Neuranics, begun four years ago as a university spinout in Glasgow, has raised $8 million in seed funding to accelerate global growth and commercial adoption of its tunnelling magnetoresistance (TMR) magnetic sensing technology. The company’s ultra-sensitive, low-power sensors detect tiny magnetic signals from the human body, enabling precise tracking of muscle activity for gesture recognition and heart signals—all without skin contact.
Compared to traditional methods, the scaleable sensors can offer improved accuracy, reduced power consumption and the potential for continuous monitoring – providing advantage to product designers of XR hardware and wearable technology including digital health products. Neuranics is actively collaborating with Tier-1 semiconductor and XR manufacturers to demonstrate its value in validating performance and production readiness for scaling into high-volume applications across consumer, industrial and healthcare markets.
The investment round was led by Blackfinch Ventures, with participation from Archangels, and continued support from Par Equity, the University of Glasgow, and Old College Capital, the University of Edinburgh’s venture investment fund. The funding will drive the next phase of the company’s growth –increasing its workforce, accelerating innovation across its core technologies and stimulating expansion of its TMR technology into emerging and high-tech markets including XR, wearables and digital health.
Noel McKenna, CEO of Neuranics, said: “This investment marks a significant step forward as we continue pioneering new applications for magnetic sensing,” said Noel McKenna, CEO. “With the support of our investors, we are expanding our team, advancing our technology, and bringing our solutions closer to widespread adoption.”
Kimberley Hay, Senior Ventures Manager at Blackfinch, commented, “The team at Neuranics have shown us that they can not only accurately detect finite movement, but do so whilst consuming low power, which clearly opens up a tremendous number of applications across business and industry.
Neuranics was founded in 2021 as the first-ever joint spinout from the University of Glasgow and the University of Edinburgh. For an earlier report in Magnetics Magazine on the company and its technology, see here. For more info, see www.neuranics.com.
