The Business Of Neurotech

Where is neurotech money really flowing, and what do the numbers say about where the industry is heading next? In this episode of The Business of Neurotech, host Adam Fraser sits down with Naveen Rao, founder of Patchwise Labs, curator of Neurotech Futures, and Forbes contributor covering neurotechnology’s impact on business and society. In their conversation, Naveen shares how a career spanning public health, health policy, advocacy, and healthcare analysis led him into neurotech and explains why he now sees the field as one of the most important and fast-moving frontiers in healthcare. Adam and Naveen unpack how he defines the sector, what stood out in his 2025 funding analysis, and why brain-computer interfaces continue to attract so much capital. They also discuss where other momentum is building across neuromodulation and consumer neurotech, and how artificial intelligence is shaping both the companies being built and the capital flowing into them. Tune in for a look at the aspects shaping neurotech now and in the future.

Key Points From This Episode:

• [01:20] How Naveen’s background led him to neurotech and founding Patchwise Labs. 
• [04:43] Learn about his goal with Neurotech Futures and how it fits within Patchwise Labs.
• [08:42] Hear why Naveen sees Substack as a strong platform for writers.
• [09:41] Explore how he defines the neurotech space, and he sees it as a mixed space.
• [11:27] Find out how he keeps up with the latest neurotech news and developments. 
• [13:50] Unpack the main takeaways from Naveen’s 2025 neurotech funding snapshot.
• [17:09] Why brain-computer interfaces (BCI) continue to attract a large share of funding.
• [20:54] Understand why BCI may be seen as the ultimate platform play in neurotech.
• [22:34] Naveen highlights the latest tech trends and news in neurotech.
• [25:44] The line between consumer neurotech and regulated medical devices.
• [27:54] Discover what the 2025 funding data suggests about the top neurotech sectors.
• [30:03] Whether the AI funding boom could affect capital available for neurotech.
• [34:41] His opinion on the potential of neurotech becoming a standalone investment category.
• [38:38] Uncover the potential impact of a major neurotech IPO on the mobilisation of capital.
• [40:37] Final takeaways and how to connect with Naveen. 

Links Mentioned in Today’s Episode:

Naveen Rao on LinkedIn

Neurotech Futures

Forbes

Patchwise Labs

‘2025 Neurotech Funding Snapshot’

The Focused Ultrasound Foundation Newsletter

SetPoint Medical

Surf Therapeutics

NeuroPace

Adam Fraser on LinkedIn

Omniscient Neurotechnology

The Business of Neurotech Podcast

What if the future of psychiatry depended less on subjective questionnaires and more on biological data, scalable brain models, and artificial intelligence? In this episode of The Business of Neurotech, host Adam Fraser sits down with Mariam Khayretdinova, Founder and CEO of Brainify.AI, a company building electroencephalography (EEG) foundation models for precision neuroscience. Mariam brings a mix of applied mathematics, technology, psychology, and lived experience to the discussion, drawing from her own mental health journey and her work at Brainify.AI. In their conversation, Mariam shares how she went from Russia to tech consulting and eventually into neuroscience entrepreneurship. She explains why psychiatry remains so difficult to diagnose and treat objectively, how small and inconsistent datasets limit progress, and why EEG offers a scalable starting point for building brain-based models. Adam and Mariam also explore Brainify.AI’s go-to-market strategy, its work with pharma companies, the funding realities neurotech founders face, and the future of AI-enabled psychiatry. They also delve into Mariam’s book, Decoding Despair: How AI is Reshaping Psychiatry, and her vision for a world where mental health care is more data-driven and free from stigma. Tune in to learn how EEG, AI, and foundation models could help reshape the future of psychiatry, clinical trials, and mental health care with Mariam Khayretdinova.

Key Points From This Episode:

• [01:22] Discover how Mariam moved from applied mathematics into neuroscience.
• [03:12] How her experience at Harvard helped her with research and critical thinking.
• [06:35] Explore how Mariam’s experiences with depression sparked her interest in psychiatry.
• [09:43] Hear about the origin story behind Brainify.AI and its overall aim for mental health.
• [14:06] Learn why Mariam chose EEG as Brainify.AI’s primary data source.
• [15:56] Brainify.AI’s approach to supporting biomarker discovery and treatment prediction.
• [21:37] Examine Brainify.AI’s go-to-market strategy in pharma, model access, and data.
• [24:12] Whether brain foundation models could become the base layer for future applications.
• [24:57] Find out how Mariam manages focus across Brainify.AI’s many possible use cases.
• [27:03] Uncover the harsh realities of raising funds as a neurotech founder.
• [31:32] Why Mariam wrote Decoding Despair and what she hopes to achieve with the book.
• [34:24] Understand how AI could support earlier detection and personalised mental health care.

Links Mentioned in Today’s Episode:

Mariam Khayretdinova

Mariam Khayretdinova on LinkedIn

Brainify.AI

Decoding Despair: How AI is Reshaping Psychiatry

Adam Fraser on LinkedIn 

Omniscient Neurotechnology 

The Business of Neurotech Podcast 

What does it take to turn cutting-edge brain science into real-world impact? In this episode of The Business of Neurotech Podcast, host Adam Fraser is joined by Dr Amy Kruse, General Partner and CIO (Chief Investment Officer) at Satori Neuro, whose career spans neuroscience research, DARPA (Defense Advanced Research Projects Agency) program leadership, and venture investing. Dr Kruse shares how her early work in human performance and neurotechnology revealed both the promise and the limitations of emerging tools, and why commercialisation became a key driver of progress. The conversation explores the evolution of the neurotech sector, from early, hardware-heavy systems to today’s ecosystem of scalable platforms, data-driven insights, and investment opportunities. Dr Kruse offers a clear-eyed view on what it takes to build successful neurotech companies, from focusing on core technical breakthroughs to aligning science with commercial milestones. She also discusses the shift toward precision treatment and the long-term potential of technologies that can both treat and prevent neurological challenges. Listen in to hear Dr Amy Kruse’s perspective on where neurotech is heading next!

Key Points From This Episode:

• [00:16] Dr Amy Kruse’s journey from neuroscience research and DARPA to Satori Neuro.
• [03:52] How these experiences led Dr Kruse to focus on commercialising neurotechnology.
• [05:49] Barriers to early neurotech adoption, including hardware limitations.
• [08:13] Lessons from DARPA on combining technical progress with commercial milestones.
• [10:05] Defining neurotechnology, the brain capital economy, and emerging market terms.
• [13:34] The growing role of specialist investors and rising capital in neurotech.
• [17:32] Overview of Satori Neuro’s investment approach and focus areas.
• [20:03] The role of precision neuroscience and the move toward personalised treatment.
• [23:09] Dr Kruse’s current approach to treatment and prevention in neurotech investing.
• [25:04] The rise of consumer neurotech and growing interest in personal brain data.
• [27:55] Dr Kruse’s preference for platform technologies over single-outcome investments.
• [30:01] What she looks for in founders, including self-awareness and coachability.
• [34:21] How the potential of Brain-computer interfaces (BCIs) is driving investment and future applications.
• [40:02] Where to follow Dr Amy Kruse’s work, including her newsletter and Satori Neuro.

Links Mentioned in Today’s Episode:

Amy Kruse

Amy Kruse on LinkedIn

Satori Capital

Satori Neuro

Sign up to the Satori Neuro Newsletter

Adam Fraser on LinkedIn

Omniscient Neurotechnology

The Business of Neurotech Podcast

Can focused ultrasound finally make deep brain stimulation scalable, non-invasive, and practical for everyday patients? In this episode of The Business of Neurotech, host Adam Fraser sits down with Keith Murphy, co-founder and CTO of Attune Neurosciences, to explore how his path from behavioural neuroscience and optogenetics led to a company building wearable focused ultrasound technology for brain stimulation. Keith explains how Attune is tackling the commercial limits of clinic-based neuromodulation, why portability and at-home treatment matter, and how the company is balancing scientific ambition with startup realities like reimbursement, product design, indication focus, and fundraising. They also dig into Attune’s early work in chronic pain and obsessive-compulsive disorder, the broader promise of neurotechnology across mental health and neurology, and how artificial intelligence is changing both product development and the investment landscape. Tune in for a sharp look at what it takes to turn frontier neurotechnology into a real business with Keith Murphy.

Key Points From This Episode:

• [01:04] Learn how Keith’s background led him to found Attune Neurosciences.
• [04:54] Hear how he began thinking about translating his science into a scalable company.
• [06:38] Find out how he balances being a scientist with running a company.
• [08:50] How focused ultrasound compares with transcranial magnetic stimulation (TMS).
• [12:52] Discover why Attune is focused on building a prescribed at-home medical device.
• [13:58] Understand how Attune’s wearable works and why it is less intimidating for patients. 
• [15:41] Why chronic pain and obsessive-compulsive disorder are effective early indicators.
• [20:02] Whether psychiatry forms part of Attune’s long-term neurotechnology roadmap.
• [22:38] Uncover Attune’s funding journey so far and its path toward a Series A round.
• [26:28] Unpack the opportunities and challenges of the neurotech market. 
• [29:08] How fundraising has helped refine Attune’s strategy, product, and approach.
• [31:15] Explore how AI is driving software development while creating more challenges.
• [35:20] Keith shares how to connect with him and learn more about Attune. 

Links Mentioned in Today’s Episode:

Keith Murphy on LinkedIn

Attune Neurosciences

fus Forward Podcast

The Scripps Research Institute

Stanford University

Rajiv Mahadevan on LinkedIn

Amy Kruse on LinkedIn

Genoa Ventures

Adam Fraser on LinkedIn

Omniscient Neurotechnology

The Business of Neurotech Podcast

What does it really take to turn neurotechnology into a scalable business? In this episode of The Business of Neurotech, host Adam Fraser sits down with Michael Brotherton, co-founder and managing partner at Dragonfly 44, to explore the capital, strategy, and market forces shaping the sector. Michael talks about his journey from science into investment banking and how this ultimately led him to establish a business specialising in neuroscience and neurotechnology. He then delves into his definition of neuroscience and neurotech across devices, diagnostics, therapeutics, BCI, and digital tools. Adam and Michael also dig into the surge of investor interest in brain-computer interfaces, the growing overlap between neurotech, biomarkers, and AI, and why clinician networks and community-driven investing could become a real edge as the market matures. Tune in for a look at where neurotech is heading and what it may take to build lasting companies in the space with Michael Brotherton!

Key Points From This Episode:

• [00:58] Background about Michael and what led him to focus on neurotech. 
• [05:11] What type of expertise is needed to work in the neurotech space.
• [07:21] Learn what neurotech is and what makes it stand out from other sectors.
• [11:03] Find out why defining the size and scope of the neurotech market is still difficult.
• [13:30] Explore what is driving such strong investor interest in brain-computer interfaces.
• [15:12] Michael’s take on the most compelling neurotech subsectors today.
• [17:02] Discover how Dragonfly 44 approaches servicing the neurotech market.
• [19:10] What makes neurotech corporate finance different from medtech.
• [21:37] Hear why building a venture fund was always part of Michael’s long-term vision.
• [22:50] Unpack how AI could reshape investing, capital raising, and networking.
• [29:04] How AI may lower startup capital requirements and open up more opportunities.
• [30:21] Understand how Michael is thinking about his funding and networking efforts.
• [34:16] Final comments and how to connect with Michael to learn more about his work.

Links Mentioned in Today’s Episode:

Michael Brotherton on LinkedIn

Dragonfly 44 Capital

D44 Ventures

Neuroscience News

Adam Fraser on LinkedIn

Omniscient Neurotechnology