Synchron announced today that it raised $200 million in a Series D financing round to support the commercialization of its BCI system.
The New York–based company plans to use proceeds to accelerate the commercialization of its Stentrode brain-computer interface (BCI). Additionally, it plans to use funds to advance the development of a next-generation interface.
The financing brings Synchron’s total funding to $345 million.
With the financing, Synchron plans to accelerate pivotal trials as it prepares to launch Stentrode. It aims to continue hiring engineers, neuroscientists and operators as well to advance next-generation BCIs. The company also plans to use an expanding Cognitive AI division in New York to train models that learn from brain data to decode thought in real time. In parallel, it established a new San Diego engineering hub to build an advanced brain interface.
Double Point Ventures led the financing. Existing investors ARCH Ventures, Khosla Ventures, Bezos Expeditions, NTI and METIS participated. New investors Australian National Reconstruction Fund (NRF), T.Rx Capital, Qatar Investment Authority (QIA), K5 Global, Protocol Labs and IQT joined in.
More about Synchron and its Stentrode BCI
Stentrode — which is implanted through an endovascular approach — detects motor intention from blood vessels within the brain. Synchron says its BCI is the only one tapping into blood vessels to capture signals from the brain. The implant goes on the surface of the motor cortex of the brain via the jugular vein. According to Synchron, it utilizes a non-surgical catheter procedure, then interfaces with the brain to record and transmit neural signals and enable hands-free control of digital devices.
Once implanted, it detects and wirelessly transmits motor intent out of the brain, potentially allowing severely paralyzed people to control personal devices with hands-free point-and-click.
Synchron completed enrollment for its COMMAND clinical trial in September 2023. It also won the first FDA investigational device exemption for assessment of a permanently implanted BCI. The company could be one of the leaders in a growing BCI space with a massive market opportunity.
The system has delivered several recent milestones, including integrations with Apple and Nvidia on top of 12-month study results. It has been implanted in 10 patients with paralysis to date across trials in the U.S. and Australia.
“We’ve built the first non-surgical brain-computer interface designed for everyday life for people with paralysis,” said Tom Oxley, CEO and Founder, Synchron. “This funding brings us closer to commercializing the Stentrode BCI platform, while accelerating development of a major breakthrough in the field – a next-generation, transcatheter high-channel whole-brain interface.”
