Elon Musk’s Neuralink and OpenAI-backed Merge Labs are pushing forward with brain–computer interface (BCI) technology in the U.S. Meanwhile, Chinese serial entrepreneur Phoenix Peng is building rival efforts through two startups: NeuroXess, which develops implantable BCI systems, and a second company, Gestala, developing non-invasive ultrasound-based BCIs. Gestala has raised $21.6 million (CN¥150 million) just two months after launching, at a valuation of $100 million to $200 million, founder and CEO Phoenix Peng told TechCrunch. The round, co-led by Guosheng Capital and Dalton Venture with participation from Tsing Song Capital, Gobi Ventures, Fourier Intelligence, Liepin and Seas Capital, was heavily oversubscribed, with investor commitments totaling more than $58 million, Peng added. This is the largest early-stage funding in China’s BCI industry. Peng will use the money towards R&D, expanding the team from 15 to about 35 employees by year-end, and building a manufacturing facility in China. The three-month-old startup aims to complete its first-generation prototype by the end of the year. The global BCI industry is currently experiencing an investment surge in ultrasound technology. Gestala is …