www.neurotech.dka.global NeuroTech Global Industry Landscape Overview 2019

Teaser Table of Contents

Chapter II: Established and Emerging Markets (by Diseases, Executive Summary 3 120 Disorders, and Conditions) Infographic Summary and Maps 14 Chapter III: Current and Future Trends 135 Chapter I: Landscape Overview 20 Chapter IV: Global NeuroTech Race 140 NeuroTech Companies and Investors Infographics 21 Chapter V: Key Industry Players 155 Market Structure 30 Chapter VI: Governmental Initiatives 175 30 NeuroTech Influencers 40

Chapter VII: Problems and Risks 180 30 NeuroTech Journalists 54

Chapter VIII: TRLs and IRLs 185 30 NeuroTech Hubs 62

Chapter IX: Investment Opportunities and Prospects 190 30 NeuroTech Conferences 2019-2020 70

200 NeuroTech Companies 78 Chapter X: Social and Ethical Implications of NeuroTechnology 196

200 NeuroTech Investors 94 Conclusions and Implications 198

200 NeuroTech Research Institutions 100 Disclaimer 200

NeuroTech Industry Companies - 200 Prostheses and Investors - 200 Landscape Overview Implants 2019 Tech Hubs - 30

Brain Analysis Others Systems

Companies

Investors

Hubs Neuroprotective Drugs

Brain-Computer Interfaces

Neuromodulation and Devices 200 NeuroTech Companies: Regional Proportion

Canada 3.5% UK 3.5% EU 10%

US 65%

Israel 4% Australia 2% India 1.5%

The United States has been the locomotive of for many decades, so it is not surprising that this country is a NeuroTech leader. 65% of the head offices of NeuroTech companies are located in the US. Canadian scientists specializing in research and development in the field of biotechnology have caused the location of 3.5% of neural technology companies in this country. The leading UK pharmaceutical companies have probably become a springboard for the NeuroTech development with a 3.5% share of the companies location. A total of 10% share of European countries is given by Germany, France, and Switzerland. Israel stands out with a high proportion, probably due to the advanced development of all sciences driven by defense needs. NeuroTech is developing across the planet through companies on all continents, including Asia and Australia.

DeepDeep Knowledge Knowledge Analytics Analytics 44 200 Companies Others and Neurostimulation Devices

Neuroprotective Drugs Brain-Computer Interfaces

NeuroTech Industry Landscape Overview 2019

Prostheses & Implants Brain Analysis Systems NeuroTech Industry Landscape: Advanced - 15 NeuroTech Companies Strength Strong - 35 Intermediate - 145

Advanced - 15

Strong - 35

Intermediate - 145

Deep Knowledge Analytics 6 6 NeuroTech Market and Technology Analysis Framework

Brain-computer Сognitive Parkinson’s General Market size Geography Segments Tech Chronic interfaces disease characteristics of the market

Hubs and Mind-reading Urinary Bioelectronic Growth Investment Smart Pills Brainternet Institutions tech incontinence medicine Technologies

AI in Profitability M&A activity Annual revenue Exoskeletons Obesity Sleep disorders NeuroTech Trends

Emerging Debt/equity Psychiatric Alzheimer Markets by Net profit Capital markets markets ratio disorders disease integration disorders

Return on Return on AI Mass markets Small size of Governmental Risks and VR and AR Bioethics investment equity Implementation development segments Initiatives opportunities

Lack of publicly Non-invasive Leaders and Corporate Cost of capital VCs traded AI development Social impact Financials interfaces influencers governance companies

Market in the Biochips and Personal Exponential Connection to Economic Dividends IPO Longevity implants productivity growth IT and biotech productivity context

Deep Knowledge Analytics 7 NeuroTech Industry Framework

Medicine Productivity and Wellness

Neuromodulation Diagnostics SleepTech Cognitive technologies

Brain-computer interfaces Business applications Security

Neuropharma Brain mapping Neurostimulation Education technologies

Media Enhancement Applications

Sport Relaxation Robotics Social care

VR integration AR integration Logistics Data management

Game industry Media industry Marketing Customer services

Deep Knowledge Analytics 8 Top 200 NeuroTech Companies

1. Abbott 34. BrainCo 67. ElectroCore 2. AbleNet 35. Braingineers 68. Electromedical Products International 3. Actipulse 36. BrainKey 69. Emotiv 4. Advanced Bionics 37. BrainRobotics 70. eNeura Therapeutics 5. Advanced Brain Monitoring 38. BrainScope Company 71. Evotec 6. Aleva Neurotherapeutics 39. BrainSpec 72. eyeBrain Medical 7. Alpha Omega 40. BrainWaveBank 73. FHC 8. AlterG 41. Branching 74. Fisher Wallace Laboratories 9. Altoida 42. Cadence Neuroscience 75. Flow Neuroscience 10. Amal Therapeutics 43. Cadwell Laboratories 76. FORMULA 11. Amygdala Neuroscience 44. Cala Health 77. G-Therapeutics 12. Amylyx Pharmaceutical 45. CerSci Therapeutics 78. G.Tec Medical Engineering 13. Avaz 46. Cervel NeuroTech 79. Global Kinetics Corporation 14. Therapies 47. Citryll 80. Great Lakes NeuroTechnologies 15. Axonics Modulation Technologies 48. CleveMed 81. Halo Neuroscience 16. AxoSim 49. CloudMedx Inc 82. Healthiest You 17. Axovant Sciences 50. Cochlear 83. Hocoma 18. BenevolentAI 51. Cognionics 84. Horama 19. BioControl Medical 52. Cognixion 85. Humm 20. Biodirection 53. Compumedics 86. Impulse Dynamics 21. Biogen Idec 54. Conscious Labs 87. ImThera Medical 22. Biohaven Pharmaceutical 55. Control Bionics 88. Inspire Medical Systems 23. Bioness 56. Convergence Pharmaceuticals 89. Integra LifeSciences 24. Bionik Labaratories 57. Cortera NeuroTechnologies 90. InteraXon (Muse) 25. Bionure 58. CTRL-labs 91. Kernel 26. BIOS 59. Curatronic 92. LivaNova 27. Biowave Corporation 60. CVRx 93. Looxid Labs 28. Bitbrain 61. DJO Global 94. Lumos Labs 29. Bitbrain Technologies 62. Dreem 95. Magnolia 30. Blackfynn 63. Dynatronics Corporation 96. Mainstay Medical 31. Boston Scientific 64. EBS Technologies 97. mBrainTrain 32. Boundless Mind 65. EGI 98. Med-El 33. BrainCheck 66. Electrical Geodesics 99. Meltin MMI 100. MetaCure Deep Knowledge Analytics 9 Top 200 NeuroTech Companies

101. MicroTransponder 134. Neurosteer 167. Respicardia 102. MindMaze 135. NeuroTech International 168. Restorative Therapies 103. Mindstrong Health 136. NeuroTechnia 169. Retina 104. Minerva Neuroscience 137. Neurovance 170. ReWalk Robotics 105. MIVI Neuroscience 138. NeuroVasc Technologies 171. REX Bionics 106. Motorika 139. NeuroVision Imaging 172. RS Medical 107. Muse 140. Nevro 173. Second Sight 108. Myndlift 141. NextMind 174. SensArs 109. Myomo 142. Nihon-Kohden 175. Sense Diagnostics, LLC 110. Natus Medical 143. NovaVision 176. Setpoint Medical 111. NDI Medical 144. NURO CORP. 177. Shalby Hospitals 112. Neofect 145. Nuvectra 178. Sky Medical Technology 113. NeuCyte 146. Nyxoah 179. Soterix Medical 114. Neurable 147. OccamzRazor 180. Spinal Modulation 115. 148. Oculogica 181. Spinal Singularity 116. NeuralStem 149. Open Mind Innovation 182. SPR Therapeutics 117. Neuro-Bio 150. OpenBCI 183. St. Jude Medical 118. Neurobit Technologies 151. Ornim Medical 184. Stimwave Technologies 119. Neurodyn 152. Ottobock 185. StoryUP 120. Neuroelectrics 153. Paradromics 186. Stryker 121. NeurogesX 154. Paras Healthcare 187. Synapse Biomedical 122. NeuroLutions 155. Pharnext 188. Synchron 123. NeuroMetrix 156. Philips Healthcare 189. SyncThink 124. Neuronetics 157. Pixium Vision 190. Thync 125. Neuronetrix Solutions 158. Pixyl 191. Tivic Health 126. NeuroPace 159. Plexon 192. Treato 127. NeuroQore 160. ProMIS Neurosciences 193. Verge Genomics 128. Neuros Medical 161. Prospect Bio 194. Virobay 129. NeuroScan 162. Q30 Innovations 195. Virtuleap 130. NeuroScouting 163. Qmenta 196. Visikol 131. Neurosensum 164. Reha Technology 197. Voicery 132. NeuroSigma 165. ReShape Lifesciences 198. Xalud Therapeutics 133. NeuroSky 166. Resonance Medical 199. Ybrain 200. Zynex Deep Knowledge Analytics 10 Top 200 NeuroTech Investors

1. 34. New York Angels 67. Illumina 2. Entrepreneur First 35. Temasek Holdings 68. Spark Capital 3. 36. Lux Capital 69. Refactor Capital 4. 37. Connecticut Innovations 70. OrbiMed 5. IndieBio 38. Revolution 71. Sutter Hill Ventures 6. FundersClub 39. Lilly Asia Ventures 72. True Wealth Ventures 7. Goldman Sachs 40. Western Technology Investment 73. Endure Capital 8. Bank 41. Menlo Ventures 74. Frazier Healthcare Partners 9. MassChallenge 42. JumpStart Inc. 75. OMERS Ventures 10. National Science Foundation 43. Right Side Capital Management 76. BrightGene 11. European Union 44. Venture Kick 77. Uncork Capital 12. Earlybird 45. SIG China (SIG Asia Investments) 78. M Ventures 13. Bpifrance 46. StartX (Stanford-StartX Fund) 79. Two Sigma Ventures 14. Andreessen Horowitz 47. General Atlantic 80. Novartis Venture Fund 15. Venrock 48. EQT 81. U.S. Venture Partners (USVP) 16. Hercules Capital, Inc. 49. Wellington Partners 82. Tuesday Capital 17. SOSV 50. ff Venture Capital 83. Seventure Partners 18. HAX 51. Khosla Ventures 84. Alexandria Venture Investments 19. Bolt 52. Versant Ventures 85. Threshold 20. Salesforce Ventures 53. Vivo Capital 86. Loup Ventures 21. Novo Holdings 54. FirstMark 87. Omnes Capital 22. Felicis Ventures 55. Industry Ventures 88. Merck Global Health Innovation Fund 23. Founders Fund 56. SV Health Investors 89. Great Oaks Venture Capital 24. Alpana Ventures 57. Kleiner Perkins 90. General Catalyst 25. Social Starts 58. Real Ventures 91. Asset Management Ventures (AMV) 26. StartUp Health 59. GV 92. OUP (Osage University Partners) 27. New Enterprise Associates 60. Open Data Incubator for Europe (ODINE) 93. New Leaf Venture Partners 28. High-Tech Grunderfonds 61. Accelerator Centre 94. Viking Global Investors 29. Highland Capital Partners 62. DFJ 95. TPG 30. SAIF Partners 63. Index Ventures 96. Vulcan Capital 31. ARCH Venture Partners 64. Boehringer Ingelheim Venture Fund 97. Woodford Investment Management 32. Joyance Partners 65. AME Cloud Ventures 98. D. E. Shaw & Co. 33. Kima Ventures 66. TPG Growth 99. BioGenerator 100. Optum Ventures

Deep Knowledge Analytics 11 Top 200 NeuroTech Investors

101. Airbus Ventures 134. Golden Seeds 167. Pitch@Palace 102. Matrix Partners 135. Sand Hill Angels 168. Export Development Canada 103. Innovate UK 136. Decheng Capital 169. Topspin Partners 104. MPM Capital 137. NeuroTechnology Investors (NTI) 170. Invest Northern Ireland 105. REV 138. Camden Partners 171. Baird Capital 106. Life Sciences Partners 139. InterWest Partners 172. Capricorn Venture Partners 107. S3 Ventures 140. Lateral Capital 173. ePlanet Capital 108. Walden International 141. Draper Associates 174. Deep Fork Capital 109. RA Capital Management 142. Dorm Room Fund 175. Morningside Venture Partners 110. Lightstone Ventures 143. Mayo Clinic Ventures 176. Alta Partners 111. Gimv 144. KCK 177. Bezos Expeditions 112. PJC 145. BB&T 178. Dolby Family Ventures 113. Boost VC 146. XFactor Ventures 179. Windham Venture Partners 114. 3i Group 147. Amino Capital 180. GE Ventures 115. Venture Investors 148. Tensility Venture Partners 181. Rock Springs Capital 116. Perceptive Advisors 149. Wildcat Capital Management 182. Horizons Ventures 117. Fuel Capital 150. Longitude Capital 183. Start-Up Chile 118. Lowercase Capital 151. Jazz Venture Partners 184. BBG Ventures 119. Basis Set Ventures 152. Concord Health Partners 185. SMBC Venture Capital 120. Harrison Metal 153. Xfund 186. Angel CoFund 121. Foresite Capital 154. Sofinnova Partners 187. Pontifax 122. DBL Partners 155. Mirai Creation Fund 188. Frontier Capital 123. Kurma Partners 156. Tsingyuan Ventures 189. Bay City Capital 124. SBI Investment 157. Novo Ventures 190. Alpha JWC Ventures 125. Aperture Venture Partners 158. SDVentures 191. Stonebridge Capital 126. Berkeley SkyDeck Fund 159. Breyer Capital 192. Investo 127. Workday Ventures 160. North Coast Angel Fund 193. SV Tech Ventures 128. OS Fund 161. iSELECT FUND 194. Creador 129. Arkitekt Ventures 162. Slow Ventures 195. Polaris Partners 130. Morningside Group 163. Randstad Innovation Fund 196. Domain Associates 131. .406 Ventures 164. Viaduct Ventures 197. IA Ventures 132. Alpha Edison 165. Data Collective DCVC 198. Rising Tide 133. Rev1 Ventures 166. Oxford Finance LLC 199. Aisling Capital 200. Ascension Ventures

Deep Knowledge Analytics 12 200 NeuroTech Investors: Regional Proportion

Canada 2% UK 4.5% EU 7%

1.5% US 73.7% Jap China 3%

The list of investors for 200 NeuroTech companies contains about six hundred records. On average, one company has 3.8 investors. For this report, we selected 200 of the most influential investment companies that purposefully pump into enterprises at the intersection of medicine and tech. The resulting geographical distribution reflects the concentration of venture capital in the world, including the leadership of the United States and the interest of Asian investors in new rapidly developing sectors that solve problems for the large-scale healthcare market.

DeepDeep Knowledge Knowledge Analytics Analytics 1313 30 Leading NeuroTech HUBs: Regional Proportion

UK 3.3%

EU 33%

US 50%

Israel 3.4% Australia & NZ 10%

In the set of TOP 30 NeuroTech hubs, the share of participants from the USA is lower than in companies and investors and is 50%. But there is a significant increase in the share of European NeuroTech initiatives up to 33%. A strong scientific tradition and a large number of universities with a century of history have laid a foundation for NeuroTech research on the European continent. The NeuroTech landscape in Europe is quite diverse and includes hubs from Switzerland, the Netherlands, France, Belgium, Germany, and Italy. A significant contribution to the development of world neuroscience is made by scientists from Australia and New Zealand with a 10% share of hubs. Great Britain and Israel with shares about 3% of hubs location have approximately the same distribution as in the regional proportion for companies.

DeepDeep Knowledge Knowledge Analytics Analytics 1414 30 Leading NeuroTech Conferences: Regional Proportion

Canada 13.8% UK 3.4% EU 13.7%

China 6.9% US 31%

Israel 3.4% Australia 6.9%

Asia 6.8%

Conference location shows the widest regional variation. This indicates a widespread global interest in neuroscience and NeuroTech. The United States is still the leader, but probably the exchange of information within the American NeuroTech community is developed quite well because the share of conferences is 31%, which is the minimum value among all regional proportions above. Most likely, speakers from the USA report at conferences at other countries, sharing the latest trends and development prospects. We see significant interest in NeuroTech in Canada with a share of 13.8%, as well as in the Asia-Pacific region where totaling with China the share is 13.7%.

DeepDeep Knowledge Knowledge Analytics Analytics 1515 30 NeuroTech Hubs

Amsterdam Brain Center UMC Brain Imaging Center Institute of Neural Istituto di Allen Institute Cleveland FES Center Clinatec DZNE IEEE Brain Neuroscience Utrecht (BIC) Engineering Neuroscienze

Max Planck Florida Neuro-Electronics Moss Rehabilitation Neuroengineering Neuroscience center at Institute for Neurex Research Flanders NeuroTech Alliance NeuroTech Foundation NeuroTech Network NeuroTechX Research Institute Initiative at Rice UCSF Neuroscience (MPFI) (NERF)

The Bertarelli The Gonda Program in The Florey Institute of New Zealand Brain Queensland Brain Texas Biomedical Device Multidisciplinary The NeuroTech Weill Institute for World Federation of Translational Neuroscience and Wyss Center Research Institute Institute Center Brain Research Institute Neurosciences Neuroscience and Mental Health Center Neuroengineering

Deep Knowledge Analytics 16 30 NeuroTech Conferences

4th Meeting Of The DARPA/BTO 2019 NIPS 2019 NeuroTech Swiss Federation Academy of 24th World 28th International 2020 Traumatic NeuroTechNOLOGY Transformative (Thirty-third Investing & Of Clinical Aphasia 57th Congress of Conference on NeuroTech Brain Injury Program Review & Technology Conference on Partnering Neuro-Societies Annual Meeting Neurology 2019 Neuroscience and Leaders Forum Conference Transition Meeting Conference 2019 Neural Information Conference 2019 (SFCNS 2019 (WCN 2019) (Invitational) Processing Systems) 2019)

Neuromodulation Global Summit on and Neurostimulation 32nd World French Neuro AI in Healthcare, AI 34th European Toronto Global Summit on Scottsdale Alzheimer’s Neurology Society of Australia Congress on Vascular Society 24th World Conference Neurology NeuroTechnology Neurology and Headache Disease & Symposium 2019 and New Zealand Neurology and Annual Meeting 2019 and Expo Congress Congress Symposium 2019 Dementia 12th Annual Neuroscience (SFNV 2019) Scientific Meeting

Pan-Asian Society of Committee For Vascular and 30th International Society Huntington Study Head and Neck 56th Argentine Spanish Society of 8th Annual Miami German Sleep Treatment And Interventional International for the Study of Group Annual Imaging Course Congress Of Neurology Annual Neuro Symposium Society 2019 Research In Neurology 12th Symposium on Bladder Pain Meeting 2019 2019 Neurology 2019 Meeting 2019 Multiple Sclerosis Annual Meeting ALS/MND 2019 Syndrome 2019 2019 2019 Deep Knowledge Analytics 17 30 NeuroTech Influencers

Adrian Attard Brett Giroir, Texas Christopher Lee Alice Lipowicz, Bryan Johnson, Claudia Wróbel, David Helgason, , Tesla, Eric Meier, Cervel Trevisan, NeuroTech A&MAlison Health Holt, Anne Lochoff, CharlieBen Heather,Songhurst, Friesen,Bryan Glick, Axem Caroline Donnelly, DanielDavid Chao, Bicknell, Halo My BeautifulInterna- Darkened Kernel, Founder & NeuroTechnia, CEO Nordic Makers, Product Architect & NeuroTech, ScienceBBC Center, UNDP BIOS,HSJ Investor NeuroTechnology,ComputerWeekly ComputerWeekly Neuroscience,Campaign4Change CEO tional, FounderWorld & Non CEO and Founder Co-founder CEO President & CEO Executive Director Professor Co-Founder & CTO

Jeff Howard Morgan, Hugo Mercier, Jeff Dean, Google, Josh Hannah, Hanna Crouch, Heather Jameson, Jacqueline Poh, Jane Dudman, Judy Foote, Karen Hunter, Hammerbacher,Lis Evenstad, Justin Rosenstein, Laura Yecies, Esther Dyson, Way Fabrice Grinda, FJ George Whitesides, First Round Capital, Dreem, Co-Founder Google Senior Matrix Partners, Digital Health The MJ GovTech Singapore The Guardian govhouse.nl.ca Karen Hunter Show ComputerTechammer, Weekly Asana, Co-founder SyncThink, CEO to Wellville, Founder Labs, Co-Founder MC10, Co-Founder Co-Founder & & CEO Fellow Partner Partner Partner

Michael S. Melinda Lewison, Robert Schmidt, Sydney Yannick Roy, Michael Dearing. McCorquodale, Shmuel Cabilly, Sir Nigel Rudd, Juno Timothy J. Scannell, Vivek Kumar, Dolby Bezos Expeditions, Great Lakes Swaine-Simon, NeuroTechX, Harrison Metal, Cortera Irody, Board Capital Partners, Stryker, Group Laboratories, Managing Director NeuroTechnologies, NeuroTech, Project CoFounder & Founder NeuroTechnologies, Member Partner President Director CEO and Chairman Lead Executive Director CEO

Deep Knowledge Analytics 18 Top-30 NeuroTech Influencers: Regional Proportion

22 USA 3 Canada 1 UK 1 Denmark 1 Chile 1 Israel 1 Malta

A developed and rich American market has allowed the forming of a cohort of influential people, promoting the ideas of NeuroTech from the field of science into applied practical use. Evangelists of NeuroTech in other countries will contribute to this movement.

Deep Knowledge Analytics 19 30 NeuroTech Journalists

Bradley J. Fikes, Brian Wang, Daniela Hernandez, AliceAlfred Lipowicz, Poor, Andrea Park, Andrew Maynard, Angie Stewart, Cami Rosso, AlixAlison Spiegel, Holt, Alison Holt, Anne Lochoff, Ben Heather, BiotechBryan Reporter Glick, — CarolineBlogger, Donnelly,Next Big David Bicknell, Digital Science Editor Emily Anthes, MyFreelance Beautiful Writer Darkened and Writer and Reporter, Professor, Arizona Reporter — Becker's Contributor — Co-Host,BBC Invisibilia BBC UNDP HSJ ComputerWeeklyThe San Diego FutureComputerWeekly and Writer, Campaign4Change — The Wall Street Freelance Reporter WorldEditor Health IT State University Hospital Review Psychology Today Union-Tribune Universe Today Journal

James Ives, Editor, Eric J. Topol, James Cavuoto, Editor Kate Kelland, Kyle Wiggers, George Dvorsky, AZoNetwork and Jonathan Lambert, Lucy Ingham, Emily Singer, Editor, Editor-in-ChiefHanna Crouch, and Heather Jameson, andJacqueline Publisher Poh, — Jane Dudman, KarenJohn Nosta,Hunter, Lis Evenstad, Health and Science AI Correspondent and Senior Staff Reporter Editor-in-Chief — Science Writer — Editor, factor-tech.com Simons Foundation Physician-ScientistDigital Health — The MJ NeuroTechGovTech Singapore Business The Guardian KarenFreelance Hunter Show Computer Weekly Correspondent — Technology Journalist — Gizmodo AZoSensors, News Nature — Verdict Medscape Report Reuters — VentureBeat Medical

Phil Stewart, Richard Craver, Tom Avril, Mariana Picciotto, Matt O'Connor, Michelle Petersen, Peter Hess, Military and Rachel Metz, Business and Stacey Burling, Mo Costandi, Health and Science Editor in Chief — Senior Writer — Health Founder and Editor — Staff Reporter — Intelligence Senior Tech Writer — Healthcare Reporter — Medical Reporter — Freelance Reporter — JNeurosci Imaging Healthinnovations Spectrum Correspondent — CNN Business Winston-Salem Philadelphia Inquirer Philadelphia Inquirer Reuters Journal

Deep Knowledge Analytics 20 NeuroTech Definition and Structure

NeuroTech in a broad sense is the whole scope of technologies, directly or indirectly related to the brain and various aspects of , thought, and higher-order activities in the brain. NeuroTech as complex of technologies and industry sectors is based on neuroscience and IT.

NeuroTech can be structured and subdivided in different ways, namely based on: - Technology; - Application; - Market segment; - R&D processes.

In terms of technology types, there can be identified the following segments: Brain Mapping; Neuroactivity tracking; Neurobiology/; Сognitive technologies; Neurosoftware; Neuromodulation; In Vitro Diagnostics; Neurochemistry.

In terms of applications, we can define such segments: Diagnostics and Monitoring; Neuroprotective Drugs; Prostheses & Implants; Brain-Computer Interfaces; Neurosurgery devices; Exoskeletons; Neuromodulation devices.

In terms of market segments and industries, NeuroTech can be applied for medicine, entertainment, productivity management, and some other sectors. However, in this edition of the report, we focus on the medical applications of NeuroTech. In medicine, NeuroTech is applied for therapy, diagnostics, disease prevention, and prediction.

Also, NeuroTech in a broad context includes the social, political and macroeconomic implications of the development of the industry.

Deep Knowledge Analytics 21 Executive Summary

NeuroTech Industry is one of the most promising and prospective sectors of modern biotech in particular and exponential markets in general. Corporations, investors and other agents who will be able to utilize this growth and development will gain essential competitive advantages in their struggle for new markets, audiences, funding, and technologies. Some of the NeuroTech sub-sectors are already well-established, mature enough and can be seen as what may happen with the whole NeuroTech industry in the near future, whereas the others are emerging markets that consist of early-stage startups. Differentiation of the most perspective NeuroTech sectors is one of the most important goals for every player in the industry.

NeuroTech Landscape Overview delivers a comprehensive in-depth analysis of leading NeuroTech companies, investors, , hubs, governmental initiatives, research institutions, conferences, influencers, and journalists. Also, are enlightened: ● Market structure; ● Technologies usage and implementation; ● Current and future trends of the NeuroTech industry, as well as predictions; ● Cases of the most successful and impactful players of the market; ● Aspects of global NeuroTech race; ● Investment opportunities, problems, and risks; ● Analysis of technology and investment readiness levels for different NeuroTech sectors; ● Social and ethical implications of NeuroTech.

The report focuses predominantly on NeuroTech in medicine and healthcare, since this sector is the most mature and well-developed and can serve as an analytical framework for the study of every other NeuroTech sector in the future. Based on the analysis of NeuroTech in healthcare, we will be able to define the general structure of the industry, its main risks, and opportunities, track the whole process of market development and implement the same approach for every NeuroTech market and technology.

Deep Knowledge Analytics 22 Executive Summary

Annual growth of investment in NeuroTechnology is 30% while the average growth for life science investment, in general, is 12%. Private capital funds invested more than $19 billion in NeuroTech companies since the year 2000.

The investment in NeuroTech is relatively small in comparison with other areas of medicine and biotech but it can have a profound impact on our lives. NeuroTechnology has existed for almost a century (EEG was discovered in the early 1930s) but has evolved rapidly in the last two decades. Brain imaging techniques like fMRI have brought a revolution by allowing monitoring the brain activity in almost real-time during many experimental conditions.

Modern NeuroTechnology can image almost all aspects of brain activity and control to some extent certain functions: it can alleviate symptoms of , an increase or decrease of activation as experienced in ADHD, help with sleep deprivation and enhance sleep depth or ameliorate insomnia, reduce epileptic seizures or tremors in Parkinson’s disease, assist with rehabilitation after a and create a sensory-motor loop with brain-controlled limb prosthetics.

The future of this industry will see advanced control of neurological disorders and conditions, modulation of brain states (from the mood to attend to learning itself), and other applications that only time itself will reveal.

Deep Knowledge Analytics 23 Methodology

The general analytical framework of the report is presented on page 7. Companies were categorized according to major levels of NeuroTech asset classes, and applications of specialized NeuroTech-techniques. Companies were chosen according to their size, market and investment This framework takes into account the total amount and quality of opportunities, number of patents, scientific publications, levels of R&D, NeuroTechnologies, the number of separate NeuroTech applications, the levels of specialized NeuroTech expertise, levels of expertise in number of visible market results and the level of development of core corresponding fields (biology, IT, machine learning), funding from top R&D. According to this approach, all companies were divided into 3 NeuroTech investors, in conjunction with their overall levels of funding levels of development. An analytical framework describing this process and other metrics to deliver tools for a realistic and quantitative is presented on page 25. comparison of present-day and future value of the companies, which could be used to support more effective due diligence processes. For the analysis of the global NeuroTech market, Deep Knowledge Investors were chosen according to the size, quality and other features Analytics NeuroTech Division has applied a novel approach consisting of of their NeuroTech portfolios, as well as their investment strategies and a combination of expertise on company and industry sector levels. financials. Hubs were defined among others as those who possess the Market Prospects Analysis Framework disclosing the market on the deepest and strong expertise in relevant fields, can make tangible and level of industries and technologies is presented on page 33. specific market and technology predictions and function as effective When combined with the standard market characteristics matrix, it platforms for networking and communications. The most relevant creates a 4-dimensional structure which is described on page 36. conferences were defined according to the quality and quantity of participants. Industry influencers were selected based on the following Deep Knowledge Analytics NeuroTech Division applies a combination of features: the ability to identify hidden trends and patterns hidden in big quantitative and qualitative methods of benchmarking, permanently data; fluent in analysis methods, and can predict processes and develop adjusting its methodology based on new market and tech developments promising development programs; the ability to extract the necessary and evaluating it by comparing predictions with actual results. data from an ever-increasing amount of information and draw the necessary conclusions from them. Deep Knowledge Analytics 24 NeuroTech Companies Comparative and Competitive Analysis

Size and growth Funding Investors Value chain stages

Business metrics Investment readiness Sales indicators Level of monopolization M&A activity levels

Technology readiness Technologies Scientific validation Level of novelty levels diversification Technology metrics Level of uniqueness Research team R&D cooperation with other agents R&D process features

Each of NeuroTech companies can be characterized by several metrics, which are a Specialized investors Market infrastructure combination of business, technology and science indicators. Companies that are presence characterized by high levels of each type of metric are labeled as advanced Market metrics according to our methodology. Companies which development and prospects are high in 2 types of metrics are labeled as strong. Companies which are labeled as Volatility and bubbles Region intermediate may s have one dimension of strength or may not have it at all. probability Balanced indicators are a sign of the positive prospects of a company.

Deep Knowledge Analytics 25 The extended list of Neuro-related Technologies

Artificial Neural Networks. Parallel information processing system, consisting of the processor elements (neurons) that locally conduct operations upon incoming signals and may have local memory. Brain Bionics. The subdiscipline of bionics aimed to study and simulation of the brain and the nervous system of humans and animals for the needs of technology. Brain Monitoring & Imaging. Screening and visualization of brain processes. Brain-machine Interface. The technology uses electrodes (either implanted in the brain or fixed on the scalp) to record the user's brain signals which are then interpreted to the commands to manage devices having computer support. Cognitive NeuroTechnologies. Studying the biological processes and aspects of thinking, with a specific focus on the neural connections in the brain, and technology of applying knowledge about these processes. Deep Brain Stimulation. Neurosurgical intervention, including implantation of electrodes into the brain through small holes in the skull. A power source (implanted in body) sends recurrent electrical pulses to the brain through electrodes. EEG. A method of electrophysiology for the study of the electrical activity of the brain and the registration of brain biopotentials. Exoskeletons. A device repeating human biomechanics and proportionally increasing the efforts when moving. . A system comprising of controller, body, executive organs, and sensors whose architecture is a derivative of the brain model. fMRI Brain Imaging. A type of magnetic resonance imaging is performed to measure hemodynamic reactions (changes in blood flow) caused by the neural activity of the brain or . . Development of new nervous tissue. Neuroprosthesis & Implants. The devices developed for replacing motor, sensory or cognitive function impaired as a result of illness or injury. Neuronal Computers. Systems in which the algorithm for solving the problem is represented by a logical network of neurons. It is a fundamental difference from regular computers built on Boolean algebra. Neuroprotection. Treatment options or slowing the progression of diseases and their secondary signs by stopping or slowing the death of neurons. PET Brain Imaging. Radionuclide tomographic method for studying a brain, based on the registration of pairs of gamma rays. Transcranial Magnetic Stimulation. A method that non-invasively stimulates the cerebral cortex using short magnetic pulses.

Deep Knowledge Analytics 26 Trends

Analysis of market structure and key players can be essentially extended by a broader view representing the picture of general market and technology trends, some of which are already robust and clear, whereas others will be observable only in the near future. Exoskeletons Mind-reading tech / Brain hacking Brainternet Convergence of NeuroTech, VR and AR Biochips and brain implants AI in NeuroTech SleepTech Convergence of NeuroTech and Pharma NeuroTech for productivity Global NeuroTech race Uneven development of different NeuroTech subsectors High level of science and tech expertise required to enter the market High level of fraud and bubbles Long operational cycle Constant emergence of new NeuroTech subsectors High volatility due to low volumes Geographic disproportions Exponential growth of the NeuroTech industry in general, superior to the growth of exponential technologies as a whole Convergence with other exponential technologies

Deep Knowledge Analytics 27 NeuroTechnology and Science

NeuroTechnology is used to understand and influence the brain and nervous system to improve health, education, and cognition. It is a multidisciplinary field that is rapidly growing and has more impact upon our lives with each passing day. It incorporates advancements in biology, neuroscience, medical imaging, and computer science, providing many business opportunities for both established companies and startups. NeuroTechnology encompasses technologies such as diagnostic imaging and monitoring of the brain using fMRI or (EEG); (drugs as antidepressants or painkillers); enhancements or replacements for sensory systems like cochlear implants or artificial eyes; brain-actuated limb prosthetics and neurostimulation (both invasive and non-invasive) to deliver stimulation to the nervous system like electrodes implanted deep in the brain of Parkinson’s disease sufferers to help control some of their symptoms, and more. Venture capitalists invested more than $8.6 billion in new businesses in the sector, and more than 200 different investor groups participated in these financing deals.

Deep Knowledge Analytics 28 NeuroTech in Near Future

The global NeuroTechnology industry has witnessed substantial expansion during the past five years, while in 2016-2019 there was a boom in powerful new techniques for imaging, analyzing and modulating neural activity. ● There are 2 major areas within the NeuroTech industry: brain-computer interfaces, which can be considered to be related to the IT & AI industries, and advanced NeuroTech approaches to HealthTech. ● In 2020-2023 we will observe the convergence of NeuroTech, AI, and SleepTech for personalized precision medicine. ● SleepTech is one of the most promising sectors of the NeuroTech industry and will have a major impact on heart health, cardiometabolic health, and diabetes. ● Many projects that had a high level of consumer orientation 1-2 years ago now seem to be overestimated and failed to meet expectations. ● In 2020 we will see new NeuroTech industry players with a strong scientific foundation, strong core IP, and achievable MVPs. The key players will be developing wearable devices enhancing sleep, cognition, and cardiometabolic health. ● Hype and overreaction to innovation may lead to investors` pessimism in the short run, so there may appear some market bubbles. ● Many NeuroTech sectors will converge with other innovative, exponentially growing industries, such as AI, VR, AR, biopharma, etc. ● Share of Asia in the NeuroTech market may essentially increase, leading to a rebalancing of capital flows. ● In the next 5 years, first NeuroTech global leaders will appear. Probably, we will observe first NeuroTech unicorns.

Deep Knowledge Analytics 29 NeuroTech Investors Success Determinants Features and elements of strategies of successful investors in NeuroTech

Big number of investment in top NeuroTech companies What differentiates successful NeuroTech Companies to investors from unsuccessful ones? Together Diversification by different domains of R&D process invest in with common success features (diversification, Investment in advanced NeuroTech techniques quantitative metrics, deep industry analysis, risk management tools), there are some industry-specific parameters of investors' Combination of NeuroTech investments with other deep tech investments behavior that contribute to the success in Investor`s NeuroTech investment. Multistage investments features Features of weak investors Investment volume is more than average Lack of industry knowledge

Investment in low-level NeuroTech Founders with expertise in tech, AI, NeuroTech and biotech companies Tech expertise Consulting for startups and cooperation with R&D centers Lack of diversification

Preference for overhyped companies

Others Geographical and industrial diversity Misunderstanding NeuroTech risks

Deep Knowledge Analytics 30 30 10 Risks Facing NeuroTech Companies

RISK IMPACT PROBABILITY ORIENTATION

Demand volatility High High External

Exponential competition High High External

Disruptive technologies distribution High Moderate External

Regulatory risks Moderate Moderate External

Talent acquisition risks (especially related to AI) Moderate Moderate Internal

Substitutes production Moderate Low External

Problems of long operating cycle Low Low Internal

Cultural rejection Low Low Internal

Macroeconomic risks Low Very Low External

Investors panics Very Low Very Low External

Deep Knowledge Analytics 31 NeuroTech Market Dynamics

NeuroTech market size, billions US$

- 90% confidence interval by exponential scenario Optimistic exponential scenario

Average exponential scenario

Pessimistic exponential scenario

Optimistic standard scenario

Average standard scenario

Pessimistic standard scenario - 90% confidence interval by standard scenario

In general, there are 2 most probable scenarios of the development of the global NeuroTech market: standard and exponential. In both cases, we will observe the essential growth of the industry, but only in the second case it will become a large investment opportunity comparable with other fast-growing tech industries. Accelerating growth by exponential scenario may triple or even quadruple market volume in just 8 years, which would mean the outrunning performance of the NeuroTech industry. In the graph, you can see 90% confidence interval of the development of the market in both scenarios.

Deep Knowledge Analytics 32 Market Prospects Analysis Framework

2-dimensional matrices evaluating technological and marketing aspects of NeuroTech industry segments for market and investment prospects prediction.

Market and technology Prospective segments Each sector of the NeuroTech industry can be development levels identification subdivided in terms of different categories Very low Very low Low Intermediate High Very high (technologies, needs, applications, services, capabilities, etc). By Very low Low Low Low Moderate Moderate implementing joint potential potential potential potential potential evaluation of segments of Low two types of categories, we can make tangible forecasts Low Low Low Moderate Moderate Moderate of market perspectives, risks potential potential potential potential potential

and opportunities in each Intermediate specific domain of the NeuroTech industry, identify Intermediate Low Moderate Moderate Moderate High potential potential potential potential potential winners and losers. High Darker colours mean in this framework more perspective High Moderate Moderate Moderate High High sectors and segments. potential potential potential potential potential However, we also need to Very high take into account the general consistency of evaluation on Very high Moderate Moderate High High High the intersection of 2 types of potential potential potential potential potential categories.

Deep Knowledge Analytics 33 Technology Readiness Levels

Brain mapping Neuroactivity Neurobiology / Сognitive Neurosoftware Neuromodulation In Vitro Neurochemistry Technology tracking Neurophysiology technologies Diagnostics Application

Diagnostics and High potential Moderate High potential High potential High potential Moderate Moderate Moderate monitoring potential potential potential potential

Neuroprotective Moderate Moderate Moderate Moderate Moderate Moderate Low potential Low potential drugs potential potential potential potential potential potential

Prostheses & High potential Moderate High potential High potential High potential Moderate Moderate Moderate Implants potential potential potential potential

Brain-Computer Moderate Low potential Moderate Moderate Moderate Low potential Low potential Low potential Interfaces potential potential potential potential

Neurosurgery High potential Moderate High potential High potential High potential Moderate Moderate Moderate devices potential potential potential potential

Exoskeletons Moderate Moderate Moderate Moderate Moderate Moderate Low potential Low potential potential potential potential potential potential potential

Neuromodulation High potential Moderate High potential High potential High potential Moderate Moderate Moderate devices potential potential potential potential

Deep Knowledge Analytics 34 Investment Readiness Levels

Diagnostics and Neuroprotective Prostheses & Brain-Computer Neurosurgery Exoskeletons Neuromodulation Application monitoring drugs Implants Interfaces devices devices Industry

Medicine High potential Moderate potential High potential High potential High potential Moderate potential Moderate potential

Education Moderate potential Moderate potential High potential Moderate potential Moderate potential Moderate potential Low potential

Entertainment Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential

Wellness Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Low potential

Sport High potential Moderate potential High potential High potential High potential Moderate potential Moderate potential

Security Moderate potential Low potential Moderate potential Moderate potential Moderate potential Low potential Low potential

Management and Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Moderate potential Productivity

Deep Knowledge Analytics 35 NeuroTech Applications Combined Prospects

In order to aggregate different approaches of evaluation of market and investment opportunities in each NeuroTech sector, we have combined a standard 2-dimensional method of market segments evaluation with specific expertise in technologies and industries. Hence, we obtain 4 dimensions of analysis: - Market size; - Market growth; - Industry development; - Technology development.

It total, we form a 4-dimensional analytical structure, which example you can observe in the next slide. Graphically this structure may be presented for convenience as a combination of two 2-dimensional structures. Each dimension includes a wide range of proprietary tangible metrics with individual weight coefficients. TRLs

Problem Star Technology Science metrics indicators child development Applications of technologies

Market growth IRLs Dog Cash cow Industry development Industry infrastructure

Business development Market size

Deep Knowledge Analytics 36 NeuroTech Applications Combined Prospects

Growth Size

Prostheses & Implants Growth Size Growth Neuromodulation Size devices Diagnostics and monitoring

Growth Growth Size Size

Brain Computer Neuroprotective Drugs Growth Interfaces Size Neurosurgery devices

Growth Size Exoskeletons

Deep Knowledge Analytics 37 Future Developments and Conclusions ● Market growth at 16-18% rate ● Convergence with other deep tech sectors ● Diversification by size ● Emergence of NeuroTech ● Emergence of specialized venture corporations and first NeuroTech and investment funds; unicorns and robust leaders ● Investment diversification; ● Global NeuroTech race ● Duration of operation cycle in some ● Periods of excessive pessimism and ● Regional hubs NeuroTech sectors will significantly optimism ● Legal and ethical obstacles decline ● Growth of role of technological ● Volatility of the market will decrease expertise due to higher volumes ● Estimated rate of growth of ● Exponential growth of NeuroTech NeuroTech investment - 15-20% per industry in general, superior to the year Investment ● Regional shifts: growing role of Asia Market growth of exponential technologies indicators as a whole

NeuroTech

Industries and sectors Technologies ● Integration of NeuroTech with AI, AR, VR ● Outrunning development of ● Development of some SleepTech, Neuropharma, NeuroTechnologies may stuck on Neuromodulation and AI ● NeuroTech and IT will mutually bioethics problems (Mind-reading applications in NeuroTech accelerate tech / Brain hacking) ● NeuroTech in such markets, as ● Various tech sectors will apply ● Emergence of advanced SleepTech, media, sport, security, NeuroTech approaches, Exoskeletons and Neuromodulation management and productivity will initially adjusted for use developments of NeuroTech in biomedicine biomedicine.

Deep Knowledge Analytics 38 Goal and Applications of the Analytical Report

This report provides enhanced analysis of leading NeuroTech companies, investors, hubs, governmental initiatives, research institutions, conferences, influencers, and journalists. It brings a sophisticated, comprehensive and precise understanding of the challenges and opportunities, as well as what businesses such as NeuroTech companies or healthcare and tech investors need to do in order to benefit and to enable investors, corporations and other industry participants to develop effective short and long-term strategies.

The main goal of the report is to provide market participants, investors, and research organizations with tangible practical tools to improve their business strategies in the NeuroTech sector.

The analytical report analyzes and benchmarks the activities of 20 the most promising NeuroTech companies. Also, the report is supplemented with qualitative analysis and comparison of the best 20 companies.

The findings of the report can be used for: ● Developing the optimal portfolio for investment in NeuroTech in the healthcare industry ● Gaining an understanding of current NeuroTech market opportunities and crucial threats ● Determining what has to be done in order to benefit from these tendencies and tackle particular issues.

Organizations, who have early access to our proprietary analytics in NeuroTech will have deep expertise on how their strategic agendas can be optimized and stabilized in order to benefit and choose the best attractive companies for investments in the NeuroTech industry.

Deep Knowledge Analytics NeuroTech Division will soon issue specific thematic reports highlighting concrete topics and sectors of the NeuroTech industry. These will include a more comprehensive analysis of companies, investors, as well as trends observations or risks and opportunities comparison.

Deep Knowledge Analytics 39 DEEP www.NeuroTech.dka.global KNOWLEDGE ANALYTICS NEUROTECH DIVISION

Link to the Teaser: www.NeuroTech.dka.global/NeuroTech-Landscape-Overview-2019

E-mail: [email protected] Website: NeuroTech.dka.global

Deep Knowledge Analytics (DKA) Disclaimer.

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