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MindMaze Snags $100 Million for Virtual Reality Push

February 17, 2016, 1:56 PM UTC

MindMaze, the Swiss company that offers virtual reality systems to help stroke victims recover and retrain themselves, has $100 million in new funding to further its efforts. Moreover, it says the funding round puts the company’s value at around $1 billion.

The new cash comes from Hinduja Group, a century-old Indian conglomerate, and comes after an $8.5 million early round from undisclosed investors a year ago.

MindMaze, founded four years ago in Lausanne with U.S. headquarters in San Francisco, is probably best known for virtual reality technology that pairs a motion-sensing camera with electrode-studded headgear to help stroke victims or other patients retrain their minds and bodies.

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The system combines self-teaching artificial intelligence with computer vision in a way that can be customized to the patient’s needs and provide real-time multisensory feedback on the patient’s progress or lack thereof.

MORE: Apple has new virtual reality team

In a statement, company founder and CEO Tej Tadi called the funding round the “first endorsement of the investment potential for the MindMaze platform and supports our vision to build the Human Interface.”

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According to his LinkedIn (LNKD) profile, Tadi was formerly a senior scientist at the prestigious École Polytechnique Fédérale de Lausanne (EPFL).

One of the company’s goals is to build a brain-machine interface that would enable people to control machines with their brains, basically making external devices into extensions of their own bodies.