The Zell Lurie Founders Fund, the student-led investment vehicle of University of Michigan, has committed capital to brain-computer interface technology developer Neurable.
Neurable, a US-based producer of brain-computer interface technology, yesterday raised an undisclosed sum from the Zell Lurie Founders Fund, the student-led investment vehicle of University of Michigan.
The commitment builds on Neurable’s $2m seed round, secured in December 2016. The seed round was led by angel investor group Boss Syndicate and included conglomerate Kraft, Point Judith Capital, Loup Ventures and NXT Ventures.
Neurable is based on research by Ramses Alcaide, who gained his doctorate from University of Michigan in 2016, and was co-founded by MBA student Michael Thompson. The company has created technology that measures a user’s brain activity to control software and devices.
The company previously participated in the university’s accelerator TechArb in 2015. The following year, Neurable won more than $300,000 in the Rice Business Plan Competition.
Michael Thompson said: “Ramses and I have benefited tremendously from a University of Michigan education and all of the supporting resources that come with that, especially at the Zell Lurie Institute.
“As we transition the company from student research project into a growth-oriented business venture, it is wonderful to have the continued support of the institute through the Founders Fund investment and the guidance of both Stewart [Thornhill, executive director of the Zell Lurie Institute and manager of the Founders Fund] and the student team.”
The Founders Fund is a $10m seed-stage vehicle led by the top students selected from other student-led funds at the university’s Zell Lurie Institute. It was made possible thanks to a donation by Sam Zell in 2015.
