A female Ph.D. born in the 1970s led her team to successfully deliver a brain-computer interface IPO.

Another brain-computer interface enterprise is gearing up for its IPO.

On September 4, the guidance filing announcement released by the China Securities Regulatory Commission Shanghai Bureau revealed that Shuli Innovation (Shanghai) Intelligent Technology Co., Ltd. (hereinafter referred to as "Shuli Innovation") has officially initiated the listing guidance process on the Sci-Tech Innovation Board (STAR Market).

According to the guidance filing report, the company has a registered capital of 100 million yuan, with Wang Wei as its legal representative. As the controlling shareholder, Wang Wei holds 45.79% of the shares directly, and the total shareholding through direct and indirect holdings reaches 51.00%, making her the actual controller of the company.

It is worth noting that on the eve of Shuli Innovation's sprint for IPO, the company successively completed two rounds of financing at the beginning of this year, with an interval of only one month. The total financing amount exceeded 1 billion yuan, drawing a group of investors including national policy funds such as the National SME Development Fund, Doho Capital, Oriental Hengxin, Newding Capital, market-oriented VCs and industrial capital to participate in the investment.

This also makes this IPO event carry a strong flavor of a capital feast.

The story of Shuli Innovation dates back to its founder Wang Wei, who was born in the 1970s.

Wang Wei obtained her bachelor's degree in Biomedical Engineering at Tianjin University, studied under Professor Wang Mingshi, the recipient of the "Lifetime Achievement Award" in China's brain-computer interface field, and went to the UK for further doctoral study after graduation.

During that period, she devoted herself to the field of biomedical engineering, and followed her supervisor's team to focus on the research of brain-computer interface technology. She regulated the brain nerves of animals by implanting chips into their bodies, but was long restricted by supporting hardware technologies at that time such as software, algorithms, artificial intelligence and material science. Many ideas could not be realized, leading to the long delay in the implementation of relevant theories.

Therefore, at the end of 2015, when she was serving as "Siemens Global Core Expert" in charge of large medical equipment R&D and clinical practice, she accurately sensed the development opportunity of accelerated industrialization of brain-computer interface technology. She then resolutely gave up her high-paying job, resigned to start a business, targeted the non-invasive brain-computer interface medical rehabilitation track, and founded Shuli Innovation.

Up to now, Shuli Innovation has grown into a leading enterprise in China's non-invasive brain-computer interface track. It has been successively rated as a national-level "Little Giant" enterprise specializing in sophisticated, unique and new technologies, a national high-tech enterprise, and a Shanghai "Science and Technology Little Giant" enterprise, holding more than 500 independent intellectual property rights.

The company has realized full-stack independent R&D and underlying technology integration covering "core devices - algorithm platforms - terminal equipment - data services". Focusing on four key fields including central nervous system injury, neurodevelopmental disorders, consciousness and cognitive disorders, and mental illnesses, it has built a closed-loop business model covering "hardware - data - services", realizing in-depth scenario-based implementation.

In terms of technical path, the company's artificial intelligence multi-modal brain-computer interface platform accurately identifies patients' movement intention, attention state and related brain function features through electroencephalogram signals, and links with exoskeleton, electrical stimulation and digital training systems to form a closed loop of "decoding - feedback - training".

At present, the product matrix deeply covers three major fields: limb movement disorder caused by central nervous system injury, consciousness and cognitive disorder, and neurodevelopmental disorder. The series of products have been applied in the departments of neurosurgery, neurology, rehabilitation and pediatrics of many well-known tertiary hospitals across the country.

It is worth noting that the company also completed a concentrated capital injection before the IPO.

According to Tianyancha, the company has completed a total of 5 rounds of financing, 2 of which were closed this year.

On January 16, the company first completed a B+ round of financing of several hundred million yuan, jointly invested by the National SME Development Fund, Oriental Fortune Capital and other old shareholders; then on February 28, the company completed a C round of financing of several hundred million yuan, with participation from multiple institutions including Doho Investment, Oriental Hengxin, Newding Capital and other old shareholders.

The two rounds of financing were only one month apart, with a total financing scale of over 1 billion yuan. The new investors include national policy-oriented funds, market-oriented VCs and industrial capital. The funds are mainly used for technology iteration, multi-scenario clinical expansion and industrial ecology construction.

Quite interestingly, this is just one of the many cases in the brain-computer interface sector where enterprises move for IPO after successful financing.

According to public industry statistics, there were more than 60 financing events for domestic brain-computer interface enterprises in the first half of 2026, with the total amount exceeding 7 billion yuan. The capital is obviously concentrated on leading pre-IPO enterprises.

Among them, BrainCo, one of the six leading tech enterprises in Hangzhou and also a player on the non-invasive brain-computer interface track, completed a 2 billion yuan B+ round of financing, and then submitted a confidential listing application to the Hong Kong Stock Exchange immediately after the financing.

In addition, BrainRegen, one of the leading enterprises in the invasive brain-computer interface track, has also submitted its IPO application materials for the Sci-Tech Innovation Board, with the listing application officially accepted and the prospectus disclosed, planning to raise 2.5 billion yuan.

Jayu Medical signed a listing guidance agreement with Huatai United Securities and completed the guidance filing as early as December 2023, but no further progress has been disclosed since then. There is also news that Ladder Medical is carrying out relevant preparation work for its Sci-Tech Innovation Board IPO.

According to the Eastmoney Choice database, there are more than 50 concept stocks in the A-share market related to the brain-computer interface industrial chain. However, up to now, there is no listed company on the A-share market that takes brain-computer interface as its core main business. Most of the current brain-computer interface concept stocks in the market are enterprises that enter this track from downstream rehabilitation medical applications or upstream supply chain links.

However, given the fact that at least four companies have clearly launched their IPO processes and many other companies are in the preparation stage, the competition for the "first brain-computer interface listed stock" is entering a countdown phase.

This article is from the WeChat Official Account "Direct to IPO", written by Sun Yuan, and authorized for release by 36Kr.