The National Reconstruction Fund Corporation (NRFC) has taken a $54 million equity stake in Synchron, a medical device company that develops minimally invasive Brain-Computer-Interface (BCI) devices.
Synchron’s Stentrode BCI device will enable severely paralysed people to control digital devices with just their thoughts. Crucially, the company’s stentrode BCI device does not require open brain surgery and instead mimics the approach used in cardiovascular stents, significantly reducing patient recovery time.
About Synchron
Synchron was established in Australia in 2012 by Australian clinicians and scientists Tom Oxley, Nicholas Opie, and Rahul Sharma.
The company’s Stentrode BCI devices enable paralysed individuals to text their loved ones, control digital and smart home devices in their environment, restoring a measure of independence and connection.
It is the only BCI company in the world that has announced collaborations with tech giants like Apple, Nvidia, Amazon, and OpenAI.
Investment impact
Medical Science
Synchron’s work is strongly aligned with NRFC’s Medical Sciences priority area.
Commercialising Australian innovation and technology
Synchron is a homegrown medical sciences company that was founded at Melbourne University in Australia before making the difficult decision move overseas in search of capital. Investing in Synchron commercialises Australian innovation and technology.
Diversifying Australia’s economy and contributing to sovereign medical capability
Investing in Synchron diversifies Australia’s economy and contributes to its sovereign medical capability by bringing parts of the company back home to Australia and helping to build a robust local biotech ecosystem that creates highly skilled jobs in the future.
Job creation
The NRFC’s funding will be used to conduct final clinical trials and secure U.S. regulatory approval for the device. As Synchron moves from clinical trials to large scale commercial deployment, the company will seek additional funding to help establish a commercial hub in Australia. This hub would support sales, marketing, and distribution functions for Australia and the broader Asia-Pacific region.
Crowding-in private capital and foreign direct investment
The NRFC’s co-investors include Double Point Ventures, QIA, IQT, K5 Global, 3C AGI, T.Rx Capital, Protocol Labs and others. Synchron’s existing investors include ARCH Ventures, Gates Frontier, Bezos Expeditions, Khosla Ventures NTI and METIS.