Elon Musk’s brain implant company Neuralink raised $600 million in a deal that values the company at $9 billion before the new cash, Semafor reported Tuesday, citing people with knowledge of the matter.
Neuralink did not immediately respond to a Reuters request for comment.
The startup was estimated to be valued at $5 billion in 2023, based on privately executed stock trades described to Reuters. The company had previously raised $280 million in a funding round led by Peter Thiel’s Founders Fund.
In April, Bloomberg News reported that the company was planning to raise about $500 million.
Neuralink is in the process of testing its implant, which is intended to help people with spinal cord injuries. The device has allowed the first patient to play video games, browse the internet, post on social media and move a cursor on his laptop directly with his brain.
Earlier this month, Neuralink received the Food and Drug Administration’s “breakthrough” tag for its device.
Musk has expressed grand ambitions for the company, saying its chip would allow healthy and disabled people alike to pop into neighborhood facilities for speedy surgical insertions of devices to treat obesity, autism, depression and schizophrenia. He even sees them being used for web-surfing and telepathy.