36氪精选：脑机接口虚火？但再不下手就晚了

Core Viewpoint - The brain-computer interface (BCI) sector is expected to experience a significant wave of financing in 2026, driven by advancements in technology and supportive government policies [5][6][9]. Group 1: Market Dynamics - Non-invasive BCI company "Qiangnao Technology" recently completed a financing round of 2 billion yuan, igniting interest in BCI concept stocks [6]. - The BCI sector has seen a strong market response, with companies like Innovation Medical, Nanjing Panda, and Yanshan Technology experiencing stock price surges [7]. - Elon Musk's announcement regarding Neuralink's plans for large-scale production of BCI devices by 2026 has been a major catalyst for the current market enthusiasm [7]. Group 2: Investment Landscape - Major venture capital firms such as Sequoia China, IDG, and Baidu Ventures have invested in various BCI companies, indicating a broadening interest beyond just medical applications to technology and consumer sectors [9]. - The BCI market is transitioning from primarily medical investments to include technology and consumer-focused investments, particularly in consumer healthcare applications [9]. Group 3: Non-Invasive BCI Insights - Non-invasive BCI technology has a wide range of applications, including sleep monitoring, attention tracking, and treatment for mental health disorders, but has faced challenges due to high user education costs and product homogeneity [10][12]. - The technology has limitations in signal quality, as non-invasive methods like EEG struggle with signal clarity and resolution [10]. - Companies are shifting focus from pure brain control to developing smart prosthetics and other applications that utilize muscle signals and AI algorithms for better intent recognition [11]. Group 4: Invasive BCI Developments - Invasive BCI companies are navigating significant challenges, including safety, signal stability, and regulatory compliance, but have still managed to secure funding during market downturns [13]. - The evaluation of BCI companies has shifted from focusing solely on technical capabilities to assessing their overall operational capabilities and clinical trial progress [13]. - Notable invasive BCI companies include Borui Kang, which is pursuing a listing on the Science and Technology Innovation Board, and has reported successful clinical trials with significant patient improvements [14]. Group 5: Key Players and Innovations - Borui Kang has developed a semi-invasive BCI system that has shown promising results in clinical trials, achieving significant improvements in patient functionality [14]. - Ladder Medical focuses on ultra-flexible neural electrode technology and has successfully conducted clinical trials for spinal cord injury patients [15][16]. - Brain Tiger Technology, which aims to compete with Neuralink, utilizes silk protein for its electrodes, enhancing biocompatibility and reducing long-term damage [17]. Group 6: Future Outlook - The year 2026 is anticipated to be a pivotal moment for the BCI industry, with advancements in technology and regulatory support paving the way for broader adoption [22]. - The introduction of independent billing for BCI services by the National Healthcare Security Administration in 2025 reflects a commitment to supporting the industry's growth [22]. - Companies that establish a strong foothold in the BCI sector are likely to gain significant influence over future technologies, products, and standards [23].