Brain-Computer Interface Firm Shuli Innovation Starts STAR Market IPO Coaching, Devices Priced at $270K Each
创业邦 · wechat · 2026-09-21
Shuli Innovation filed for IPO coaching on the STAR Market on Sept 4, with Huatai United Securities as sponsor. Founded in 2015, the company takes a non-invasive BCI route: patients wear an EEG cap, and the system decodes motor-imagery signals to drive an exoskeleton for rehabilitation. Its products are deployed in top hospitals including Beijing Tiantan and Peking Union Medical College Hospital.
- Revenue comes mainly from hospital procurement: a RMB 3.9M contract with Fudan Children's Hospital in 2024 (RMB 1.95M per device) and a RMB 2.478M contract with Xi'an Medical University First Affiliated Hospital in April 2026.
- Five funding rounds to date; B+ and C rounds closed within two months in early 2026, with investors including the state SME Development Fund. Founder Wang Wei holds 51% and absolute control.
- 2026 is shaping up as BCI's IPO window: BrainCo filed confidentially in HK with a RMB 2B pre-IPO round; Boyun康's STAR IPO was accepted, seeking RMB 2.5B. Zhejiang now covers non-invasive BCI fitting fees under basic medical insurance.
- Key hurdles: regulatory registration, scaling from single-hospital deals to hundreds, payment models, and repurchase — moving from project-based procurement to recurring revenue.
More from Venture
- Voice AI startup Gladia acquired by OVH Groupe to boost Europe's sovereign voice AI — JiliJeanlouis · 2026-09-21
- Rothschild Redburn goes bearish on AI compute, rates NBIS and CRWV Sell — JOBhakdi · 2026-09-21
- AI-assisted reread of Yandex leak: behavioral signals outnumber content signals 3 to 1 — tracyingram · 2026-09-21
- Smaller LLMs Aren't Always Cheaper: Review and Rework Costs Blow Up the Bill — zeuslac · 2026-09-21
- OpenAI Pays $300M for 37-Person Camera Startup GlassImaging to Power Its AI Hardware Push — 快鲤鱼 · 2026-09-21
- From $1.4 tutorials to $42k corporate classes: inside China's booming AI training business — 创业邦 · 2026-09-21