The Australian government’s $15 billion National Reconstruction Fund (NRF) has invested $54 million in Synchron, a medical technology company that develops brain-computer interface (BCI) devices. This investment is part of Synchron’s US$200 million (A$305 million) Series D funding round.
Synchron was founded in 2012 by Dr. Tom Oxley, Prof. Nicholas Opie, and Dr. Rahul Sharma at the University of Melbourne. The company is now based in the United States.
Synchron worked with researchers from the Royal Melbourne Hospital and the Florey Institute of Neuroscience and Mental Health to develop a new brain-computer interface (BCI) device.
The device, called Stentrode, allows people with severe paralysis to control digital devices using only their thoughts.
Unlike traditional brain surgery, the Stentrode is implanted using a method similar to placing cardiovascular stents, which makes the procedure safer and helps patients recover much faster.
The Stentrode connects to the brain’s motor cortex through blood vessels and wirelessly records and sends brain signals. This allows people to control digital devices without using their hands.
The funding round was led by Double Point Ventures, with participation from existing investors ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI, and METIS. New investors included the National Reconstruction Fund (NRF), T.Rx Capital, Qatar Investment Authority (QIA), K5 Global, Protocol Labs, and IQT.
With this round, Synchron has raised a total of US$345 million. Notably, Jeff Bezos and Bill Gates had invested in the company’s A$110 million Series C round in 2022.
The Stentrode competes with Elon Musk’s company Neuralink, as both aim to help people turn their brain activity into digital commands. Reports say Musk tried to partner with Synchron in 2022 when Neuralink was facing challenges.
So far, Stentrode brain implants have been used in 10 patients with paralysis in clinical trials held in the US and Australia.
Synchron was the first brain-computer interface (BCI) company to work with Apple’s human interface system. Together, they created a Bluetooth-based iOS feature that lets brain signals connect directly to Apple devices like the iPhone, iPad, and Vision Pro — without needing touch, voice, or eye movement.
It’s also the only BCI company currently partnering with major tech companies such as Apple, Nvidia, Amazon, and OpenAI.
Oxley, Synchron’s CEO, said an expanding Cognitive AI division in New York City will train models that learn from brain data to decode thought in real time, while a new engineering hub in San Diego will build the world’s most advanced brain interface.
“We’ve built the first non-surgical brain-computer interface designed for everyday life for people with paralysis,” he said.
“This funding brings us closer to commercialising the Stentrode BCI platform, while accelerating development of a major breakthrough in the field – a next-generation, transcatheter high-channel whole-brain interface.”
The NRFC’s investment will help Synchron complete its final clinical trials and get US regulatory approval for the Stentrode device. The company also plans to raise more funds to set up a commercial hub in Australia for sales, marketing, and distribution across Australia and the Asia-Pacific region.
Campbell Murray, cofounder and managing director of Double Point Ventures, said that Synchron has the potential to change everyday healthcare.
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