MindMaze — Non-Invasive Clinical EEG · fobi

MindMaze

Provides virtual-reality and brain-sensing platforms for stroke rehabilitation and neurological recovery, combining VR with EEG-based neurofeedback. MindMotion platform is CE-marked and FDA-cleared for stroke recovery. Partners with hospitals globally. SPAC merger was announced but did not complete; company remains private.

Raised over $125M and achieved unicorn status by merging BCI sensing with immersive VR for clinical neurorehabilitation, a major use case for non-invasive interfaces.

mindmaze.com Non-Invasive Clinical EEG

Switzerlandprivate

At a glance

Total raised

$233.5M

last round growth

Headcount

51-200

approximate · public range

Headquarters

Lausanne

Switzerland

Founded

2012

14 years active

Status

Private

Non-Invasive Clinical EEG

Latest valuation

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Date	Stage	Amount	Valuation	Lead investors
Oct 7, 2021	Growth	$125M	$1.5B	AlbaCore Capital Group
Feb 17, 2016	Series A	$100M	$1B

AI bull / bear

Bull case

MindMaze owns a rare regulatory moat. Its MindMotion platform is both CE-marked and FDA-cleared for stroke recovery, a bar that few BCI competitors have cleared. That means reimbursement pathways exist and hospital procurement cycles can begin in earnest. The company already has global hospital partnerships and a $125M+ funding base to scale commercial deployment. By merging EEG-based neurofeedback with immersive VR, MindMaze targets the single largest clinical market for non-invasive BCI: stroke rehabilitation, which affects millions of patients annually. The failed SPAC deal removed overhang and lets management focus on fundamentals rather than SPAC-merger optics. With payers increasingly covering digital therapeutics and remote neurorehab, MindMaze sits at the intersection of regulatory clarity, hardware-software integration, and a massive addressable patient population. If it executes on scaling its installed base, it stays the category leader in clinical BCI.

Bear case

MindMaze has been in the market for years but remains a private company with no disclosed recent funding round — a red flag for growth-stage health-tech. The failed SPAC merger signals that public-market investors could not get comfortable with its unit economics, revenue trajectory, or path to profitability. Clinical BCI is a notoriously slow-adoption market: hospital sales cycles are long, reimbursement is fragmented across geographies, and competing platforms from NeuroSky, Emotiv, and Nextmind are chasing the same rehab contracts with lower-cost or software-only alternatives. Virtual reality headsets themselves remain a friction point — bulky, expensive, and not designed for frail stroke patients. If MindMaze cannot demonstrate accelerating commercial traction and transparent financials, it risks being overtaken by nimble software-first competitors that don't require custom hardware. The company may be a solution in search of a scalable go-to-market model.

Generated by deepseek-v4-flash · June 2, 2026Refreshes quarterly · see disclosures

MindMaze

At a glance

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Funding history

How they make money

Founder backgrounds

Tej Tadi

AI bull / bear

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Leadership

Products

MindMotion GO

MindMotion PRO

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