Success Story

InteraXon

10/11/2013
CEO and co-founder, InteraXon, Ariel Garten (left) with OCE Business Development Manager, Martin Lord (right) wearing the Muse headband at InteraXon's office, lab and demo space in downtown Toronto.

Being unable to ‘switch off’ your mind can greatly affect your wellbeing. While there are many products and services to improve our physical fitness, brain fitness has remained relatively unexplored - until now.

Toronto-based InteraXon has developed Muse, an attractive, comfortable brain-sensing headband that measures brainwaves in real time and relays the information via Bluetooth to smartphones or tablets. Users can monitor and improve their brain health, reduce stress, increase productivity, and improve memory. In the future, Muse could be used to control lighting and other home automation systems, play games and more.

OCE supported InteraXon and researchers at the University of Toronto through two Technical Problem Solving projects to help the company improve brainwave signal processing and Bluetooth functionality. Since OCE’s support, InteraXon has raised $7.2 million in two separate funding rounds, including investments from Horizon Ventures, OMERS Ventures, and Ashton Kutcher’s A-Grade Investments. They also raised $250,000 from an Indiegogo crowdfunding campaign.

InteraXon is preparing Muse for product launch in early 2014 and currently working with developers to create brain-sensing apps. Reservations for the product, available at getyourmuse.com, have come from interested buyers in more than 25 countries.

Return on Innovation

  • Currently 18 full-time employees, total of 35 including contractors
  • Will grow to 40 full-time employees over the next year
  • Projects a workforce of 80-plus employees in the next three to five years
  • InteraXon’s technology has been featured in more than 1,000 media articles and television placements, including CNN, Wall Street Journal and New York Times

OCE©2013 Last updated 10/2013