Brain-computer interface IPO race: $1B raised in H1, but valuations and traction diverge
创业邦 · wechat · 2026-09-24
Three Chinese brain-computer interface companies are racing to IPO: Innoscience-like Shuli Innovation filed for a STAR Market listing after BrainCo confidentially filed in Hong Kong and BrainRobotics' IPO was accepted (targeting 2.5B yuan). H1 2025 funding topped 60 deals and 7B yuan, with BrainCo's 2B yuan Series B+ setting a domestic record; Alibaba and Tencent jointly invested 500M yuan in阶梯医疗 (TierLadder Medical), and product-less Gestalt Technology raised 570M yuan within six months.
A striking mismatch: BrainRobotics holds the world's first invasive BCI medical device registration but earns over 70% of revenue from EEG systems sold to universities and hospitals. Meanwhile consumer sleep/meditation headbands are the most commercialized segment (1.8M units in 2025, 47% of shipments) yet get far lower valuation premiums. The article favors semi-invasive routes for near-term commercialization and argues consumer BCI must move from monitoring to closed-loop intervention to build retention.
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