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February 18, 2016updated 31 Aug 2016 5:21pm

VR startup MindMaze attracts $100m in new funding

News: The company uses VR to treat stroke patients.

By CBR Staff Writer

Swiss virtual reality (VR) startup MindMaze has raised $100m in a new funding round that values the company at $1.1bn.

Hinduja Group, which has invested in MindMaze since its early stages, led the new round with participation from family offices.

MindMaze has developed a platform to build human machine interfaces combining VR, computer graphics, brain imaging & neuroscience.

The company has already commercialised the multisensory technology for stroke and brain-injury survivors and its existing regulatory approvals will allow it to speed up placement of devices in Europe and Asia.

MindMaze said its platform will become more widely available via licensing in the business-to-business and business-to-consumer spaces to drive VR-optimised products for mainstream experiences.

The platform, which is being expanded into fields of consumer health and technology, is due to be tested in several US centres later this year for both motor and cognitive recovery applications.

MindMaze founder and CEO, Tej Tadi said: "This funding round is the first endorsement of the investment potential for the MindMaze platform and supports our vision to build the Human Interface."

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A Hinduja Group spokesperson said: "MindMaze’s next-generation human-machine interface is already proving itself in healthcare, games, and its potential for applications in transportation, defense and various types of media are now ready to be truly explored."

Bloomberg reported that MindMaze becomes the fifth virtual or augmented reality startup to attract about $100m.

MindMaze, which intends to expand its office in San Francisco, is evaluating headsets to support other injuries like amputations.

The company is still in negotiations with further investors, and the final size of the round is expected to cross $100m.

MindMaze earlier raised around $8.5m from angel investors and via Swiss government grants.

Researchers predict VR hardware will account for $20bn while software will reach $50bn.

According to TrendForce, the industry will reach $6.7bn this year and by 2020, the company expects a growth of 40% in the number of shipments to 38 million headsets.


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