The rise of ultrasound and non-invasive approaches. For years, “brain-computer interface” in China meant implanted electrodes and neurosurgery. That picture changed visibly in H1 2026. Five companies working on focused ultrasound neuromodulation (tFUS) secured funding:
- Gestala (格式塔科技) — RMB 150 million angel, backed by Shanda founder Chen Tianqiao; added another RMB 420 million in July
- Futong Huizhi (复通汇智) — seed round, building China’s first closed-loop tFUS system for stroke rehabilitation
- Sisheng (思昇科技) — seed round, Tsinghua spinout
- BCI-Sonics (华超神控) — angel series above RMB 100 million, led by Matrix Partners China (经纬创投)
- Hyus Meditec (欢影医疗) — new round led by Hetang Investment (荷塘投资), extending from its ultrasound imaging business into BCI
Two more went after non-invasive deep-Brain Stimulation without ultrasound:
- KoSyne NeuroTech (空山慈) — Pre-A to Series A within six months, combining TMS, ultrasound, and temporal interference
- Neurodome (穹顶科技) — nearly RMB 100 million Series A+, temporal interference electrical fields, reaching deep brain structures without surgery
The investment thesis is straightforward: no craniotomy means broader indications, faster regulatory clearance, and potential for repeat procedures. If these approaches prove viable, BCI expands well beyond its current niche of last-resort therapy for paralysis patients.
Big Tech and government capital moved in simultaneously. In March, Alibaba led an RMB 500 million (approx. $70 million) strategic round for StairMed (阶梯医疗), a minimally invasive implant company, while Tencent continued as an existing shareholder. This was the first time China’s two largest internet companies co-invested in the same BCI venture. The deal was the second-largest of the half-year.
More significant, though less headline-grabbing, was the density of local government capital. State-backed funds from at least eight cities deployed into BCI startups — Chengdu, Nanjing, Wuhan, Wuxi, Suzhou, Hangzhou, Shenzhen, and Zhongshan — and these were not passive financial bets:
- Suzhou Industrial Park’s Zhiyuan Weixin fund (苏州工业园区智源微新创投) took a 35% post-money stake in Dongnao Zhihe (东脑智合), sole investor
- Wuhan Jiangxia district’s Xiachuang fund (夏创创投) led the Series A for Yinghe Brain Science (应和脑科学)
- Shenzhen Nanshan’s strategic emerging industries fund (深圳南山战新投) led the seed+ for Nuromova (脑回录)
- Wuxi Liangxi’s technology fund (无锡梁溪科创产业基金) was sole investor in Xirun Medical (希润医疗)
- Chengdu Future Industry Angel Fund (成都未来产业天使投资基金) led the second strategic round for Buffalo Robot (布法罗机器人)
- Zhongshan’s biopharma angel fund (中山生物医药天使基金) led the RMB 200 million Series C for Conmind (聚芯医疗)
Purpose-built BCI sector funds also debuted:
- The Shenzhen Brain Science and Brain-Inspired Intelligence Industry Fund, managed by CICC Capital (中金资本), made its first-ever investment — an RMB 150 million C1 round for OYMotion (傲意科技), myoelectric prosthetic hands
- BioTuo (博拓生物) and LiMing Capital’s (砺明创投) joint BCI fund led the June round for Zhongke Yixiang (中科意象)
- Sanbo Neurosurgery (三博脑科), with Delian Capital (德联资本) and Shanghai’s Future Industry Fund (上海未来产业基金), created a neuroscience fund that co-led the Series A for LingXi Cloud (灵犀云)
This is systematic positioning. Government capital is securing footholds city by city; Big Tech is placing strategic bets; dedicated sector funds are professionalizing the pipeline.
But most of the action is still very early-stage. Of the 47 deals, 15 were angel rounds, 6 were seed, totaling 21 — or 44.7%. Add 5 Pre-A rounds, and 26 of 47 deals (55.3%) were pre-Series A. Only 7 were Series C or beyond.
Many of these companies have no product on the market. Several were only months old when they raised:
- WABO (瓦博科技) — closed its seed round five months after incorporation, then raised twice more in the following three months
- Xinsheng Shijie (芯生视界) — registered in February, raised nearly RMB 100 million by June; cortical visual prosthesis, Peking University spinout
- Shuli Innovation (术理创新) — went from Series B+ to Series C within the same half-year
- Zhongke Yixiang (中科意象) and KoSyne (空山慈) — each completed two rounds in six months
Capital concentration is severe. BrainCo’s RMB 2 billion alone accounts for more than a third of disclosed total. The top five deals — BrainCo, StairMed, Zhiran Medical (智冉医疗), Shenfu Jianxing (神复健行), and Nanochap (暖芯迦) — together exceed RMB 3.4 billion, over 60% of all disclosed funding. The remaining 42 deals are mostly “tens of millions” or undisclosed.
What this money is actually buying. Consider Neuracle (博睿康), which holds the world’s first regulatory approval for an implantable BCI medical device — the NEO-ONE SCI system, cleared by China’s NMPA on March 13, 2026. A landmark. Yet its IPO prospectus reveals: 2025 revenue of RMB 108 million, a net loss of RMB 230 million, and cumulative losses of RMB 328 million over 2023–2025. More than 90% of that revenue came from non-implantable products. The implant business line — the one the approval covers — has generated zero revenue to date.
Neuracle is listing under the STAR Market’s “Standard 5” pathway, which permits unprofitable companies to IPO but requires them to hit profitability thresholds by their fourth full fiscal year post-listing. The clock starts at listing.
2026 has been widely called China’s “Year One for BCI industrialization.” Nobody is calling it a harvest year. The billions flowing in are a wager on the next three to five years — capital’s bet that when the technology finally matures, having a position will matter more than having waited.
The momentum did not stop at June 30. In July, Gestala added RMB 420 million in an angel+ round (half-year cumulative: RMB 570 million). WABO completed its third round of the year. In early August, Active Technology (主动科技) — incorporated just six months earlier — closed an RMB 330 million angel round led by CASSTAR (中科创星), setting a new record for China’s largest BCI angel investment.
Appendix: All 47 Deals, Month by Month
A note on names. Companies and investors are given by their official English name where one exists — verified against the company’s own site or its English-language filings — and otherwise in standard pinyin, with the Chinese name in parentheses on first mention so any entry can be traced back to the original Chinese reporting. Many of the firms below were incorporated in 2024 or later and serve only the domestic market; for those, pinyin is not a placeholder but the only form in which they exist in English at all. Amounts follow Chinese reporting conventions: RMB 100 million ≈ $14 million.
January — 5 deals
- BrainCo (强脑科技) — approx. RMB 2 billion, Series B+
Non-invasive BCI: bionic hands, rehabilitation | IDG, Walden International (华登国际); industrial investors Lens Technology (蓝思科技) and Lingyi iTech (领益智造); strategic investors Will Semiconductor (韦尔股份), Runze Technology (润泽科技), Huazhu (华住), TAL (includes substantial secondary share transfers) | Second-largest single BCI deal globally, behind only Neuralink - Shuli Innovation (术理创新) — several hundred million, Series B+
Non-invasive EEG rehabilitation | National SME Development Fund (国家中小企业发展基金), Oriental Fortune Capital (东方富海); existing shareholders following on - Buffalo Robot (布法罗机器人) — tens of millions, second strategic round
Brain-controlled rehabilitation exoskeletons; UESTC, Prof. Hong Cheng’s team | Chengdu Future Industry Angel Investment Fund (Chengdu Industrial Investment Group, 成都产投) leading - Weilai Naolv (未来脑律) — undisclosed, Pre-A
Neuromodulation and brain disease treatment | Minghui Zhiyuan (明荟致远), Zhengxuan Investment (正轩投资), iFlytek Ventures (讯飞创投) - Haoshi Tianhui (皓世天辉) — undisclosed, strategic
Non-invasive psychiatric/emotional assessment; 90-second depression and anxiety screening | BioTuo Bio (博拓生物) via Botai Zhitou (博肽智投), sole investor, 16% stake
February — 4 deals
- Zhiran Medical (智冉医疗) — RMB 300 million, Series A+
Invasive flexible electrodes | CASSTAR (中科创星) leading; Legend Capital (君联资本), IDG, Shunwei (顺为), Lenovo Capital (联想创投), HongShan (红杉中国), Baidu Ventures (BV百度风投) all following on - Shuli Innovation (术理创新) — several hundred million, Series C (Feb 28)
Non-invasive EEG rehabilitation | Daohe Investment (道禾投资), Dongfang Hengxin (东方恒信), Xinding Capital (新鼎资本). Second round within six months. - KoSyne NeuroTech (空山慈) — undisclosed, Pre-A
Non-invasive neuromodulation: TMS, ultrasound, temporal interference | Yunqi Partners (云启资本), sole lead - Zhongke Yixiang (中科意象) — tens of millions, angel
Invasive implants; Nanjing, incubated by CAS Nanjing AI Innovation Institute | Nanjing Qilin Ventures (南京麒麟创投), LiMing Capital (砺明创投), Ruixiang Capital (瑞相资本)
March — 11 deals
- StairMed (阶梯医疗) — RMB 500 million, strategic (Mar 13)
Minimally invasive implantable BCI | Alibaba leading, SDIC Chuanghe (国投创合) following; Tencent and other existing shareholders continuing. Second-largest deal of the half-year, and the first BCI company jointly held by Alibaba and Tencent - OYMotion (傲意科技) — RMB 150 million, Series C1 (Mar 26)
Myoelectric prosthetic hands | The Shenzhen Brain Science and Brain-Inspired Intelligence Industry Fund, managed by CICC Capital (中金资本), leading. First investment ever made by that fund. - Gestala (格式塔科技) — RMB 150 million, angel
Ultrasound BCI | Guosheng Capital (国生资本) and Dtcap (道彤投资) co-leading; Tsing Song Capital (清松资本), Gobi Partners (戈壁创投), Fourier Intelligence (傅利叶智能) following. Backed by Chen Tianqiao and Peng Lei (added RMB 420 million angel+ in July; RMB 570 million cumulative for the half-year) - Neurolinks (神络医疗) — several hundred million, Series C (Mar 18)
Spinal cord stimulation (SCS) | Legend Capital (君联资本) leading; OrbiMed (奥博资本), Broad Vision (博远资本), SDIC Chuanghe (国投创合) oversubscribing. Cumulative funding now above RMB 1 billion - Neurodome (穹顶科技) — nearly RMB 100 million, Series A+
Non-invasive deep Brain Stimulation via temporal interference electrical fields | Mingxi Capital (明熙资本) leading, Optics Valley Industrial Investment (光谷产投) following; Shunwei (顺为), Huafang (华方), iFlytek Ventures (讯飞创投), Yuanhe Origin (元禾原点) adding on - RoboCT (程天科技) — approx. RMB 100 million, Series B+
Brain-controlled rehabilitation exoskeletons | ABC Capital (农银资本) leading; Inovance Industrial Investment (汇川产投), Hangzhou Capital (杭州资本) following. Second round within a year - Zhongke Borui (中科搏锐) — tens of millions, Series B (Mar 10)
EEG + fNIRS multimodal brain function monitoring; spun out of CAS Institute of Automation | Sanze Ventures (三泽创投), sole investor - Maikewei Medical (迈科维医疗) — tens of millions, angel (Mar 3)
Non-invasive electrical stimulation: wearable vagus nerve stimulator | Dtcap (道彤投资), sole investor - Naoji Medical (脑玑医疗) — undisclosed, angel
Neural pathway reconstruction after stroke and spinal cord injury; founded by Li Yi of CAS Center for Excellence in Brain Science | Lingyi Investment (领屹投资) - Futong Huizhi (复通汇智) — undisclosed, seed
Ultrasound BCI, tFUS-Mind closed-loop system for stroke rehabilitation | Wuchuang Dazhi High-Tech Group (武创大智高新技术集团), sole investor - Dongnao Zhihe (东脑智合) — undisclosed, angel
Invasive hydraulically-driven flexible electrodes | Suzhou Industrial Park Zhiyuan Weixin Ventures (苏州工业园区智源微新创投), sole investor, 35% post-money stake
April — 9 deals
- Conmind (聚芯医疗) — nearly RMB 200 million, Series C (Apr 7)
Endovascular BCI; began in cerebrovascular intervention | Zhongshan Biopharma Angel Fund (Zhongshan Ventures, 中山创投) leading; Yuecai Zhongyin (粤财中垠), Yueke Financial (粤科金融), Jingtai Capital (景泰资本) following - Mindtrix (明视脑机) — RMB 150 million, angel series
Invasive visual cortical prosthesis for restoring sight to the blind | CASSTAR (中科创星), Lingyi Investment (领屹投资), Haibei Ventures (海贝创投), Huafang Capital (华方资本), Delian Capital (德联资本), Hengxu Capital (恒旭资本), Dingxing Quantum (鼎兴量子) - Xijia Medical (曦嘉医疗) — undisclosed, Pre-A
Individualized brain network mapping based on MRI | Qinzhi Capital (勤智资本) leading - Lingke Medical (瓴科医疗) — tens of millions, Pre-A (Apr 10)
Therapeutic hypothermia for brain protection; intelligent precision temperature control | Delian Capital Brain Science Fund (德联资本脑科学基金), sole investor - Xirun Medical (希润医疗) — tens of millions, Pre-A (Apr 27)
Soft rehabilitation robotics + full-stack BCI rehabilitation | Wuxi Liangxi Technology Industry Fund (无锡梁溪科创产业基金), sole investor - Jinnao Technology (锦脑科技) — tens of millions, angel
Rigid ultra-micro array electrodes (invasive) | investors undisclosed - WABO (瓦博科技) — undisclosed, seed (Apr 9)
Consumer-grade non-invasive BCI; closed five months after incorporation | Ceyuan Capital (策源资本), sole investor. A further angel round in June included Vertex Ventures (祥峰投资) and Hongtai Fund (洪泰基金) - Naociyuan (脑次元) — RMB 60 million, strategic (Apr 7)
Non-invasive BCI for wellness: focus and emotion | Hainan Yanxi Weite (海南彦希维特) - Yinghe Brain Science (应和脑科学) — undisclosed, Series A
Neuromodulation + BCI | Xiachuang Ventures (夏创创投), Wuhan Jiangxia district state capital, leading
May — 8 deals
- Shenfu Jianxing (神复健行) — over RMB 300 million, angel series (May 27)
Brain-spine interface, “three-in-one” brain plus spinal cord implant; Fudan University spinout | Cathay Capital (凯辉基金) leading; SDIC Xiandao (国投先导) and Sherpa (夏尔巴) co-leading; Hengxu Capital (恒旭资本) following; Fudan Science and Technology Innovation (复旦科创) adding on - Nanochap (暖芯迦) — RMB 300 million, strategic (May 6)
Vision-restoration BCI: artificial retina plus visual cortex; in-house stimulation chip now at 1,280 channels | Legend Capital (君联资本) co-leading; Fengnian Capital (丰年资本) oversubscribing - Jialiang Neuroscience (佳量脑科学) — several hundred million, Series C round (May 14)
Implantable closed-loop electrical stimulation for epilepsy | Yufu Fund (渝富基金), Chende Capital (辰德资本). Post-money valuation near $1 billion, targeting a 2027 IPO - Ruiyi Xulian (瑞意旭联) — nearly RMB 100 million, Pre-A
Implantable bidirectional BCI; brain-spine interface already in volume production | Nuoyu Capital (诺庾资本) and Weili Medical (维力医疗) leading; Chuchang Fund (楚昌基金), Xiangli Investment (橡栎投资) following - Naosi Technology (脑思科技) — over $10 million, angel series
Invasive BCI + AI neural foundation models; HKU InnoHK-ABIC | Kangjun Capital (康君资本) and BlueRun Ventures (蓝驰创投) leading in succession; Fujian Capital (复健资本) following - Shenji Miaokong (神机妙控) — tens of millions, angel (May 22)
Invasive closed-loop BCI for neural injury repair; founded by Gu Huidong, Tsinghua | Angel Association Technology (天使会科技), Enran Ventures (恩然创投), Hangzhou Science and Technology Innovation Group (杭州科创集团), Westlake Photonics (西湖光子), joint investment - Qiannao Technology (潜脑科技) — tens of millions, seed+ (May 18)
Non-invasive EEG for pre-hospital and overnight stroke monitoring | led jointly by prominent entrepreneurs and investors; existing shareholders adding on - Nuromova (脑回录) — tens of millions, seed+ (May 9)
Non-invasive, sports and wellness: athlete brain-state tracking, consumer grade | Shenzhen Nanshan Strategic Emerging Industries Investment (深圳南山战新投) leading
June — 10 deals
- Xinsheng Shijie (芯生视界) — nearly RMB 100 million, seed
Invasive high-throughput BCI for vision restoration and semantic decoding; Peking University spinout, founded by Wang Qian | Matrix Partners China (经纬创投) leading - LingXi Cloud (灵犀云) — nearly RMB 100 million, Series A round (Jun 8)
BCI big data + large models; from Tsinghua Medical School’s Neural Engineering Lab, Hong Bo’s team | Sanbo Neurosurgery (三博脑科) co-leading with the neuroscience fund it established alongside Delian Capital (德联资本) and Shanghai Future Industry Fund (上海未来产业基金) - BCI-Sonics (华超神控) — approx. RMB 100 million, angel series (Jun 9)
AI ultrasound BCI, tFUS platform | Matrix Partners China (经纬创投) leading - Aikai Lingshu (爱楷灵枢) — tens of millions, angel (Jun 9)
Semi-invasive vagus nerve modulation; Huzhou | Shicui Capital (拾萃资本) leading - Zhongke Yixiang (中科意象) — tens of millions, angel (Jun 11)
Invasive implants; Nanjing. Second round within six months. | BioTuo BCI Fund (博拓脑机基金), newly established by LiMing Capital (砺明创投) and listed company BioTuo Bio (博拓生物), leading; USTC Silicon Valley (科大硅谷), Zeyu (泽羽), Huacang (华仓) following - Neuralicorn (西湖灵犀) — tens of millions, angel+ (Jun 16)
Neural interface chips + Chinese-language decoding; Westlake University spinout, 256-channel chip already taped out | Yida Capital (毅达资本) with Hoyu Capital (和玉资本), Qizhen Fund (启真基金), Nanjing Innovation Investment Group (南京创新投资集团), joint investment - Sisheng (思昇科技) — tens of millions, seed
Ultrasound BCI; Tsinghua spinout | Inno Angel Fund (英诺天使基金), Shuimu Tsinghua Seed Fund (水木清华种子) - KoSyne NeuroTech (空山慈) — undisclosed, Series A (Jun 12)
Non-invasive neuromodulation: TMS, ultrasound, temporal interference | Oriental Fortune Capital (东方富海) leading; Glory Ventures (耀途资本) following; Dtcap (道彤投资) and Yunqi (云启资本) adding on. Second round within six months. - AgiPhant (念象科技) — nearly RMB 10 million, angel (Jun 26)
sEMG wristband / peripheral interface; product Omniband | Yongjun Xingmang (永珺星芒) leading; Pudong Ventures (浦东创投), Yicun Capital (一村资本) following - Hyus Meditec (欢影医疗) — tens of millions, new round
Ultrasound BCI product line; core business in ultrasound imaging and intracardiac echo | Hetang Investment (荷塘投资) leading
Source: this roundup is compiled from public information and does not constitute investment advice; amounts and rounds follow public reporting.