InteraXon founder: A vision of the $2 trillion "brain wave market"

Release date: 2014-10-14

Introduction: "The brainwave market has a huge space for development. More than 2 billion people in the world need such products, and the entire market can reach 2 trillion US dollars," said InternXon founder Garten. The company is currently growing 4-5 times a year, and Garten admits she is confident that she will build a $500 million company in five years. The funds raised by its B round will be mainly used to enter the Asian market.

In the hot summer, you can use your mind to give yourself a cold beer, which sounds like the plot of science fiction. However, this is in the eyes of InteraXon's founder, Ariel Garten, but it is a common scenario in human life in the future.

Garten's skin is fair and thin, full of artist's breath. She worked as a fashion designer, real estate agent, and gallery manager in her early years, but founded InteraXon in April 2009 for her strong interest in neuroscience.

“The design of many high-tech products looks very bad. I have worked as a fashion designer before, which is very helpful for designing fashionable and practical products,” Garten said in an interview with a reporter from the 21st Century Business Herald.

Headquartered in Toronto, Canada, InteraXon is a company dedicated to the development of brainwave technology. They develop technologies such as mind reading, sensory brains, and direct manipulation of computers with ideas. In August last year, the company announced that it had received a total of $6 million in first-round financing from a number of investors including Li Ka-shing's Victoria Harbour investment.

She revealed that for the first time, Solina Chow, the founder of Li Ka-shing's private investment company, Horizons Ventures, met in Toronto. “At the time, she was very interested in our technology and products. After the meeting, their team was I started the due diligence to find out more information and decided to invest later."

"Superman" Li Ka-shing has always had a soft spot for "disruptive technology". At present, more than 50 "disruptive" companies that are betting on Victoria Harbour are mainly from the Internet and mobile sectors.

“The current life rhythm of people is getting faster and faster, and there is a lot of pressure accumulated unconsciously. But all along, ordinary people have very limited understanding of the brain, and there is a lack of tools for training the brain. Our brainwave technology is positive. It is such a subversive representative," Garten pointed out.

4-5 times overspeed growth

InteraXon's focused brainwave technology became famous during the 2010 Vancouver Winter Olympics. Audiences across Canada use the brainwave controller to control Niagara Falls, the Canadian Parliament Building in Ottawa, and the CN Tower in Toronto.

In the TED technical speech, Garten took the lead in demonstrating the company's R&D technology with the theme of “knowing self-through the brainwave scanner”. After the first round of investment last year, the company officially released the first wearable product Muse this year. This is a headband that detects brain waves. There are six sensors inside, on the forehead and the back of the ear. Users can easily read data and limit control objects by simply plugging in the brainwave sensor and connecting to a computer device such as an iPhone or iPad.

“Muse has many different applications in daily life. Some customers want to improve their memory by wearing them and get good grades in the exam. Another type of customer is the human resources department of a large company. They buy Muse for employees to use to help them ease. Stress, improve productivity. There are some full-time mothers to buy to reduce stress, they have to take care of both career and family. There are also some elderly people to buy to improve memory degradation, etc., she said.

Currently, InteraXon's official website can order Muse, which is priced at $299. “Although the current products are only available in English, we also have many customers from Asia, including Mainland China, Hong Kong, Japan, Korea and other places.”

Wearable devices have become popular in recent years, and major companies around the world, including Apple, Samsung, and Google, have invested heavily in developing new wearable products. InteraXon's ambition seems to be greater than controlling objects with thought alone.

"The brainwave market has huge room for development. More than 2 billion people in the world need such products, and the entire market can reach 2 trillion US dollars," she said. InteraXon is currently growing 4-5 times a year, and Garten admits she is confident that she will build a $500 million company in five years.

B round financing into Asia

She revealed that the company still has about 9.2 million US dollars in funds left in the company, and plans to officially launch the B round of financing in the fourth quarter of this year, the fund raising target is 10-20 million US dollars.

“So far, the company's development has been very smooth, which allows us to screen among potential investors. We are looking for some strategic investors in the A round of financing, they can help the company's future strategic layout in the retail, B2B sales or production areas. In the next round of round of financing, in addition to the existing investors said that they will continue to invest, we hope to further enhance the strength of product research and development, marketing, and find investors with more resources in these areas." Said.

The funds raised in round B will be used primarily to enter the Asian market. She pointed out that “whether from multinational companies, distributors, researchers and consumers in Asia, we have felt strong market potential, such as developing some medical treatments, Consumer products in education, competitive sports, etc."

She revealed that many of the company's more than 40 teams are first- or second-generation Asians. In the future, we plan to deploy R&D and marketing teams in Asia, and have already entered the “detailed planning” with some partners in Asia. "stage.

“Weigang investment has greatly helped us to expand the Asian market, including helping us introduce some Asian companies and other high-tech companies investing in Victoria Harbour, as well as giving a lot of support in marketing and funding.” Said.

In addition, InteraXon is also interested in entering the Chinese market. At present, some parts of the Muse headband are from different cities in China and assembled in Xiamen. “We hope that the cooperation with Chinese companies is not limited to production, but to product development and brand promotion.”

Source: 21st Century Business Herald

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