in 2020. The company has established channel partnerships with Allbridge (a data, video and voice solution provider for senior living) in July 2020, and Eskaton (a senior services provider) and White Horse Village (a continuing care retirement community) in May 2019. It collaborated with GlobalLogic (a digital product engineering company) in July 2020 to expedite the development schedule of its K4Community Plus app in response to Covid-19.

K4Connect

CarePredict was founded by Former IBM consultant and tech veteran, Satish Movva, and produces Tempo smart wearables for the elderly community. Using machine learning (ML), the company claims the app can reduce the chance of a fall, and predict urinary tract infections (UTIs) and depression ahead of a clinical diagnosis. The device aims to assist caregivers in taking preventive action by detecting activities and behaviors which are precursors to health declines. The data from the device can also be shared with family members.The company generates revenue from device sales and subscriptions. Independent research conducted in September 2020 indicated that facilities using CarePredict’s wearables reported 40% fewer hospitalizations 69%, lower fall rates, 67% increased length of stay, and a 37% improved staff response rate than facilities that did not use CarePredict.The company expanded its operations in 2018 through its acquisition of WiseWare, a company selling activity-tracking jewelry for older users. In April 2020, it launched the PinPoint contact-tracing tools to mitigate the spread of Covid-19.Key customers and partnershipsIn February 2021, the company announced its partnership with Middle Alabama Area Agency on Aging (M4A). M4A is the agency behind the “Providing Alzheimer's N' Dementia Assistance” (PANDA) project. The company will be the first tech platform to be part of the project and will provide caregivers assistance in remote monitoring and preventive care using its smart wearables.

CarePredict

Eversound develops wireless headphone systems to enhance the level of engagement and social interaction for the elderly living in assisted living or memory care centres. The platform provides a library of programmed content on a variety of topics. The headphone system can be used to communicate with caregivers, during group events, family visits, and for music therapy. The headphones are equipped with a wireless transmitter and volume controls. It connects to external audio sources such as community A/V systems, televisions, and audio devices.The product was unveiled in May 2016. In a subsequent six month study conducted by LCB Senior Living community, group events leveraging the Eversound system resulted in an 18% reduction of residents falling asleep and a 28% increase in engagement during group events. In December 2016, the company expanded to 18 states across the US.In March 2020, as a part of its Covid-19 response, the company launched a live streamed, interactive content service to help seniors combat isolation. Further, as in-person visits at assisted living communities were interrupted due to the Covid-19 pandemic, the use of Eversound’s visitation package proved to be crucial for socially distanced in-person visits. Key customers and partnershipsAs of December 2020, the company’s product is being used in more than 700 senior living communities across the US. Its clients include senior living communities such as Brightview, Commonwealth, and Oakmont. In addition, Eversound has established partnerships with senior living communities (such as The Arbor Company, Bridges by EPOCH, Christian Horizons, and Kisco) to roll out its devices for family visitations, and programmable and live streamed content.

Eversound

Tech-enabled equipment or companionship services that help elderly people function independently.

Platforms that match seniors with home care providers as well as app-based products to facilitate communication between senior families and caregivers

Tech-enabled products used to diagnose, prevent, and treat conditions common among seniors.

Remote monitoring, medical diagnosis, communication, and coordination between caregivers and families of the elderly.

Platforms that help seniors interact socially and communicate with others.

Platforms that help seniors and their families plan and make arrangements to settle the senior’s estates and affairs in the event of death.

Many devices that help seniors operate independently and receive remote treatment use IoT

Offers digital platforms that support the wellness of the senior population

Some companies use VR to help treat seniors with conditions such as isolation and dementia

Switzerland-based MindMaze offers digital therapies for brain repair and neurorehabilitation for conditions such as Parkinson’s and Alzheimer’s disease. Its brain repair therapies include immersive activities through an animated gaming experience called MindPod Dolphin to assist the recovery of motor skills and cognitive decline. Gamified VR-based digital therapies MindMotion Pro (MMP) and MindMotion Go (MMG) assist with neurorehabilitation and received FDA clearance in 2017 and 2018, respectively. The solutions use a combination of wearable head-mounted displays and 3D motion capture cameras. MMP, which focuses on acute neurorehabilitation, maps a patient's movement onto 3D avatars and allows them to engage in VR-based interactive exercises designed to help stroke patients remain engaged in therapy.These mapping capabilities were acquired in June 2017, when MindMaze bought motion analytics developer GaitUp. The platform also offers real-time multisensory feedback that allows therapists to adjust therapy on the fly. MMG is a portable neurotechnology device that uses VR to continue therapy for post-acute neurorehabilitation.Other non-XR products and services offered include 1) Intento PRO, a device for treating individuals suffering from stroke impairments, 2) TOAP Run, a videogame to aid movement for individuals suffering from Parkinson’s disease, 3) the Physilog platform, which uses motion analytics to capture biomechanical data such as gait and balance, and 4) Brain Vitals, an FDA-approved assessment tool to measure changes in an individual’s cognitive functioning.As of January 2024, MindMaze operated in 19 markets across North America and Europe and had delivered over 100,000 sessions. The company generates revenue by licensing its products to businesses and consumers that require virtual reality-optimized products.Key customers and partnershipsNotable customers included the F1 team Alfa Romeo. The company also partnered with McLaren Racing to develop 'MindDrive' a safety and performance training solution for F1 drivers, leveraging the company's ELVIRA headset, in March 2019.Funding and financialsIn its most recent funding round in February 2022, MindMaze raised USD 105 million in a funding round led by Concord Health Partners (Concord), with participation from AlbaCore Capital Group and Hambro Perks. The funding was allocated to support its international growth plans and R&amp;D initiatives. As a result of the investment from Concord, MindMaze entered a partnership with the American Hospital Association (AHA), a healthcare industry trade group whose strategic fund Concord operates.Competitors: None under coverage. (MindMaze utilizes a mixed reality headset to specifically measure physiological metrics.)

Interplay Learning (Interplay) provides on-demand, interactive, and hands-on simulation learning courses for skilled trades, including HVAC, plumbing, electrical, solar, and facilities maintenance, through VR, mobile, and desktop applications. The learning courses also include simulated walkthrough videos where experts lead users through procedure guides methodically, with knowledge testing features and additional learning material such as wiring diagrams, equations, sample system configs, and charts at the end of each lesson. The platform also enables managers to track user progress.The company operates a subscription-based model with monthly packages for individuals (USD 54) and teams (USD 229), alongside a custom plan for larger organizations.Key customers and partnershipsNotable customers include Tesla and Rheem Manufacturing. Interplay’s customer usage rose by 445% YoY in 2020. As of February 2021, the platform had over 2,000 customers and 110,000 users across the US.Funding and financialsIn its last funding round (February 2021), Interplay raised USD 18 million in Series B funding co-led by S3 Ventures and Owl Ventures, the world’s largest venture capital firm focused on education technology. As part of the deal, Managing Director of Owl Ventures, Ian Chiu, joined Interplay’s board. The funds were raised to expand its offering to new markets and to accelerate its vision to combine immersive learning experiences with a human connection.

Interplay Learning

Switzerland-based WayRay develops holographic AR technology and hardware for the automobile sector. Its technology is used in head-up displays (HUDs) that project images into a driver’s field of vision to assist with navigation. Although its initial focus was on developing HUDs that can be purchased and installed in any vehicle, it has since pivoted to producing embedded HUD systems (i.e., hardware built into vehicles). WayRay’s HUDs are considered to provide a wider field of vision and combine data (location and mapping information) with vision data to generate images by projecting a laser beam through a Picture Generating Unit (PGU) onto a Holographic Optical Element (HOE).&nbsp;In <a href="https://sp-edge.com/updates/18537">May 2023</a>, WayRay announced integration of its AR displays into Tesla Model 3's in Switzerland, with plans to follow shortly afterwards in the US. Previously, in September 2021 the company launched its deep reality system that replaces the traditional car dashboard. In addition, WayRay launched “The Holograktor” dubbed the first “metaverse on wheels”, which can be driven conventionally or using a remote control via a 5G and satellite connection (November 2021).&nbsp;The company’s founder and CEO, Vitaly Ponomarev, identified that its systems are more advanced, backed by more patents, and potentially 20x smaller than comparable devices in the market. WayRay’s HQ in Switzerland also acts as a product design and development hub, while its R&amp;D center and prototyping factory are based in Russia.&nbsp;Key customers and partnershipsThe company is backed by strategic investors such as luxury automaker Porsche, which highlighted the management’s expertise in space engineering, hardware, and software development as key reasons for its investment, Hyundai Motor Co., and Alibaba. It is also notable that these investors, particularly Hyundai, are looking at ways to potentially use WayRay’s technology to offer more services in the future. For instance, Hyundai believed that the technology could be used for smart cities and smart buildings, which are its new areas of interest.WayRay partnered with Karma Automotive, a producer of luxury electric vehicles, in December 2021 to support the implementation of its HUDs into their test fleet. Moreover, it partnered with a leader in designing and manufacturing specialty glass, AGP eGlass, in September 2021 to further proliferate its technology.&nbsp; Funding and financialsIt was reported in April 2021 that the company is considering a public listing at a USD 2 billion valuation via a SPAC, although no further updates on this have been announced as at January 2024.&nbsp;

WayRay

AmazeVR initially focused on developing VR technologies but pivoted to VR concerts in late 2019. The concerts are backed by proprietary 9K cameras and software that automate complex VR concert visual effects that run on more than 100 headsets simultaneously. Users join and hang out with other users as avatars while experiencing VR concerts. It intends to bring VR concerts by major artists to theaters and eventually, homes.AmazeVR rolled out its first commercial VR concert, which will feature 3x Grammy winner Megan Thee Stallion, in 2022. The artist is expected to tour select AMC Theaters across the US. It is also in the final stages of closing deals with its second and third artists. AmazeVR also revealed plans to release weekly content by 2024 in theaters and for at-home viewers.In <a href="https://sp-edge.com/updates/20145">July 2023</a>, AmazeVR launched its official AmazeVR Concerts app, featuring an exclusive VR concert from Swedish pop star, Zara Larsson. The app is available on major VR app stores, and the exclusive Zara Larsson VR concert can be accessed for a year at a launch price of USD 6.99. AmazeVR also produces and monetizes VR content on a subscription basis.As of August 2023, the company was in the process of producing and releasing mixed reality concerts by overlaying virtual elements onto live, real-world video.Funding and financialsThe company’s most recent funding was in <a href="https://sp-edge.com/updates/13338">September 2022</a>, when it raised USD 17 million in a Series B funding round led by Mirae Asset Capital. The fresh funds were allocated to expand partnerships with artists, artist management companies, labels, publishers, and agencies.

AmazeVR

Dispelix, based in Finland, designs and manufactures single-layer, full-color waveguide displays, a thin (about 1mm) transparent element that takes in a projected image and relays it to the eye, using a nanophotonics-based approach catering to AR applications (e.g., smart glasses). It uses laser beam scanning technology to render laser-sharp images with a gamut of color palettes, which are displayed using beam-combiner technology. Its patented and proprietary approach includes diffractive surface relief gratings, which are elements used for high-power laser applications, fabricated on high refractive index glass wafers that enhance field-of-view and image quality.The company had a total of more than 40 granted or pending patent families as of November 2021. Its product line, Dispelix DPX, includes Dispelix DPX - Ohut, Dispelix DPX - Selva, and Dispelix DPX - Sade with a varying degree of field of view, form factor, and weight. According to Co-Founder and CTO Juuso Olkkonen, its displays are the lightest and thinnest in the market.Key customers and partnerships1) Foxconn and Pegatron: to create reference designs for AR glasses based on its Selvä waveguide display (October 2023)&nbsp;2) VividQ: created a “waveguide combiner” which accurately displays variable-depth 3D content in a user’s environment (January 2023)3) ColorChip and Maradin: To further Light Beam Scanning (LBS) solutions for AR glasses (October 2022)4) Jade Bird Displays: To develop multiple reference designs for AR devices (June 2022)5) AAC Technologies: To improve waveguide displays for the AR and MR industry (March 2022)6) OQmented: for the development and commercialization of MEMS-based LBS technology (November 2021)7) Coretronic: To develop a range of AR optical module solutions (December 2020)8) Hoya Corporation: To improve quality of waveguide displays (November 2020)Funding and financialsIn its most recent funding round (November 2021), Dispelix raised USD 33 million in a Series B funding round co-led by Atlantic Bridge, CCB Trust, and Flashpoint with participation from Lifeline Ventures, VTT Ventures, and 3M Ventures. The funds were allocated to product development. It revealed that several OEM customers were slated to integrate its technology into their consumer offerings by 2023.

Dispelix

DigiLens is a developer of holographic waveguides, which is a clear, thin piece of glass or plastic, used for AR devices. In January 2023, the company launched ARGO, an XR smartglass designed for enterprise and industrial use, the first AR device to utilize Qualcomm’s SnapDragon XR2 platform. Other specifications included 6-degrees of freedom (6-DoF) tracking, a 30-degree field-of-view, spatial audio, a 48MP RGB camera, voice and gaze recognition, access to real-time data visualizations, and a 2,500-nits HD display.&nbsp;The company’s first product, the DigiLens Crystal was introduced in 2019, was a thin-film laser-etched photopolymer embedded with microscopic holograms of mirror-like optics. By projecting a micro display to one end of the lens and another set of optics working to guide the light wave toward the eye, this proved to be an ideal piece of hardware for AR devices, which are preferred with as little hardware as possible.&nbsp;It claims that its patented optical platform and photopolymer technology coupled with a holographic copy manufacturing process enable it to produce cheaper and more scalable solutions. In <a href="https://sp-edge.com/updates/17598">April 2023</a>, the company announced the launch of SRG+, a surface relief gratings product that improves upon its waveguide technology.The company generates revenue by licensing its technology across a range of industries including the automobile, enterprise, consumer, avionics, and military sectors. DigiLens also offers a white-label solution for automotive companies whereby it creates holographic waveguides for windshields that could offer in-cabin experiences for drivers.&nbsp;&nbsp; Key customers and partnershipsKey partnerships include that with1) Phantom Technologies: - Phantom Technology: To integrate Phantom's CASSI Spatial AI assistant into the DigiLens ARGO glasses, providing features such as spatial search, a contextual assistant, and task management using voice commands (October 2023)2) Wisear: To integrate its neural interface-powered earphones with the ARGO smart glasses (May 2023)3) Mojo Vision: To utilize Mojo Vision's micro-LED technology to build improved AR glasses (May 2023)4) Taqtile: To integrate the company's ARGO smart glasses with Taqtile's AR work platform, Manifest (May 2023)5) OMNIVISION: To develop new XR product offerings (January 2023)Other partnerships include that with OMNIVISION (January 2023), a leading global developer of semiconductor solutions to develop new XR product offerings. OMNIVISION’s liquid crystal on silicon (LCOS) panels allowed DigiLens to build LCOS/LED projectors optimized for its holographic waveguides. OMNIVISION's core camera technology provides DigiLens' devices with features such as visual odometry and six degrees of freedom.&nbsp;DigiLens also works with Taiwanese licensed waveguide manufacturer Young Optics, Chinese original design manufacturer and electronics supplier Malata, Korean display manufacturer Sekonix, international technology company Continental, Chinese optical elements manufacturer Crystal Optech, and Mitsubishi Chemical.&nbsp;Funding and financialsIn April 2022, DigiLens announced the second close of its Series D funding round (intiial close in November 2021) in which it raised USD 50 million at a valuation of USD 530 million. The funds were allocated for the development of DesignV1, its second-generation product.

DigiLens

Companies developing XR headsets and relevant sub-components (displays, sensors, and processors). Also includes complementary XR hardware (tracking devices, haptic vests, and gloves)

Companies offering engines that enable the development of AR/VR content, also includes companies offering capabilities to capture and create 3D images for immersive environments

Companies offering AR/VR solutions or toolkits for specific industry applications, including VR game developers

Companies offering location-based AR/VR experiences

AR/VR platforms offer remote assistance to field experts and headset manufacturers facilitate virtual work

Some solutions in the "content" segment are offered under a B2B SaaS model

Headsets and content segments provide the building blocks for the metaverse

AR, VR, and MR are the primary enabling technologies for the XR industry

MindMaze is a global leader in digital therapeutics and neurotechnology for neurological recovery and care. The company develops game-like digital neurotherapeutic solutions designed to improve cognitive and motor function recovery for conditions such as stroke, traumatic brain injury, spinal cord injury, Parkinson's disease, and Alzheimer's disease. MindMaze offers software-based interventions, assessments, and monitoring capabilities through products like MindMotion Go, MindMotion Pro, MindPod, and TOAP Run. The MindMotion Pro system, cleared by the FDA in 2017, is used in clinical settings for tracking upper-extremity rehabilitation in adult patients, while the MindMotion Go system, approved in 2018, targets rehabilitation in clinics and homes. The company's business model involves partnering with healthcare providers to deploy its digital health technology platform for patient care across the continuum from clinics to homes. As of November 2022, MindMaze reported generating revenues, though specific figures were not provided.
Key customers and partnerships
In November 2022, MindMaze partnered with Mount Sinai Health System to pioneer a digital therapeutic program leveraging MindMaze's solutions for stroke and concussion patients. The program aims to deliver intensive training through a combination of outpatient neuro-restorative care and home-based digital interventions.
In December 2022, MindMaze announced a partnership with Vibra healthcare to roll out its digital health platform across Vibra's specialty hospitals and transitional care facilities in select US states initially. The goal is to improve patient outcomes by increasing treatment dosage and enabling seamless care transitions within Vibra's network.
In February 2022, MindMaze revealed plans to partner with the American Hospital Association to deploy its platform with AHA member hospitals, facilitated through an investment by Concord Health Partners.

Neuralink is a neurotechnology company founded by Elon Musk with the goal of developing brain-computer interfaces (BCIs). The company's flagship product is the N1 Implant, a coin-sized device that is surgically implanted in the brain. The implant contains 1,024 electrodes distributed across 64 ultra-thin threads that can monitor neural activity and electrically stimulate the brain. It wirelessly transmits brain data to external devices, allowing users to control computers or mobile devices directly with their thoughts.
Neuralink's initial focus is on providing digital freedom for people with quadriplegia by enabling them to interact with technology using neural signals. The N1 Implant will be placed in the motor cortex region of the brain that controls movement intention. As of March 2024, Neuralink has implanted its device in at least one human participant, allowing them to control a computer mouse cursor and play video games purely by thinking.
The implant surgery is performed using a custom robotic system developed by Neuralink. This surgical robot automatically inserts the electrode threads into the desired brain region with high precision. Neuralink claims the robotic implantation process aims to be as minimally invasive as procedures like LASIK eye surgery.
Key customers and partnerships
In November 2023, Neuralink announced its first clinical trial, dubbed the "Prime Study," to evaluate the N1 Implant's safety and functionality in human participants with quadriplegia caused by cervical spinal cord injury or amyotrophic lateral sclerosis (ALS). The study is expected to enroll participants aged 22 and older over a period of six years.
Neuralink has previously collaborated with the University of California, Davis to conduct animal testing of its brain implants on monkeys and other research animals. However, this partnership ended in 2020 amid allegations from an animal rights group regarding the treatment of monkeys during experiments.

Neuralink

Kernel is a neurotechnology company developing non-invasive brain imaging devices. Their flagship product, Kernel Flow, is a wearable headset that uses time-domain functional near-infrared spectroscopy (TD-fNIRS) technology to measure brain activity. Kernel Flow emits near-infrared light and detects changes in blood oxygenation levels in the brain's cortical areas, similar to functional magnetic resonance imaging (fMRI). However, it offers advantages such as portability, affordability, and the ability to measure brain activity in natural environments.
Kernel Flow features 52 modules arranged in four plates that fit on either side of the head. Each module contains two laser sources that generate picosecond pulses of light and six detectors that capture the reflected light. By recording the photon arrival times, the system can measure changes in oxyhemoglobin and deoxyhemoglobin concentrations, providing insights into brain function.
Kernel has conducted studies demonstrating the efficacy of Kernel Flow in various applications, including measuring the psychedelic effects of ketamine, predicting gaming expertise, and assessing cognitive decline. As of January 2022, the company had provided 50 systems to partners for evaluation and launched commercial sales for research teams.

Kernel

Synchron is a neurotechnology company developing an implantable brain-computer interface (BCI) system designed to enable patients with severe paralysis to wirelessly control digital devices through their thoughts and improve functional independence. Their flagship technology, the Stentrode, is an endovascular brain implant that is inserted into the brain's motor cortex via the jugular vein using a minimally invasive endovascular procedure, eliminating the need for open brain surgery.
The Stentrode contains electrodes that detect motor intent signals from the brain, which are wirelessly transmitted to an external device. Using machine learning algorithms and signal processing techniques, these neural signals are then translated into digital commands, allowing the user to control personal devices like computers and smartphones for tasks such as texting, emailing, online shopping, and accessing telehealth services.
In August 2020, Synchron received FDA Breakthrough Device designation, followed by the first Investigational Device Exemption (IDE) in July 2021 for evaluating a permanently implanted BCI. The company has conducted clinical trials in Australia and the US, with the first US implantation occurring in July 2022 at Mount Sinai Health System in New York. As of January 2023, Synchron reported that the Stentrode remained safe and functional in four Australian patients after 12 months, with no serious adverse events or significant signal deterioration.

Synchron

Paradromics is an Austin, Texas-based neurotechnology company developing a high data-rate brain-computer interface (BCI) called the Connexus Direct Data Interface (DDI). The Connexus DDI is designed to collect an unprecedented number of individual neural signals from the brain using a fully implantable device intended for long-term daily use.
The first application of the Connexus DDI is an assistive communication device that translates brain signals into speech and movement in real-time. This revolutionary technology aims to restore the ability to communicate and interact with technology independently for people with conditions like ALS, spinal cord injuries, and stroke that cause severe motor impairment.
In May 2023, Paradromics raised USD 33 million in a Series A funding round led by Prime Movers Lab, with participation from Westcott Investment Group, Dolby Family Ventures, and Green Sands Equity. This investment will enable the company to launch its first-in-human clinical trial for the Connexus DDI.
Additionally, in a significant milestone, the US Food and Drug Administration (FDA) granted the Connexus DDI a Breakthrough Device Designation in May 2023. This designation recognizes the transformative potential of the device and allows for an expedited review process, accelerating its availability to patients.

Paradromics

Cognixion is a leading developer of non-invasive Brain-Computer Interface (BCI) and Augmented Reality (AR) technology. Their flagship product, the Cognixion ONE Axon, utilizes electroencephalogram (EEG) technology to provide a non-invasive brain-computer interface. It enables patients with advanced disease progression, such as Amyotrophic Lateral Sclerosis (ALS), Motor Neuron Disease (MND), traumatic injuries, and cerebral palsy, to communicate their responses with their thoughts and mental attention in a wearable, augmented reality headset.
The Cognixion ONE Axon integrates Artificial Intelligence (AI), including GPT large language models, to rapidly support the user's communication intentions and desired outcomes. It provides contextual predictions and suggestions that can be quickly selected and communicated audibly and visually on the front visor as a communication aid. The device aims to become the first FDA-cleared device allowing fully paralyzed or locked-in patients to communicate via a non-invasive brain-computer interface once eye-tracking is no longer usable due to ocular motor decline.
Cognixion's technology combines AI, Augmented Reality, and Assistive Technology, designed to help people with severe motor impairments communicate and interact more effectively and independently with the world around them. Unlike invasive BCI technologies, Cognixion's device can be prescribed and utilized without surgical procedures or significant training, providing a new level of independence and autonomy.
Key customers and partnerships
In May 2023, the Cognixion ONE Axon received US Food and Drug Administration (FDA) Breakthrough Device designation, which will streamline its development and validation process with prioritized feedback from FDA review staff. This designation is awarded to devices that demonstrate the potential to provide more effective treatment for life-threatening or debilitating conditions where no clear alternatives exist.

Cognixion

Non-invasive hardware typically involving wearable devices that can record, monitor and interact with brain activity using methods like electroencephalography (EEG), enabling the control of prosthetic limbs, operating computers, and more

Physical devices implanted in the body, often in the brain, to interface with neural signals such as electrodes or neural implants

Companies that offer software platforms for BCI applications, including cloud platforms that enables neural data storage

Companies that gather, store, analyze, and interpret neural data collected via BCIs in order to generate valuable insights for clinical decision making

Most BCI companies personalize the BCI devices based on the patient's condition and goals

Most BCI companies leverage a digital means of extracting and interpreting neural data, some of which use mobile applications to provide insights

The products/platforms offered by most companies utilize AI/ML in enhancing their offering

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

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