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Major Takeaways:

  • Valuation of Mindmaze has crossed $1bn, and CEO Tej Tadi maintains an ambitious vision, with a goal of having a MindMaze chip in every device in 5 years.
    • 2 weeks ago, MindMaze sold 1/3 of itself to Hinduja Global, at a valuation of over $1 billion. This was the most recent funding round after raising $10 million from a variety of angel investors at a valuation of $100 million.
  • MindMaze is looking to raise more funds to accelerate and take operations to a commercial scale, and to grow into new industries.  They continue to avoid traditional venture capital.
  • Potential new industries include media, transport, defense, as well as the internet of things.

From the article:

“MindMaze wants to become the (top) neuro-medical device company in the world. Our big vision is five years from now every device should have a MindMaze chip in it,” Tadi told ET. “The chip computes the world like your brain does–more intuitively. You think of something and that would happen through the software.”

What started as doctoral research a decade back at the Swiss Federal Institutes of Technology led to the birth of MindMaze, which marries neuroscience with computer graphics and robotics, aiding patients with diseases, trauma and disorders of the nervous system.

Two weeks ago, MindMaze sold less than a third of the startup to Hinduja Global, the overseas holding company of the Hinduja Group, for a valuation of more than $1 billion. The company’s previous funding was in 2012 when it raised $10 million from Swiss and European Union grants, foundations and angel investors, valuing the company at $100 million, making for a 10-fold spike in four years.

“As the Hinduja Group is looking to invest in new frontier technologies as part of its global growth and expansion plan, it has found it beneficial to combine its own inherent strengths with technology pioneers who have created ventures with a futuristic vision,” said a Hinduja spokesperson.

Check out the Economic Times for the full article.