Elon Musk's Neuralink has competition.
China's BrainCo, a startup developing brain-computer interface technology, is in talks to raise about $100 million in pre-IPO funding, valuing the company at over $1.3 billion.
Founded by Han Bicheng in 2015, BrainCo is preparing for a possible market debut in Hong Kong or mainland China, though the venue has not been confirmed, says Bloomberg.
Based in Hangzhou, the company is known for its work on bionic limbs and technologies allowing the brain to control computers.
BrainCo is one of six leading Chinese tech innovators and is aiming to compete with international firms such as Neuralink.
Investor interest in Chinese tech startups is rising as the sector recovers from recent economic and regulatory challenges.