Neurogress, an artificial intelligence-based scientific software company, plans to raise about $44 million (₹282 crore) through crowdfunding using blockchain technology.

The Switzerland-based company, promoted by a group of 12 neuroscientists and technocrats, has opened its ICO (Initial Coin Offer) with pre-TGE (Token Generation Event) at 50 per cent discount, and will be available for subscription till March 25. Neurogress will issue 50 million tokens at 0.0014318 Ethereum (ETH) to raise 1,575-15,750 ETH (₹7.5-75 crore) at Pre-TGE stage.

In May, at TGE stage, it plans to raise 7,000-42,152 ETH (₹33.6-202 crore). Like Bitcoin, Ethereum is a cryptocurrency and currently valued at ₹48,114 a piece. A nation-wide industry survey showed over $3.5 billion worth of transactions has been done using cryptocurrencies in about 17 months.

On the concerns raised by the government on Bitcoin trading, Aleksandr Ovcharenko, Chief Technology Officer, Neurogress, said the apprehensions of the government on funds raised by new-age companies through blockchain technology is unwarranted as Indian investors are putting their money after abiding by the KYC norms.

The blockchain technology can help start-ups in India raise funds in the most cost-effective manner and support the Start-up India programme, he said. Indian investors’ increased interest in disruptive technologies has been encouraging. In fact, so far, 46 per cent of subscribers to the ongoing pre-TGE of Neurogress are Indians, he said.

Neurogress develops software to execute the commands emanating from human brain by reading it from the neurosystem within the body. Neuro-controlled devices are worn like headphones which captures the brain command and transmit it through Neurogress software through bluetooth-like technology.

It started testing neuro-control software on a prosthetic arm last October and has achieved significant success. Once commercialised, the technology can be used for prosthetic legs and other parts of the body, besides finding industrial applications on robots receiving human commands through software, the firm said.

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