Tether invests $200 million in biotech firm Blackrock Neurotech
Tether has invested $200 million in Blackrock Neurotech, a company that develops medical devices powered by brain signals to assist people with paralysis and neurological disorders.
The investment was made through Tether’s new venture division, Tether Evo, and makes the stablecoin issuer the majority stakeholder in Blackrock Neurotech.
This new investment will fund the commercialization and further development of Blackrock Neurotech’s medical devices. These devices allow users to control external hardware, such as robotic arms, with their thoughts alone to offer advancements in medical technology and patient care.
Founded in 2008, Blackrock Neurotech has been a pioneer in brain-computer interface (BCI) technology. One of the notable milestones in the company’s history includes a 2016 event where a patient, using Blackrock’s technology, was able to control a robotic arm and fist bump then U.S. President Barack Obama. This technology not only enables motor control but also provides sensory feedback, allowing patients to ‘feel’ through the devices.
Paolo Ardoino, CEO of Tether, stated “Tether has long believed in nurturing emerging technologies that have transformative capabilities, and the Brain-Computer-Interfaces of Blackrock Neurotech have the potential to open new realms of communication, rehabilitation, and cognitive enhancement.”
The investment reflects Tether’s broader strategy to expand its reach beyond digital currency into various technology sectors. The issuer has recently established several new divisions, including Tether Data, Tether Finance, Tether Power, and Tether Education to influence a range of fields from data analytics to educational technologies.
Dr. Florian Solzbacher, co-founder of Blackrock Neurotech, added “My life’s dream has been to help and restore function in people who lost it and to advance technologies that revolutionize healthcare and the world around us.”
Blackrock Neurotech started out at the University of Utah, founded by scientists and BCI pioneers Dr. Florian Solzbacher and Marcus Gerhardt. It’s now based in Salt Lake City, Utah.
