Synchron: Melbourne’s Neuralink Rival
Synchron, a neuroscience startup, was founded in 2012 as a spin-off from the University of Melbourne by Dr. Tom Oxley, Prof. Nicholas Opie, and Dr. Rahul Sharma. The company works closely with researchers from the Royal Melbourne Hospital and the Florey Institute of Neuroscience and Mental Health.
The Stentrode Device
Synchron developed the Stentrode, a brain-computer interface (BCI) designed to help severely paralyzed individuals control digital devices using only their thoughts. Unlike traditional BCIs, the Stentrode does not require open brain surgery. Instead, it is implanted through blood vessels, similar to cardiovascular stents, which reduces recovery time for patients.
The device connects to the motor cortex by recording and transmitting neural signals wirelessly, enabling hands-free digital control.
Recent Funding and Investors
Synchron recently raised $305 million in a Series D funding round. This round was led by Double Point Ventures, with participation from existing investors such as ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI, and METIS.
New investors in this round include:
- National Reconstruction Fund (NRF)
- T.Rx Capital
- Qatar Investment Authority (QIA)
- K5 Global
- Protocol Labs
- In-Q-Tel (IQT)
With this raise, Synchron has secured a total of US$345 million in funding.
Backing from Influential Figures
Prominent backers such as Jeff Bezos and Bill Gates supported Synchron’s A$110 million Series C round in 2022.
Competition with Neuralink
Synchron’s Stentrode competes directly with Elon Musk’s brain implant company, Neuralink, both aiming to convert brain activity into digital commands. In 2022, Musk reportedly attempted to strike a deal with Synchron amid challenges in advancing Neuralink's technology.
"The device doesn’t require open brain surgery and instead mimics the approach used in cardiovascular stents, significantly reducing patient recovery time."
"Musk reportedly tried to cut a deal with Synchron back in 2022 as his own company struggled to deliver on its ambitions."
Author's summary: Synchron's innovative Stentrode technology offers a less invasive brain-computer interface, attracting significant investment and posing strong competition to Neuralink's ambitions.