# MindMaze

MindMaze is an Asset Manager based in Lausanne, Switzerland.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Lausanne, Switzerland
- **Region:** Europe
- **Address:** Lausanne, Switzerland
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** mindmaze.com
- **LinkedIn:** https://www.linkedin.com/company/mindmaze

## Regulatory record

- **Reports private funds:** No

## About

Neuroscientist Tej Tadi established MindMaze in Lausanne in 2012, spinning out more than a decade of academic research in neural engineering and virtual reality. The firm originated within the Swiss Federal Institute of Technology ecosystem and attracted early backing from a consortium of family offices and sovereign-linked investors, including a notable 2017 round led by Hinduja Group. MindMaze operates across two distinct business lines. Its healthcare division markets the MindMotion platform, which received FDA clearance in 2017 for upper-limb neurorehabilitation after stroke and traumatic brain injury. The M-Gen division commercializes licensable neurogaming middleware — motion-capture and facial-expression tracking engines embedded in third-party AR/VR titles. Deployment spans the US, Switzerland, the United Kingdom, and India through hospital-system contracts and original-equipment-manufacturer partnerships with companies such as Penumbra. February 2022: MindMaze merged its digital neurotherapeutics division with SPAC objective, though the deal was later terminated amid broader market repricing of pre-revenue biotech vehicles (per Fierce Biotech, 2022). The firm subsequently restructured around its medical-device recurring revenue stream and the M-Gen licensing pipeline. Known co-development partners include Mount Sinai Health System and the University of California, San Francisco. MindMaze sits structurally between a regulated medical-device company and a technology licensor — a posture that separates it from pure-play digital-health startups. Its intellectual-property portfolio contains over 50 granted patents covering real-time neural decoding, haptic feedback loops, and cross-platform avatar-control systems, creating a dual moat in clinical reimbursement pathways and entertainment royalty economics.

## Sectors

- Digital Health
- AI/ML

## People

- Tej Tadi — CEO and Founder

## Questions

### What does FDA clearance for the MindMotion platform actually cover?

The 2017 FDA 510(k) clearance covers upper-limb motor rehabilitation for adult stroke and traumatic-brain-injury patients in clinical settings. It does not cover at-home use or lower-limb indications. The system uses motion-capture cameras and virtual-reality exercises to deliver repetitive-task training, with outcomes data collected through integrated patient-facing dashboards.

### Who competes directly with MindMaze in neurorehabilitation?

Direct competitors in robotic and VR-assisted neurorehabilitation include Hocoma (DIH International), Ekso Bionics, and Tyromotion. MindMaze differentiates through its non-robotic motion-capture approach and the cross-pollination of content assets between its clinical and entertainment divisions — a structure no competitor replicates.

### How does MindMaze generate revenue from its content division?

The M-Gen division licenses a middleware engine that performs real-time face-tracking, emotion recognition, and body-motion capture. Revenue comes through per-seat licensing agreements with game studios, AR/VR headset manufacturers, and enterprise training platforms. Exact contract values are not publicly disclosed.

### What is the relationship between MindMaze and the Hinduja Group?

The Hinduja Group, a multinational conglomerate controlled by the Hinduja family, led a funding round in 2017 of undisclosed size. The relationship has not resulted in a board takeover or majority control; the firm remains operationally led by founder Tej Tadi from Lausanne.

### Has MindMaze been through a SPAC process or considered going public?

In February 2022, MindMaze announced a merger of its digital neurotherapeutics division with a SPAC vehicle. The transaction was terminated later that year amid deteriorating market conditions for pre-revenue biotech companies. The firm has not announced new public-listing plans since.

### Which geographical markets generate the majority of MindMaze's clinical revenue?

The US market accounts for the largest share of hospital-system installations, driven by the FDA-cleared indication and rehabilitation-facility reimbursement codes. European revenue is concentrated in Switzerland, Germany, and the UK through NHS and university-hospital procurement. India serves as a development hub and an emerging clinical-distribution market via the Hinduja Group's hospital network.

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Last updated: 2026-06-03T20:00:00.000Z

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