This Under 30 CEO Is Building Next Generation Brain Implants

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We frequently ask our founders if they’re planning (or banking on) selling their company, and the vast majority say something along the lines of “Hell, no.” For some, the idea of an exit feels like losing a part of themselves, something they’ve invested the better chunks of their bank accounts and schedules into creating. Some build a business off acquiring others. And of course, some do–despite their initial predications–sell their companies.

For the case of two Under 30 alumni, an acquisition means they have the opportunity to pursue founding another company. “Being acquired was never our primary goal or focus,” says Asaf Avidan Antonir, cofounder of fitness app Onyx, who was featured on the Forbes Under 30 Consumer Technology list in 2021. “But we definitely think it's important to remain open to opportunities and a great exit is always worth considering.” Keep reading to learn more about Onyx’s happy ending.

Move Over, Elon: This Under 30 CEO Just Raised $8 Million To Build A Next-Generation Brain Implant

Earlier this year, the first brain-computer interface was successfully implanted into a paralyzed patient, enabling them to independently communicate with someone using a computer. This goal, which once seemed like science fiction, is now reality, and a number of companies are currently racing to hit similar milestones for a variety of different applications.

Among them is Axoft, which was founded in 2021 by researcher Paul Le Floch and aims to use soft, flexible materials to develop brain implant technology that can treat neurological conditions like cerebral palsy as well as enable communication. On Tuesday, Axoft announced that it had raised $8 million in seed funding in a round led by venture firm The Engine.

Of course, people’s brains aren’t particularly keen on having silicon chips implanted inside. The immune system is quick to react and over time, scar tissue forms around it. Eventually, an implant loses functionality as a result. To solve this problem, Axoft has created an implant using a soft polymer that doesn’t cause this scar tissue to form, says Le Floch, who made Forbes’ Under 30 Science list in 2022. Now, Axoft’s brain implant device has received Breakthrough Device designation, which will accelerate its regulatory approval process with the Food & Drug Administration.

On Our Radars:

• As we approach election season, here’s a glimpse into the minds of several voters under the age of 30. (New York Times)
• In the American healthcare system, Black infants are 2.3 times more likely to die than white babies, and Black women have a three times higher chance of dying from a pregnancy-related cause than white women. Meet the Black entrepreneur working to save the lives of birthing mothers and their babies. (Forbes)
• Viome Life Sciences, an at-home diagnostics startup, raised a $67 million extension round toward its Series C. This brings total financing for the company to more than $150 million, signaling that the at-home-health market that boomed during the pandemic isn’t going anywhere. (Crunchbase)
• In yet another startlingly helpful application of mushrooms, a team of scientists from Korea and Egypt have discovered a better way to grow insect-hunting fungi in a lab, a breakthrough that could pave the way to investigating a new range of cancer- and virus-fighting treatments. (Forbes)

Inside Scoop: These Under 30 Alums Cashed Out In Acquisition

Asaf Avidan Antonir and James Sha, the cofounders of AI-powered fitness app Onyx and Forbes Under 30 alumni, have been together every step of the way, from inception to acquisition. And they’ve filmed the entire journey.

Founded in 2018, Onyx uses on-device computer vision and AI to track an exercise experience, correct one’s form and provide guided workouts tailored to users’ performance in real time. Now, its acquisition by CureFit, India’s largest health and wellness company, has been finalized for an undisclosed amount.

The duo on Thursday released a video – aptly titled “We Sold Our Startup & Filmed Everything” – disclosing, in 20 minutes, the good, the bad and the ugly of running Onyx. Now, as they prepare to exit, Antonir reflects on the journey, saying the highlight has been “the opportunity to build this company from day one with one of my best friends, and to learn and grow together.” But don’t worry, it doesn’t end here for Sha and Antonir: They’re already exploring their next startup.