Paradromics Inc.
- Industry
- Neurotechnology
- Founded Year
- 2015
- Headquarters
- Austin, Texas, United States
- Employee Count
- 44
Key People
- Matt Angle - CEO
- Matt Marino - Executive Vice President Finance
- Ken Walker - Director, Medical Services
- Adam Weiss - Staff Research Engineer
Assessment
- Team
-
Aspect: First-time 10+ yrs
Summary: The leadership team, including CEO Matt Angle, brings over a decade of experience in neurotechnology and medical device development.
The leadership's background in neurotechnology and medical devices provides a solid foundation for the company's endeavors.
- Clinical Need
-
Aspect: Very Strong
Summary: Paradromics addresses critical unmet needs in treating severe motor impairments and communication disorders.
By targeting conditions like ALS and stroke-induced paralysis, Paradromics aims to provide solutions where current treatments are inadequate.
- Competition
-
Aspect: Somewhat crowded
Summary: The BCI market includes several players, but Paradromics' high data-rate technology offers a competitive edge.
Competitors like Neuralink and Synchron are active in the BCI space, but Paradromics' focus on high data-rate interfaces sets it apart.
- Technical Challenge
-
Aspect: Complex
Summary: Developing high data-rate BCIs involves significant technical complexities, including ensuring safety and efficacy.
Ensuring the safety, reliability, and functionality of implantable BCIs requires overcoming significant engineering and medical hurdles.
- Patent
-
Aspect: Strong
Summary: Paradromics holds patents for its BCI technology, providing a competitive advantage.
Patents covering the Connexus BCI technology protect the company's innovations and provide barriers to entry for competitors.
- Financing
-
Aspect: Well-funded
Summary: With a $33 million Series A round and strategic investments, Paradromics is well-capitalized.
Investments from entities like Prime Movers Lab and NEOM Investment Fund provide the financial resources necessary for advancing the Connexus BCI.
- Regulatory
-
Aspect: Pivotal Trial
Summary: The Connexus BCI has received FDA Breakthrough Device Designation, facilitating an expedited regulatory pathway.
The Breakthrough Device Designation indicates the FDA's recognition of the device's potential, but further clinical trials and evaluations are required for full approval.
Opportunity Rollup
- Odds of Success
- 3.75
- Peak Market Share
- 5.5
- Segment CAGR
- 4.9%
- Market Segment
- Neurology Devices
- Market Sub Segment
- Brain-Computer Interfaces
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.28 |
| 2 | 0.82 |
| 3 | 1.92 |
| 4 | 3.85 |
| 5 | 5.50 |
Key Takeaway
Paradromics is well-positioned in the emerging BCI market, leveraging strong technology and funding to address significant clinical needs.