Neuranics Secures £6.1m Funding for Magnetic Sensor Tech
Deal News | Apr 14, 2025 | Business Cloud
Neuranics, a Glasgow-based firm known for its innovation in magnetic sensing technology, has secured £6.1 million in funding to advance its Tunnelling Magnetoresistance (TMR) technology. This investment round was led by Blackfinch Ventures, with contributions from Archangels and ongoing support from Par Equity, as well as the University of Glasgow and Old College Capital from the University of Edinburgh. Founded in 2021 as a joint spinout from these universities, Neuranics has been recognized for its achievements, including a CES Innovation Award. Their ultra-sensitive, low-power sensors can detect magnetic signals from the human body, aiding in applications such as gesture recognition and heart signal tracking without skin contact. Neuranics aims to leverage this funding to enhance its growth and commercial adoption in high-tech markets including XR, wearables, and digital health, and is collaborating with industry-leading semiconductor and XR manufacturers to scale its applications. CEO Noel McKenna emphasizes this investment as pivotal in expanding Neuranics's team and technology. Kimberley Hay of Blackfinch Ventures recognizes the vast potential for low-power movement detection technology across various sectors.
Sectors
- HealthTech
- Wearable Technology
- Semiconductor
Geography
- United Kingdom – Neuranics is based in Glasgow, and the investment round includes participants from the UK, such as Blackfinch Ventures.
- Europe – Neuranics plans to target global growth, with an emphasis on expanding in European markets.
Industry
- HealthTech – Neuranics is focused on utilizing its magnetic sensor tech for applications in digital health, making HealthTech a key industry.
- Wearable Technology – The company's tech is aimed at high-tech markets, including wearables, making this an important industry classification.
- Semiconductor – Neuranics is collaborating with Tier-1 semiconductor manufacturers for their magnetic sensor tech applications.
Financials
- £6.1 million – The amount raised by Neuranics in the funding round to develop their magnetic sensor technology.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neuranics | Target Company | Company | A Glasgow-based startup focused on developing magnetic sensor technology. |
| Blackfinch Ventures | Lead Investor | Company | A venture capital firm leading the investment round in Neuranics. |
| Archangels | Investor | Company | Participating investor in the funding round for Neuranics. |
| Par Equity | Supporting Investor | Company | A venture capital firm providing continued support in the investment round for Neuranics. |
| University of Glasgow | Supporting Investor | Educational Institution | A founding institution of Neuranics and ongoing supporter in the investment round. |
| Old College Capital | Supporting Investor | Company | The venture investment arm of the University of Edinburgh, supporting Neuranics. |
| Noel McKenna | CEO | Person | CEO of Neuranics, overseeing the company's growth and technology development. |
| Kimberley Hay | Senior Ventures Manager | Person | Senior Ventures Manager at Blackfinch Ventures, commenting on the investment's potential impact. |