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Elon Musk’s Health Tech Company Neuralink was labelled “underprivileged business” in a federal filing with the U.S. Small Business Administration, just before the funding round valued the company at $9 billion.
NeuralInk is developing a Brain Computer Interface (BCI) system with the original purpose of helping people with brain palsy regain some independence. BCI technology allows people to broadly translate brain signals into commands, allowing external technologies to be manipulated simply by thinking about them.
The Neuralink submission dated April 24 would have reached the SBA when Musk was leading the Trump administration’s Department of Government Efficiency. At Doge, Musk worked to significantly reduce the size of federal agencies.
Muskwatch first reported details of Neuralink’s April submission.
According to the SBA website, the SDB designation means that the company is owned by at least 51% and controlled by one or more “adverse” people who are “socially disadvantaged and economically disadvantaged.” The SDB designation could also help businesses “get prioritized access to federal procurement opportunities,” the SBA website said.
The Department of Justice has previously fined businesses for making false claims about SDB status.
Musk, the richest person in the world, is CEO. Tesla SpaceX is in addition to other businesses such as artificial intelligence startup Xai and tunnel venture the bowling company. In 2022, Musk led the purchase of $44 billion on Twitter. He later named X before merging with Xai.
Neuralink executive Jared Birchall was listed as a contact for filings starting in April. Birchall, who manages mask money as head of the family office, did not immediately respond to requests for comment.
Founded in Nevada, NeuralInk closed its $650 million funding in early June at a $9 billion valuation. Ark Invest, Peter Thiel’s Founders Fund, Sequoia Capital and Thrive Capital were among the investors. Neuralink said fresh capital will help the company bring technology to more patients and develop new devices that “deepen biological and artificial intelligence.”
Under Musk’s guidance at Doge, the initiative aimed at government agencies that emphasize diversity, equity and inclusion (DEI). In February, for example, Doge and Musk boasted hundreds of millions of dollars worth of funding for the Department of Education, which they would have made towards DEI-related training grants.
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