Credit: CFP
AsianFin -- BrainCo, a Chinese brain-computer interface (BCI) startup aiming to rival Elon Musk’s Neuralink, is in talks to raise about $100 million in pre-IPO funding at a valuation exceeding $1.3 billion, as it prepares for a potential listing in Hong Kong or mainland China, according to people familiar with the matter.
Founded in 2015 by Harvard alumnus Han Bicheng, BrainCo—officially known as Zhejiang Qiangnao Technology Co.—has started early-stage preparations for a public offering, the people said, asking not to be identified discussing private information. The company has yet to finalize its listing venue or timeline, they added.
Based in Hangzhou, BrainCo is part of the so-called “Six Little Dragons”—a cohort of China’s most promising tech innovators that includes AI startup DeepSeek and e-commerce giant Alibaba Group Holding Ltd. The company specializes in bionic prosthetics and neural interface technology that enables humans to control computers with their minds.
BrainCo isn’t alone in China’s fledgling BCI race. Earlier this year, Shanghai-based StairMed Technology raised 350 million yuan ($48.7 million) in Series B financing and launched China’s first clinical trial for invasive brain-computer interfaces, local media outlet Yicai reported. BrainCo’s founder previously told the South China Morning Post he was considering an expansion into Hong Kong.
Talks around BrainCo’s financing and IPO remain fluid, and details could shift depending on market dynamics, the people said. Representatives for BrainCo did not respond to requests for comment.
The company’s funding efforts highlight growing investor appetite for next-generation tech startups in China, as the country’s venture capital ecosystem shows signs of revival after years of Covid-era stagnation and regulatory crackdowns. China’s top VC firms are now seeking to raise at least $2 billion in fresh funds, rekindling interest in sectors like AI, robotics, and advanced manufacturing.
Breakout successes like BrainCo, DeepSeek, and robotics firm Manus have galvanized a new wave of entrepreneurial activity, particularly in Hangzhou. The city’s “Six Little Dragons” also include game developer Game Science, known for the blockbuster title Black Myth: Wukong, as well as Deep Robotics, Unitree Robotics, and AI computing startup Manycore.
The resurgence of China’s early-stage tech scene underscores a broader reassessment by global investors, as signs of recovery emerge across the country’s startup ecosystem and macroeconomy.
