Precision closes $250M Series D co-led by Pershing Square and the Ackman Oxman Institute

Precision Neuroscience/Layer 7 Cortical Interface

Precision Neuroscience, which makes a thin electrode film that sits on the surface of the brain, closed an oversubscribed $250 million Series D co-led by Pershing Square, the Ackman Oxman Institute and an unnamed life-sciences fund. That takes its total funding since 2021 to $430 million. The money goes to expanding clinical trials, further FDA reviews of its Layer 7 interface and building a commercial operation.

• Precision has done over 100 patient procedures at 18 institutions, including Penn, UChicago Medicine, Mount Sinai and West Virginia University.
• Layer 7 carries 4,096 electrodes and is designed to be minimally invasive and removable.
• It has FDA 510(k) clearance for temporary implantation of up to 30 days; longer-term and new uses need further FDA review.
• Other investors: Duquesne Family Office, B Capital, ARK Invest, Invus, Mubadala Capital, Mirae Asset, Korea Investment Partners, Hitachi Ventures and JSL Health Capital.
• Media reports put the valuation at just over $1B; the company's announcement did not state one.