Synchron secures $40M from Series B, led by Khosla Ventures to Launch U.S. Clinical Trials of Minimally Invasive Brain Computer Interface
New YOR ( BUSINESS WIRE) Synchron, an enterprise that provides a platform for brain interfaces today announced that it has raised $40 million in the Series B round of financing that was led by Silicon Valley venture capital firm Khosla Ventures. Synchron is a leader in implantable, minimally invasive the brain with computer (BCI) technology that makes use of the jugular vein in order to connect the brain. Synchron has started the first clinical trial in Australia which has taken on four paralyzed patients who have had implants and are being evaluated for their ability to control electronic devices with the help of thought to improve their independence in functional terms.
“This technology is poised to positively impact the world in a massive way,” said Synchron CEO Thomas Oxley, MD, PhD. “The money will take us through clinical trials, and will open the way to the first FDA approval for implantable computers for the brain for the brain: an important step towards realizing the potential for therapeutic benefits of this new business.”
Funds will be used begin a pivotal study of the U.S. of Synchron’s Stentrode TM technology to allow the use of digital devices for people with paralysis of the limbs. The funds can also be used to start a development pipeline for stimulation and neurointerventional devices targeting multiple neurological disorders.
Others investors are Forepont Capital Partners, ID8 Investments, Shanda Group, General Advance, Subversive Capital (Michael Auerbach), re.Mind Capital (Christian Angermayer) and individual investors Arani Bose (Penumbra) and Thomas Reardon. Existing investors were also part of the round, including NeuroTechnology Investors, METIS innovative as well as an institution called the University of Melbourne. This round brings to the amount of money raised from the company’s inception to $59 million including funding by government officials from the U.S. and Australian governments.
“We believe that Synchron’s non-invasive approach that is bringing the concept of stents commonly used in this century of technology, could define in the near future the brain-machine interface” stated Alex Morgan, MD, PhD, associate at Khosla Ventures. “My uncle was injured in an accident, which resulted in stroke. The paralysis made him sit in a chair with the ability to use his arms. This was limiting is why Synchron’s short-term goal of addressing paralysis a one that resonates with me.”
Synchron’s motor neuroprosthesis system that includes the Stentrode intends to restore the capacity for patients with disabilities to operate their digital devices. The neuroprosthesis is made to convert thoughts that are of actions into Bluetooth commands, allowing the communication of their caregivers and loved ones, as well as increasing their everyday performance. The device is implanted via a non-invasive neurointerventional technique that is widely utilized for treating stroke.
“Utilizing blood vessels for the route to the brain area, we are able reach all brain regions, which previously required open surgery and removal of the skull in various places,” Dr Oxley, a trained neuro interventionist.
Synchron has over 60 patent applications in the field of interventional neuro electrophysiology field that covers conditions such as epilepsy, depression, paralysis and Parkinson’s disease. It also covers addiction, pain and other non-medical applications.
“Future Generations of Stentrode’s will open to new avenues of direct interaction to the brain of humans and also the possibility of treating various neurological disorders and address huge areas of unfulfilled need,” added Dr. Morgan.
Synchron the brain interface platform firm is an innovator in implantsable neural interfaces. The company is currently in the process of establishing the commercialization of a neuroprosthesis for treatment of paralysis. The company is creating the first endovascular implantable neuromodulation therapy. The next applications could include the possibility of diagnosing and treat disorders of the nervous system disorders, such as epilepsy, Parkinson’s depression, hypertension and depression as well as non-medical options. Synchron is headquartered at New York City, Synchron has offices in Silicon Valley, California and R&D facilities in Melbourne, Australia.
