Capital-intensive bets on the brain-machine interface track

证券日报 reporter Wu Yixuan

Affected by multiple factors such as policy, technology, and the market, the level of capital activity in China’s brain-computer interface industry has continued to rise. A forward-looking report on the commercialization of China’s brain-computer interfaces—the “China Brain-Computer Interface Commercialization Outlook Report” (hereinafter the “Report”) released recently—shows that since 2025, financing for brain-computer interface companies has entered an unprecedented period of activity. In the first three months of 2026, the total amount of financing for brain-computer interface companies has already exceeded the entire 2025 figure.

Several experts interviewed by Securities Daily reporters said that the current stage of China’s brain-computer interface industry is at a critical turning point as it accelerates from technical validation toward commercial implementation. The blowout growth in financing amounts means the industry has entered a fast-track phase powered by capital support. Overall, the sector will gradually shift from concept speculation to practical product deployments and clinical applications.

IT Juzi data shows that as of April 7, there have been 21 financing events in China’s brain-computer interface industry this year, with total financing exceeding 4 billion yuan.

Among them, in January this year, Zhejiang Qiangnao Technology Co., Ltd. (hereinafter “Qiangnao Technology”) completed a 2.0 billion yuan Series B+ financing round, becoming the largest single financing deal in China’s brain-computer interface track. In March, Fomita (Chengdu) Technology Co., Ltd. completed a 150 million yuan angel round financing, setting a new record for the highest amount of angel round financing in this field.

In terms of investor types, this round of fundraising upsurge shows a distinct trend toward diversification. In addition to first-tier institutions such as CICC Capital and Sequoia China, there are also state-owned investment platforms such as Shanghai Guotou and Zhejiang Innovation Investment. Meanwhile, multiple internet giants and industrial capital are also accelerating their entry.

In the secondary market, according to incomplete statistics by Securities Daily reporters, since the beginning of this year, more than 10 stocks with brain-computer interface concepts have received institutional research. Among them, five listed companies, including Henan Xiangyu Medical Equipment Co., Ltd. and Jiangsu Aipeng Medical Technology Co., Ltd., have been researched by more than 100 institutions each.

Some unicorn enterprises are accelerating their move toward the capital markets. In February this year, the website of the CSRC showed that Boircon Technology (Shanghai) Co., Ltd. (hereinafter “Boircon”) has filed for tutoring and record registration with the Shanghai CSRC branch, and plans to make a first public offering of shares and list.

Xu Peiyuan, Deputy Chair of the Listing Companies Investment Professional Committee of the China Investment Association, told Securities Daily reporters that: “The dense influx of capital injects strong momentum into the development of the brain-computer interface industry. On the one hand, brain-computer interface technology has a long R&D cycle and requires high investment, and strong capital support provides solid backing for companies to innovate in R&D. On the other hand, capital will also attract more talent and resources to cluster in the brain-computer interface field, thereby improving industry-chain supporting capabilities and enhancing the overall competitiveness of the industry.”

With support from capital, China’s brain-computer interface industry is expected to usher in a “golden window period” for commercial implementation. The Report predicts that in 2026, the market size for brain-computer interfaces is expected to exceed 5 billion yuan and maintain rapid growth. By 2030, this figure will reach 15 billion yuan.

From the perspective of technical pathways, products based on China’s non-invasive brain-computer interface technology are relatively mature and have achieved commercialization in rehabilitation medicine, consumer electronics, education, and other fields. Taking Qiangnao Technology as an example, the company focuses deeply on non-invasive brain-computer interface technology and has successfully developed multiple intelligent products, including the “intelligent myoelectric prosthetic hand,” “intelligent myoelectric prosthetic leg,” “brain-computer intelligent sleep therapy device,” and “mind-focused stress-relief system.” Some products are already listed and sold on e-commerce platforms.

Invasive brain-computer interface technology has entered a “quasi-commercial” stage and has made notable breakthroughs in clinical trials. For example, in March this year, the National Medical Products Administration approved Boircon’s innovative product registration application for an implanted brain-computer interface hand motor function compensation system. This achieved the world’s first launch of a brain-computer interface medical device, marking that the world’s first invasive brain-computer interface medical device has entered the stage of clinical application.

At the current stage, companies are actively advancing brain-computer interface products from the laboratory toward large-scale mass production. In January, Shanghai Brain Tiger Technology Co., Ltd.’s “Super Factory” project officially broke ground in the Ganjian New Area in Jiangxi Province. This project will shoulder mass production tasks for the first domestically and the second globally “fully implanted, fully wireless, fully functional” brain-computer interface system. The goal is to achieve stable deliveries at the ten-thousand-unit level. It is expected to be completed and put into operation in the second half of 2026.

Gao Chengyuan, President of the Institute for Far-Reaching Influence Research, said in an interview with Securities Daily reporters: “As major technology pathways are advanced in a coordinated manner, over the next 3 to 5 years, China’s brain-computer interface industry is expected to show a trend of ‘medical and rehabilitation demand leading the way, with gradual penetration at the consumer level’ toward commercialization. In addition, as the industry chain continues to integrate, the industry’s ‘head effects’ will become even more pronounced. Related companies need to focus on independent R&D of core components, accumulation of clinical data, and improvements in mass-production capability. They should build a real-world scenario-based business closed loop.”