Synchron Raises $54 Million Led by NRF
Synchron, a neurotechnology company spun out of the University of Melbourne in 2012, has secured a $54 million investment from the National Reconstruction Fund (NRF) as part of its $305 million Series D funding round.
Founding and Research Collaborations
The company was co-founded by Dr. Tom Oxley, Prof. Nicholas Opie, and Dr. Rahul Sharma. It collaborates closely with the Royal Melbourne Hospital and the Florey Institute of Neuroscience and Mental Health.
The Stentrode Brain-Computer Interface
Synchron developed the Stentrode, a brain-computer interface (BCI) that allows severely paralysed individuals to control digital devices using their thoughts. Unlike traditional brain implants, the Stentrode avoids open brain surgery by being implanted via blood vessels, similar to cardiovascular stents, which significantly reduces recovery time.
The device interfaces with the motor cortex through blood vessels to record neural signals and wirelessly transmit them, enabling hands-free control of computers and other digital devices.
Investment and Industry Context
The Series D round was led by Double Point Ventures with participation from existing investors ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI, and METIS. New investors include the NRF, T.Rx Capital, Qatar Investment Authority (QIA), K5 Global, Protocol Labs, and IQT. Synchron has now raised a total of $345 million.
Jeff Bezos and Bill Gates previously supported Synchron's A$110 million Series C in 2022.
"The Stentrode rivals Elon Musk’s brain implant company Neuralink in helping people translate brain activity into digital commands."
In 2022, Elon Musk reportedly attempted to negotiate a deal with Synchron as Neuralink faced challenges meeting its goals.
Author’s Summary
Synchron’s innovative Stentrode BCI offers a minimally invasive alternative to brain implants, attracting major investment and emerging as a leading rival to Neuralink.