Texas-based neurotech startup Paradromics on Wednesday announced a strategic partnership with Saudi Arabia’s Neom and said it will establish a Brain-Computer Interface Center of Excellence in the region.

Neom is a developing area within northwest Saudi Arabia that’s touted as “a hub for innovation,” according to its website. The area’s strategic investment arm, the Neom Investment Fund, led the partnership. Paradromics declined to disclose the investment amount.

Paradromics is building a brain-computer interface, or a BCI, which is a system that deciphers brain signals and translates them into commands for external technologies. The company will work with Neom to “advance the development of BCI-based therapies” and set up the “premier center for BCI-based healthcare” in the Middle East and North Africa, it said in a release.

“Working together, we can accelerate the rate of innovation in BCI and expand access to impactful BCI-based therapies.” Paradromics CEO Matt Angle said in a statement.

Paradromics is one of several companies racing to commercialize BCIs, including Elon Musk’s startup Neuralink. Earlier this month, Neuralink announced it has implanted three human patients with its technology, according to a blog post. Precision Neuroscience and Jeff Bezos and Bill Gates-backed Synchron have also implanted their systems in humans.

None of these companies have secured the FDA’s final stamp of approval.

Paradromics’ BCI, the Connexus Direct Data Interface, is an array of tiny electrodes designed to be implanted directly into the brain tissue. The system could eventually help patients with severe paralysis regain their ability to communicate by deciphering their neural signals. 

The company is gearing up to launch its first human trial this year, and announced its official patient registry in July. Paradromics’ technology has not yet been approved by the U.S. Food and Drug Administration, and it still has a long way to go before commercialization. In 2023, the company received the FDA’s Breakthrough Device designation, which aims to help accelerate the go-to-market process.

Watch: Inside Paradromics, the Neuralink competitor hoping to commercialize brain implants before the end of the decade

Apple is deepening its investment in health-care research by launching a new, years-long project called the Apple Health Study, the company announced on Wednesday. 

The study will analyze how data from devices like iPhones, AirPods and Apple Watches can monitor, manage and predict changes in users’ health. It will also explore connections between different components of health, like how mental health affects heart rate, for instance. 

The Apple Health Study is the first major health research project the company has announced since it unveiled the Apple Women’s Health Study, the Apple Hearing Study and the Apple Heart and Movement Study in 2019. Those projects are ongoing, and they’ve inspired many of the health features that Apple has introduced in recent years.

Apple rolled out a hearing test in the fall, for instance, which was developed using insights from the Apple Hearing Study, the company said. 

The new study will likely influence future product development. Apple CEO Tim Cook previously said he believes health features will be the company’s “most important contribution to mankind.”

“We’re thrilled to bring forward the Apple Health Study, which will only accelerate our understanding of health and technology across the human body, both physically and mentally,” Dr. Sumbul Desai, Apple’s vice president of health, said in a statement. 

The Apple Health Study will be available through the company’s Research app, and participation is voluntary. Users will select each data type they’re willing to share with researchers, and they can stop sharing or completely discontinue their participation at any time. 

Apple has no access to participants’ identifiable information, the company said.  

Brigham and Women’s Hospital, a teaching affiliate of Harvard Medical School and a research hospital, is collaborating with Apple on the study. The project will last at least five years and may expand past that.

“We’ve only just begun to scratch the surface of how technology can improve our understanding of human health,” Dr. Calum MacRae, the principal investigator of the study at Brigham and Women’s Hospital, said in a statement. 

LONDON — British digital remittances company Zepz is laying off dozens of IT workers and is in the process of closing down business units in Poland and Kenya.

Roughly 200 staff members will be impacted by the redundancy measures, two employees who were made redundant told CNBC, asking to remain anonymous due to the sensitivity of the matter.

As of January, London-headquartered Zepz — formerly known as WorldRemit — had a global headcount of 1,000 people, meaning the redundancies affect around 20% of its total workforce.

The layoffs affect several IT functions at the company, including database administration, development operations and software engineering, the former employees said.

Zepz confirmed to CNBC that it was reducing headcount in order to “sustainably support the next phase of long-term strategic goals and continued growth.” The company declined to comment on the number of employees impacted by the layoffs, with a spokesperson explaining that the redundancy process was ongoing. 

“Following the successful completion of its replatforming efforts, bolstered by advanced automation and AI, Zepz has embarked on a strategic initiative to optimise operations across the organisation,” a Zepz spokesperson told CNBC by email.

“This transformation has reinforced the technology foundation and reduced the need for certain operational and technical capacities, prompting a proposed reduction in roles as part of the overall plan,” the spokesperson added.

Zepz has been touted as one of Britain’s fintech darlings. The company was founded by Ismail Ahmed, a Somalia-born British entrepreneur who fled the country during the Somali Civil War. Ahmed today serves as the company’s non-executive chairman.

The group was renamed Zepz following the acquisition of money transfer platform Sendwave in 2020, with the brand and WorldRemit coming under one parent company.

This isn’t the first time Zepz has cut a spate of roles to save on costs. In 2023, Zepz laid off 420 employees, which accounted for about 26% of its global headcount at the time. Later that year, Zepz slashed a further 30 roles across its people and marketing functions.

Zepz has long been touted as a potential IPO candidate, but a timeline for this is unclear. Counting the likes of Accel, TCV and Leapfrog as investors, the startup was valued at $5 billion in 2021. The company announced a $267 million funding round last year.

Zepz faces competition from several notable digital payments players including PayPal, Wise, Revolut and Remitly.

WATCH: We now have ‘a whole generation’ of fintechs preparing for IPOs, says QED Investors’ Nigel Morris