Virtual reality startup reels in $100M for rehabilitation device

Virtual reality is the latest craze in med tech, and neurotech startup MindMaze is getting in on the trend. The company raked in $100 million to spur development of its multisensory computing platform and help expand its international reach.

Hinduja Group led the round, which will help support MindMaze's virtual reality platform, MindMotion PRO. The tool combines computer vision, neuroscience, artificial intelligence (AI) and touch perception to improve rehabilitation for patients, MindMaze said on its website.

The company is already marketing the technology for stroke and brain-injury survivors in Europe and Asia. But the latest funding will help the platform "become more broadly available" through deals in the business-to-business and business-to-consumer spaces, San Francisco-based MindMaze said in a statement.

MindMaze CEO Tej Tadi

"This funding round is the first endorsement of the investment potential for the MindMaze platform and supports our vision to build the Human Interface," MindMaze CEO Tej Tadi said in a statement.

MindMaze has some support in its corner that could help as it navigates potential regulatory and financial obstacles. The company's board and advisory team includes leaders from Medtronic ($MDT) and Baxter ($BAX), and also individuals from key research outfits such as UC San Francisco and The Wyss Biotech Center.

The latest funding comes on the heels of more good news for MindMaze. In November, the company got a CE mark for MindMotionPRO for use in hospitals and clinics in Europe. Healthcare professionals can use the system for bedside early motor training in the early phases of rehabilitation, MindMaze said at the time.

Now, the company is setting its sights on stateside growth. MindMaze this year plans to test its platform in key U.S. healthcare centers, exploring the device's ability to improve motor and cognitive recovery in patients, the company said in a statement.

- read the statement