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A Melbourne-founded neurotech that is developing a brain implant designed to help people control external devices with their thoughts has raised US$200 million (AUD$308 million) in a Series D round, with $54 million coming from Australia’s National Reconstruction Fund Corporation (NRFC).
Founded in 2016 by Nicholas Opie, Tom Oxley and Rahul Sharma, Synchron is developing a brain-computer interface (BCI) called Stentrode that translates brain activity into digital commands without open-brain surgery.
The device is inserted into the jugular vein through a small incision in the neck and guided into a major blood vessel near the brain’s motor cortex - the area responsible for planning and controlling movement.
Once in place, the device detects neural signals created by the patient’s thoughts. The signals are sent to a small antenna implanted under the skin in the chest, which wirelessly connects to external devices such as computers and smartphones.
The latest funding round will help progress trials, prepare for the commercial launch of the Stentrode BCI system and expand the team with new engineers, neuroscientists and operators.
“We’ve built the first non-surgical brain-computer interface designed for everyday life for people with paralysis,” said founder and CEO Oxley.
“This funding brings us closer to commercialising the Stentrode BCI platform, while accelerating development of a next-generation brain interfaces that pushes the frontier of what’s possible.”
The initial development of Stentrode was facilitated by a partnership with the University of Melbourne, in collaboration with the Royal Melbourne Hospital and Florey Institute of Neuroscience and Mental Health.
Over time, growing interest and investments enabled trials in the US to commence, with Synchron securing FDA approval in July 2021. Early results showed that 10 patients with the Stentrode implant were able to control a digital device to text and type through direct thought.
Due to growing interest from US investors, including the likes of billionaires Bill Gates and Jeff Bezos, Synchron became headquartered in Brooklyn, New York in mid-2021.
The company also managed to capture the attention of tech giants like Apple, Nvidia, Amazon and Open AI and collaborate with them. As a result, Synchron will likely work on developing BCI integrations with products such as the iPhone, Apple Vision Pro and Chiral AI.
The latest funding round was led by Double Point Ventures, alongside existing investors ARCH Ventures, Khosla Ventures, Bezos Expedition, NTI and METIS. New investors include the NRFC, T.Rx Capital, QIA, K5 Global, Protocol Labs and IQT.
The latest funding round brings Synchron’s total funding to $345 million (AUD$532 million).
“Synchron’s BCI device has the potential to dramatically improve the lives of an estimated 14 million people around the world who have lost functional independence due to severe motor impairment,” NRFC CEO David Gall said.
“Synchron’s minimally invasive BCI technology is the first of its kind in the world, and we are proud to be investing in such ground-breaking Australian technology.
“Investing in Synchron also helps to commercialise Australian innovation and technology, contributing to our sovereign medical capability and helping to create highly skilled jobs for Australians in the future.”
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