Avoiding Neurotech's Theranos
A Startup with More Red Flags than a Matador Convention
In January, a startup called Elemind emerged from stealth with a $12m seed and all the hype neurotechnology has to offer: a jargon-filled press release and breathless media coverage, wanton name-dropping of investors who almost certainly weren’t involved, eyebrow-raising evidentiary claims that didn’t seem to add up.
Some digging revealed further, problematic wrinkles to the story. First, the basics:
Elemind is building a “first-of-its-kind wearable neurotechnology platform that uses proprietary algorithms and artificial intelligence (AI) to improve health through noninvasive, proactive brainwave stimulation, without the side effects of pharmaceuticals.”
"Elemind broke new ground with an algorithm that allows for instantaneous neuromodulation. Each brain is unique and constantly changing, so we leverage AI and ML to optimize stimulation parameters to achieve the desired state the fastest. You can think about it like noise cancellation for the mind – our technology uses phase-locking auditory stimuli to align precisely with the user’s brainwaves and steer them to a different frequency associated with a different state."
“Clinical trials show Elemind’s technology is effective at inducing sleep up to 74% faster, suppressing essential tremor with a significant decrease after only 30 seconds of stimulation, and boosting memory. Clinical trials also demonstrate Elemind is effective at increasing pain thresholds and enhancing sedation; this study is currently in peer review. Elemind has potential impact across many neurological conditions.”
Investors: “Early investors besides MIT include Village Global, which is backed by Amazon’s Jeff Bezos and Netflix’s Reid Hoffman as well as Bill Gates and 23andMe’s Ann Wojcicki, as well as LDV Partners and Wharton’s Alumni Angel fund.”
Finally, you can peruse the company’s White Paper from 2022, one year before their funding. It says a lot but also, not a lot. For example: “Elemind Technologies has developed hardware and software solutions to track and interact with neural oscillations in ways that measurably impact neural activity as well as behavior. This approach creates a framework by which non-invasive and minimally-invasive stimulation can achieve meaningful impacts based on the precision of stimulus delivery relative to the instantaneous state of neural circuits. In addition to enabling closed-loop neurostimulation, this technology is agnostic to sensing and stimulation modalities, and can be combined with machine learning approaches to create personalized treatments that adapt to an individual’s unique condition and physiology.”
After reading that, some “noise cancellation for the mind” sounds pretty nice. The best plain-English translation I found of all this was from VentureBeat:
“At its core, Elemind has figured out how to predict what brain waves will come through your head, like whether you might feel a brain tremor. And Elemind figured out tones to play — sounds that could be considered music — to counter the brain waves, particularly those that might disrupt your sleep or make you feel sharp pain, said Wang.
The company’s wearable neurotechnology reads individual brainwaves and guides them in real-time by responding with tailored sound stimulation. Precision guidance of brainwaves changes behavior in a smarter, more targeted and natural way than pharmaceuticals. “
After some 30 hours of clicking, reading, and rabbitholes, here are five red flags I found.
🚩Product Market Fit is Missing
🚩Science Team vs Business Team
🚩“Misrepresenting” Clinical Evidence
🚩Passing other Company’s Products off as Theirs
🚩Leadership Diligence Comes up Short
Before we go on: This is not a takedown, or a “scoop,” or a rant. It’s critical analysis.
My goal is to get neurotech operators - investors, entrepreneurs, recruiters, and commercial leaders - to engage more critically about the narratives they’re engaging in, both as storytellers and audiences.
Neurotech has too much head-nodding, passive click-scrolling, hypemongering already. If you see something and you’re skeptical, say something.
If you’re wondering, I chose not to reach out to Elemind, based on how the founder’s previous company responded to writers who questioned their claims. I ain’t got time for the drama.
Let’s dive in.