eon / Q2 2026 · Confidential
Eon Systems · Quarterly Investor Update

Q2 2026

More brain mapped than the rest of the world combined. Neuron activity now predicted from wiring alone. And a Series A taking shape.
Our embodied whole-brain fly emulation · how we built it →
01

The quarter in brief

01

We passed our 3 mm³ scanning goal.

3.3 mm³ of brain is now mapped at synapse resolution, more than the rest of the world combined. That is up from 2.3 mm³ last quarter and 0.2 mm³ a year ago.

02

The structure-to-function model we set out to build works.

It predicts neuron activity from structure at about 70% accuracy on cultured networks it has never seen. In the fly, we already predict activity from the connectome at over 90% (published in Nature).

03

The embodied fly we promised is done, and published in Nature.

About 140,000 neurons in a simulated body, driving five connectome-controlled behaviors. If you have not seen it, it is worth two minutes: how we built it.

04

We opened the Series A.

$50M to scan and upload the first mouse, the opening tranche of a phased ~$300M plan to reach the first human.

05

The one thing that would unlock the round is a lead investor.

About $15 to $25M of follow-on is waiting behind a lead. That is where you can most help, and there is more below.

02

By the numbers

3.3 mm³
Brain tissue mapped at synapse resolution, more than the rest of the world combined
>3,000×
Larger than the biggest comparable published dataset (LICONN)
~91%
Of 164 fly circuit predictions matched experiment, 150/164, published in Nature
~70%
Neuron activity predicted from structure on unseen cultured networks
Eon · 59%
Rest of the world combined · 41%

We have now scanned more neural tissue at connectome resolution than the entire rest of the field, combined.

03

What we built this quarter

Our pipeline has three workstreams: scan the brain, learn how its wiring produces function, and run it as a living emulation. Here is where each stood a year ago, and where it stands now.

Structure · scanning and microscopy

We passed the 3 mm³ goal

Our standing goal was 3 mm³ of mouse brain at a scalable cost, enough to show a whole mouse is feasible for roughly $20M. We passed it: 3.3 mm³ imaged at synapse resolution, over 3,000× the largest comparable published dataset, from samples 50 to 100× brighter than prior work.

Segmentation now runs about 30× faster than the next-best published pipeline, and our in-house prototype scope points to a production unit near $5,700, roughly 100× cheaper than the $550K research microscope we use today.

Synapse-resolution brain-scan tiles
Predicted vs recorded neural activity
Function · wiring to activity

The predictor we set out to build works

Last year we said we would record neurons firing and train a model to predict their activity from structure alone. This quarter that model reached about 70% accuracy on cultured "microislands" it had never seen, drawn from more than 240 voltage-imaging recordings, 9 of them now paired with synapse-resolution structure.

In the fly, we already predict activity directly from the connectome at over 90% (Nature). Doing the same on mammalian tissue is the work now in front of us.

Emulation · the embodied fly

The fly we promised, published in Nature

We said we would put the fly in a body. We did. About 140,000 neurons and 50M synapses run in a physics-simulated body and drive five connectome-controlled behaviors: foraging, navigation, grooming, olfactory avoidance, and feeding. Across 164 predictions we could test, 150 matched experiment (Nature, 2024).

The full write-up is worth a look: how the Eon team produced a virtual embodied fly.

04

The round

We have opened the Series A. The first $50M scans and uploads the first mouse, the first whole-mammal connectome, and opens a phased plan of about $300M to reach the first human.

RoundSeries A
First tranche$50M · the mouse (~1 yr)
Total plan~$300M to first human (phased)
InstrumentSAFEs · $150M cap
Human connectomeby end 2028
Prior$3.3M seed · Apr 2025

New SAFEs keep closing, mostly $50 to $250K checks, with Capital Factory helping on introductions. Behind them, an estimated $15 to $25M of follow-on is waiting for a lead.

The round is gated on that lead. It is the single thing that would let us run at full speed through the most important stretch of Eon's history.

A second way to tell the story. Beyond uploading, we have started pitching Eon as a way to mine biology for the algorithms of intelligence and robotics. More than half the brain is motor control, a store of algorithms evolution spent 500 million years inventing. With AI-native investors, that framing has landed better than the uploading story alone.
2024-25
Founded

Eon Systems PBC founded

Nature: whole-fly-brain emulation

$3.3M seed, Apr 2025

Fly
Now
Fly · 2026

More brain scanned than the rest of the world combined

~70% activity prediction on microislands

~100× cheaper microscope path

First fly upload, in Nature

Mouse
2027
Mouse · $50M

First whole-mammal connectome, scanned and emulated

First research and pharma customers

First AI algorithms unlocked

Human
2028+
Human · ~$250M

First human connectome (also macaque)

Larger research and pharma subscriptions

Best AI algorithms unlocked

05

Financials & economics

Prior funding$3.3M seed · Apr 2025
Non-dilutive$170K · Foresight Institute
Team11 people (from 6)
Near-term marketConnectomics-as-a-service, ~$40M/yr

There is no risk of a cash crunch before the round closes. SAFEs are arriving, and I will personally bridge any gap. Capital in hand now simply means we never slow down.

~$7M ~$600K ~$100K first human next gen at scale

Marginal cost per upload falls about an order of magnitude per hardware generation, the same curve that took genome sequencing from $100M to under $1,000.

06

Team

The team nearly doubled to 11 this past year, adding rare talent across microscopy, data infrastructure, and modeling.

Tim Gardner
Tim Gardner
New this quarter
Joined to sharpen the AI-and-algorithms thesis, mining connectomes for the algorithms of intelligence.
Rusty Nicovich
Rusty Nicovich, PhD
Microscope array
Formerly led production ex-vivo light microscopy at the Allen Institute; building our microscope array.
Igor Mendelev
Igor Mendelev
Data infrastructure
World-record holder for energy-efficient sorting; leading our petabyte-scale data backbone.
Alexis Pomares
Alexis Pomares
Structure to function
Structure-to-function modeling and communications.
George ChurchStephen WolframDavid EaglemanRobin HansonKonrad KördingAnders SandbergJoe Betts-LaCroixAlex Wissner-GrossStephen Larson
07

What's next

Our goals for the coming quarter, by workstream.

01

Structure: start scaling toward the whole mouse.

Move from single cubic millimeters toward the ~500 mm³ of a full mouse brain, and keep driving imaging cost down.

02

Function: take structure-to-function onto real mammalian tissue.

Extend the predictor beyond cultured networks, and grow the paired structure-plus-activity dataset.

03

Emulation: push the fly toward real-time, and prepare for the mouse.

Speed up the connectome simulation, and stand up the pipeline for a mouse-scale emulation.

08

How you can help

Two things are on our minds this quarter, and there are four concrete ways you can help.

Introduce us to a lead

The round is gated on a lead investor, with $15 to $25M waiting behind one. Warm intros to deep-tech or frontier-science funds that can lead are the most useful thing right now.

Tell us which framing lands

Most investors we meet are not yet ready for "uploading"; it reads as far off, or too philosophical. The AI-and-algorithms framing is landing better. Your honest read on which story works helps us aim.

Take a practice pitch

We would value 30 minutes to walk you through the deck and get your feedback before major investor meetings.

Hiring and amplification

Intros to senior microscopy, ML, and connectomics people as we scale toward the mouse. And follow or share @eonsys.

The fly is done and published. This quarter we showed we can read activity from wiring, and passed the scanning goal we set a year ago. The mouse is next. Thank you for being part of it.

Michael Andregg
Founder & CEO, Eon Systems PBC