Series C Funding Round Closes $230M for Neuralink Rival

Science Corp. closed a $230 million financing Thursday. The series c funding round came from Lightspeed Venture Partners, Khosla Ventures, Y Combinator, IQT, and Quiet Capital. Total raised since 2021: $489 million.

Biggest braintech raise this quarter.

The Alameda company now sits at a reported $1.5 billion valuation. That’s up from last April when Khosla led a $104 million convertible note. The series c funding round pushes Science past half a billion in total capital—significant for a startup competing directly with Elon Musk’s Neuralink.

What Science Does

Science builds brain-computer interfaces. Two products: a brain implant system and PRIMA, a retinal implant treating eye diseases. Founders Max Hodak and Alan Mardinly both came from Neuralink—Hodak as co-founder, Mardinly from the leadership team.

When I was at Greycroft, we passed on an early braintech deal because the science felt 10 years away from commercial viability. That timeline compressed fast. Science already runs clinical trials for PRIMA and just acquired MEMS manufacturing assets in North Carolina.

Most competitors outsource chip production. Science brought it in-house. That matters. Manufacturing control means faster iteration, lower cost, reduced risk. VCs won’t tell you this, but hardware companies that can’t control their supply chain rarely survive past Series B. The ones that do—like Tesla vertically integrating battery production—dominate their categories.

Series C Funding Round Deployment

The capital funds two things: PRIMA commercialization and clinical trial expansion. Science plans to test PRIMA on Stargardt disease and retinitis pigmentosa—both degenerative retinal conditions with limited treatment options. Current trials focus on age-related vision loss.

Timeline to revenue matters here. Medical device startups burn $20-30 million annually through FDA approval processes. Science raised enough runway for 7-8 years at that burn rate—conservative by biotech standards, aggressive by software VC math. Lightspeed and Khosla clearly believe the approval path is shorter than typical medical devices.

Here’s what the term sheet doesn’t say: at $1.5 billion post-money on $489 million raised, early investors still own significant stakes. Assuming 25% dilution per round, Hodak and Mardinly likely retain 30-40% founder ownership. That’s healthy. Brain-computer interfaces require founder conviction through decade-long development cycles.

Braintech Gets Crowded

Neuralink raised $650 million last June—nearly 3x Science’s series c funding round. Musk’s company leads in brand awareness but not necessarily in clinical progress. Science already implanted PRIMA in human trials. Neuralink got FDA approval for human testing in 2023 but moved slower than expected.

Follow the money. Billions flooded into neural interfaces over 24 months. China’s Stairway Medical raised $48 million in February—largest braintech round in that country. Austin-based Paradromics raised $108.6 million since 2015 and performed its first human surgery last June.

Three years ago, this category barely existed outside university labs. Now you’ve got 15+ venture-backed companies racing toward FDA approval. When I sat in pitch meetings at Bessemer, we evaluated brain-computer interfaces as 2030+ opportunities. Markets moved that timeline to 2026-2027. Compression like that usually means hype outpaced reality.

But Science has something most don’t: manufacturing control and clinical data. PRIMA works. Patients regained partial vision in trials. That’s not vaporware.

Why VCs Are Betting Big

Brain-computer interfaces solve massive markets. Vision loss affects 12 million Americans. Paralysis impacts 5.4 million. Neurological diseases touch 50+ million lives. Even capturing 5% of those markets means $10-20 billion in annual revenue potential.

VCs target 10x returns on late-stage deals. At $1.5 billion valuation, Lightspeed and Khosla need Science to exit above $15 billion for strong fund performance. Is that realistic?

Comps are thin. No pure-play braintech company went public yet. But medical device exits routinely hit $5-10 billion—see Intuitive Surgical at $140 billion market cap today. If Science cracks the FDA approval process and proves PRIMA works at scale, acquirers like Medtronic or J&J would pay premium prices.

The math only works if Science reaches $500 million-plus in revenue within 7-10 years. That requires selling thousands of implants annually at $50,000-plus per procedure. Aggressive but not impossible for breakthrough medical technology.

Boston Perspective

We don’t see many braintech deals in Boston VC circles—most action happens in Bay Area and Austin. But the sector follows patterns we know well from biotech booms. Capital floods in, 80% of companies fail, survivors consolidate the category.

I’ve seen this movie before with gene therapy in 2017-2019. Dozens of startups raised hundreds of millions. Five companies dominated by 2023. Brain-computer interfaces will follow the same script. Question is whether Science ends up in the winner’s circle or becomes acquisition fodder for Neuralink.

Advantages: in-house manufacturing, clinical traction, experienced team from the category leader. Risks: Neuralink’s brand dominance, regulatory delays, competition from 10+ funded rivals.

What Happens Next

Science deploys $230 million over 3-4 years. PRIMA trials expand to new diseases. Manufacturing ramps in North Carolina. FDA approval timeline determines everything—clear by 2027 at earliest, 2029 more realistic.

Lightspeed and Khosla will push for Series D in 18-24 months if trials show progress. Valuation targets $2-3 billion next round, setting up IPO or acquisition in 2028-2030 window.

For now, Science has capital and clinical proof. Whether that converts to FDA approval and revenue—that’s the $15 billion question.