NRF invests $54 million in Synchron, rival of Neuralink
Founded in 2012 as a spin-out from the University of Melbourne by Dr. Tom Oxley, Prof. Nicholas Opie, and Dr. Rahul Sharma, Synchron has become a leader in brain-computer interface (BCI) innovation. The company works closely with the Royal Melbourne Hospital and the Florey Institute of Neuroscience and Mental Health.
The Stentrode innovation
Synchron’s flagship device, the Stentrode, enables people with severe paralysis to control digital systems purely through thought. Unlike traditional implants, it does not require open-brain surgery. Instead, it employs a technique similar to cardiovascular stent procedures, minimizing recovery time and medical risk.
The Stentrode connects to the motor cortex via blood vessels and records neural activity, transmitting signals wirelessly for digital interaction without the need for physical input.
Funding details
The latest Series D round raised $305 million, led by Double Point Ventures, with continued support from ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI, and METIS. New investors include the National Reconstruction Fund (NRF), T.Rx Capital, Qatar Investment Authority (QIA), K5 Global, Protocol Labs, and IQT.
Following this funding, Synchron’s total capital now stands at approximately $345 million. Notably, Jeff Bezos and Bill Gates had already participated in the A$110 million Series C round in 2022.
Rivalry with Neuralink
Synchron’s Stentrode directly competes with Elon Musk’s Neuralink, as both aim to translate brain signals into actionable digital commands. Reports indicate that in 2022, Musk attempted to partner with Synchron when Neuralink faced engineering challenges.
“The device doesn’t require open brain surgery and instead mimics the approach used in cardiovascular stents.”
Summary
Synchron, an Australian neurotech startup, has secured $54 million from NRF as part of its $305 million Series D to advance its minimally invasive brain interface, rivaling Neuralink in restoring digital control to paralyzed patients.