Swiss MindMaze targets Nasdaq listing

MindMaze offers virtual reality games to help stroke patients during rehabilitation to train body movements and regain motor skills and cognitive functions. However, the consequences of Parkinson's, dementia, Alzheimer's, multiple sclerosis and signs of ageing could also be treated using this approach.

Activating the brain with VR

The first product, MindMotion Pro, was launched in 2016. It is a device for inpatient therapy that can be rolled directly to the patient's bedside. For example, the patient drives a virtual car race in their bed, sits in a flight simulator or cuts up fruit falling from the sky with a samurai sword. He performs movements with his body, for example with his healthy arm. However, the digital avatar performs the movement with the paralysed arm. The embodiment illusion described above activates regions of the brain affected by a stroke and thus supports rehabilitation.

MindMotion Pro works with self-learning motion recognition and specially developed software. During development, the team has always worked at the interface of virtual reality, neuroscience, sensor technology and artificial intelligence (AI). Shortly afterwards, the MindMotion GO was launched on the market, a device that allows patients to play therapeutic games from home even after they have been discharged.

The devices have been approved for therapy by the relevant authorities in both Europe and the USA. In September 2020, MindMaze announced a collaboration with the Mount Sinai Health System, the largest healthcare network in New York City. Especially in times of coronavirus, it is helpful for clinics to be able to treat patients at home. Thanks to real-time monitoring and audio and video functions, therapists can continue to keep an eye on patients' progress and communicate with them.

The rumour of the IPO

Now, according to the news agency Reuters via a blank cheque company (SPAC) to the US technology exchange Nasdaq. MindMaze has held detailed talks with a number of US SPACs, said one of the insiders. SPACs (Special Purpose Acquisition Companies) are corporate shells that initially have no business of their own. They raise money with an IPO and only then go looking for a company to buy with the proceeds. A spokesperson for MindMaze did not wish to comment on this.

Turnover of almost 50 million

Founded in Lausanne in 2012, the company achieved a turnover of just under 50 million dollars last year and is in the red. In 2016, the company raised over 100 million dollars from investors. In addition to the Hinduja Group, the actor Leonardo DiCaprio and the Swiss funds FIT and Venture Kick are also among the investors.

MindMaze is currently negotiating with investors about a further capital injection of 100 million dollars, the insiders said. This would value the company at over two billion dollars. The fundraising, which is being organised by Citi, could take the form of a private placement or convertible bond, it was said. Citi would not comment on the matter.

Source: cash / Finetechcube