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 an...