Blackrock Neurotech
Pioneer of the Utah Array intracortical microelectrode technology with decades of implant experience and FDA-cleared MoveAgain device. Tether took a majority stake in April 2024 with a $200 million strategic investment through Tether Evo, valuing the company at approximately $350 million. Not affiliated with the asset manager BlackRock.
Overview
Blackrock Neurotech is the commercialisation leader of Utah Array intracortical microelectrode technology, which pioneered penetrating electrode recording in the early 2000s at the University of Utah. The company was formally incorporated in 2008 and is headquartered in Salt Lake City, Utah. Blackrock has been used in implants for more than 40 individuals across research and clinical settings, more than any other commercial BCI company, giving it unmatched experience with penetrating electrode arrays. The company has no affiliation with the asset manager BlackRock, Inc.
Product and technology
The MoveAgain device received FDA Breakthrough Device Designation in 2021, enabling accelerated clinical development. Blackrock has maintained the gold standard for intracortical signal quality through the Utah Array’s 96-100 electrode configuration that has anchored the BrainGate consortium and most US academic-research BCI work since the early 2000s. The company is now also developing Neuralace, a flexible electrode interface designed to reduce chronic scarring and improve long-term biocompatibility.
Tether majority-stake investment
On 29 April 2024, Tether (the company behind the USDT stablecoin) took a majority stake in Blackrock Neurotech with a $200 million strategic investment through its venture capital division Tether Evo. The investment valued the company at approximately $350 million and made Tether Blackrock Neurotech’s largest shareholder. The funds are primarily directed toward commercialisation and rollout of Blackrock’s BCI technology. The deal materially changes the company’s strategic direction and capitalisation structure, with crypto-treasury capital now anchoring the most clinically-validated penetrating-electrode BCI company in the world.
Strategic position
Blackrock has the longest operational history of any commercial BCI company. Its institutional knowledge, FDA clearance, and clinical-partnership network give it a position that newer venture-backed competitors are still building. The Tether majority stake places Blackrock in an unusual capitalisation category: a clinical-stage BCI company whose primary controlling shareholder is a stablecoin issuer rather than a venture capital firm or strategic medtech partner.