脑机接口技术进入“元年”，投资人直呼“估值太高”

Core Viewpoint - The brain-computer interface (BCI) industry in China is entering a significant phase in 2025, with multiple research teams announcing clinical trials and successful treatments, attracting substantial investment interest from global investors [1][2]. Group 1: Industry Developments - Several research teams, including one from Nankai University, have completed the world's first clinical trial using an invasive brain-computer interface to restore motor function in a patient with hemiplegia [3]. - The trial involved a 67-year-old male patient who had been paralyzed for six months due to a stroke, utilizing a combination of invasive BCI technology and functional electrical stimulation [3]. - Another significant advancement includes the first prospective clinical trial of an invasive BCI system conducted by the Chinese Academy of Sciences, where participants achieved computer control similar to that of a normal user within 2-3 weeks of training [4]. - The semi-invasive BCI technology is also progressing, with the "Beijing Brain No. 1" system entering clinical validation after successful implantation in five patients [4]. Group 2: Investment Landscape - Investment interest in the BCI sector is growing, but there are concerns about high valuations of leading companies, making it challenging for investors to find attractive opportunities [5][6]. - Investors express that while the BCI market has promising prospects, the high valuations of top-tier companies, often exceeding 1 billion USD, deter investment [6]. - Some investors are focusing on companies with valuations below 1 billion RMB, considering them more appealing [6]. - The potential for commercialization of BCI technologies, particularly in treating conditions like Parkinson's and epilepsy, is seen as a key factor for future investment [6]. Group 3: Future Outlook - Despite optimism, experts believe that the BCI technology is still in its early stages, primarily focused on clinical applications, with consumer-level applications expected to take much longer to develop [7][8]. - The approval for medical applications of BCI technology is anticipated to take an additional 3 to 5 years, while consumer-grade devices may require 15 to 20 years [8]. - The demand for capital is increasing as BCI companies prepare for clinical trials, with the costs influenced by various factors including surgical complexity and sample size [8][9].