Synchron Raised $305 Million Series D Funding
Founded in 2012 by Dr. Tom Oxley, Professor Nicholas Opie, and Dr. Rahul Sharma, Synchron originated from the University of Melbourne. It collaborates closely with the Royal Melbourne Hospital and the Florey Institute of Neuroscience and Mental Health to develop innovative brain-computer interface (BCI) technology.
The Stentrode Device
Synchron's key innovation is the Stentrode, a BCI device designed to enable individuals with severe paralysis to control digital devices using their thoughts. Unlike traditional methods, it avoids open brain surgery by mimicking cardiovascular stent techniques, which significantly minimizes recovery time.
- The Stentrode interfaces with the motor cortex through blood vessels.
- It records and wirelessly transmits neural signals for hands-free device control.
Funding and Investors
The recent $305 million Series D round was led by Double Point Ventures and included existing investors such as ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI, and METIS. New investors joining the round are the National Reconstruction Fund (NRF), T.Rx Capital, Qatar Investment Authority (QIA), K5 Global, Protocol Labs, and IQT.
Synchron’s total funding has now reached US$345 million. Notably, Jeff Bezos and Bill Gates supported the company’s A$110 million Series C round in 2022.
Competitive Position
The Stentrode competes with Elon Musk’s Neuralink in translating brain signals into digital commands. In 2022, Musk reportedly sought a deal with Synchron as Neuralink faced challenges meeting its goals.
"The device doesn’t require open brain surgery and instead mimics the approach used in cardiovascular stents, significantly reducing patient recovery time."
"Synchron has developed the Stentrode, a BCI device that will enable severely paralysed people to control digital devices with just their thoughts."
Author's summary: Synchron, a University of Melbourne spinout, raised $305M to advance its Stentrode BCI, offering a less invasive alternative to Neuralink for enabling thought-controlled digital device use.