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The federal government's National Reconstruction Fund Corporation (NRFC) has announced its first investment for 2026 as it commits $20 million to Sydney-based company Omniscient Neurotechnology (o8t), whose AI-leveraged brain mapping solutions are used by major hospitals and research institutions around the world.
The funds form part of an expected $36 million Series D round for Omniscient, following its US$60 million ($89 million) Series C which was one of Australia's largest in 2024.
Omniscient's technology relies on artificial intelligence to decode the complexity of the human brain, generating highly detailed maps from magnetic resonance imaging (MRI) scans. This allows neurosurgeons to personalise treatment plans based on patients’ brain maps rather than generalised anatomical diagrams.
The fact that no two brains are exactly alike is a challenge for neurosurgeons, but the field of connectomics that comprehensively studies and charts neural connections is aimed at improving understanding and thus the precision and efficacy of treatment and research.
Omniscient, founded by Stephen Scheeler, Dr Michael Sughrue and Dr Stephane Doyen in 2019, has a five-year plan to create a connectomics centre of excellence in Sydney and expand its footprint in the US.
The company plans to use the capital injection to further commercialise Quicktome, its proprietary platform approved by the US Food and Drug Administration in 2021, while also growing its data science team and developing next-generation clinical applications for the technology.
Omniscient currently employs 16 people in Australia, and the NRFC funding is expected to help create more than 40 new highly skilled jobs across AI, neuroscience and product development.
"We are proud to partner with the NRFC to scale our Australian-developed technology globally," says Omniscient CEO and managing director Stephen Scheeler.
"This investment will accelerate our mission to transform brain health by providing clinicians with the insights needed to avoid and address neurologic complications across patient care.
"By establishing a brain AI research and innovation centre of excellence in Sydney, we are ensuring that life-changing medical AI continues to be pioneered right here in Australia."
NRFC CEO David Gall notes Omniscient’s groundbreaking brain-mapping technology is already improving patient outcomes worldwide.
"Omniscient was founded in Sydney in 2019 and NRFC funding will help to ensure that its valuable intellectual property rights remain in Australia while it continues to grow and expand around the world," Gall says.
"Connectomics is an exciting new field and supporting Australian companies like Omniscient improves healthcare outcomes, and ensures that the country remains a leader in advanced medical technology, and creates highly skilled jobs in Australia."
The NRFC joins a shareholder registry at Omniscient that includes high-profile figures such as Caledonia's Will Vicars, mining magnate and Australia's richest person Gina Rinehart, the Hemmes family of Merivale fame, and world-renowned and controversial brain surgeon Dr Charlie Teo.
The NRFC's last investment of 2025 was in a different sector entirely, offering debt financing to Arnott's to help bolster global sales of Tim Tams, but last year it made significant investments in health-tech including $54 million for Melbourne-founded brain implant company Synchron, $27 million for eye health-focused biotech PolyActiva, and $32 million for radiology and pathology AI scale-up Harrison.ai.
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