Scottish deep-tech company Neuranics has raised $8 million (£6.2m) to facilitate global growth and advance the commercial adoption of its magnetic sensing technology.

The semiconductor firm, which began life as the first joint spinout between the Universities of Edinburgh and Glasgow, said the funding will drive the company’s next phase, allowing it to strengthen its team and accelerate innovation across core technologies. 

The cash injection will also help with the integration of Neuranics tunnelling magnetoresistance (TMR) tech into emerging markets, including extended reality (XR), wearables, and digital health monitoring.

The investment round was led by Blackfinch Ventures, with participation from Archangels, and support from Par Equity, the University of Glasgow, and Old College Capital, the University of Edinburgh’s venture investment fund.

Oliver Johnston-Watt, investment analyst at Par Equity, who have supported Neuranics since its pre-seed round, said: “Neuranics is a perfect example of the type of innovative technology that Par Equity is keen to support. 

“They are a fantastic representative of the world-class deep tech innovation emerging from Scotland’s universities, and we’re excited to help them continue to scale globally.”

The firm said that its ultra-sensitive, low-power, scalable sensors offer improved accuracy, reduced power consumption, and the potential for continuous monitoring compared to traditional methods, with Neuranics sensors able to detect tiny magnetic signals from the human body, allowing for precise tracking of muscle activity and heart signals – all without skin contact. 

Going forward, Neuranics said it is actively collaborating with Tier-1 semiconductor and XR manufacturers to validate its performance and production readiness for scaling into high-volume applications across consumer, industrial, and healthcare markets.

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“This investment marks a significant step forward as we continue pioneering new applications for magnetic sensing,” said Noel McKenna, CEO of Neuranics.

“With the support of our investors, we are expanding our team, advancing our technology, and bringing our solutions closer to widespread adoption.”

Founded in 2021, the company was most recently recognised with a CES Innovation Award in December for its Magnetomyography (MMG) Magnetic Sensor, and secured an £800,000 grant from Scottish Enterprise in October to support a £2.4 million project targeting extended reality applications with its patented magnetic sensors.