Neuranics, a startup specialising in magnetic sensor innovation has raised £1.9m in pre-seed funding led by Par Equity, with participation from GU Holdings Ltd, Old College Capital, and Creator Fund. The startup, founded in 2021, is a joint spinout from the University of Glasgow and the University of Edinburgh.

The startup develops magnetic sensors integrated with semiconductor technology for health, fitness, and metaverse applications. Neuranics’s patented technology uses scalable spintronics sensors, powered by semiconductors, to detect tiny magnetic signals from organs of the body. The company says the tech could transform the current shortcomings of health monitoring devices and human-machine interfaces.

“Our breakthrough technology will enable much better sensor resolution for human-machine interface, will have huge benefits for health and fitness devices, and also controllers in the metaverse,” said CEO Noel McKenna.

“We see global demand for our technology, and we are already working with several Tier 1 consumer electronics groups.  We want to be the world’s leading magnetic sensor company, selling our sensor chips or licensing our technology into hundreds of millions of products per annum.” 

According to the startup, what sets them apart, is the technology’s cost-effectiveness, scalability, and low power consumption. This is in contrast to the large, complex, expensive lab or clinic-based equipment currently in use, which Neuranics says positions itself as an industry disruptor. 

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“Modern hardware represents a significant bottleneck for the wide-scale development of brain-machine technologies. Currently, there’s no practical non-invasive solution that can smoothly transition from lab or clinical settings to power AI systems,” said Alexandra Ntemourtsidou, director of operations at Creator Fund.

“Rarely do we discover both a transformational technology and such a well-rounded team, with whom we can partner over the long-term to create a company capable of radically improving a broad range of use cases in a number of industry verticals,” said Robert Higginson, partner at Par Equity.