The company will reportedly be funded entirely by Musk or Peter Thiel's Founder's Fund, and will initially focus on creating implantable electrodes to treat diseases like epilepsy and depression. Ultimately though, the plan is to develop a wireless interface between computers and the human brain that would allow us to upload or download thoughts, and enhance our cognitive abilities. Musk has frequently warned of the danger posed by advancing AI, and how its rise could eventually render humans subservient. He believes an implant like this that digitally boosts human brain power may be the key to keeping us from becoming glorified "housecats."
The company is still in its infancy, but it has reportedly already hired three employees with specialties in everything from flexible electrodes to "how the brain controls movement" and Musk has recently gone on record claiming we're only four or five years away from "a partial-brain interface."