Australia’s National Reconstruction Fund Corporation (NRFC) has invested $20 million in neuroscience startup Omniscient Neurotechnology as part of an ongoing $36 million Series D funding round.
NRFC is co-leading the round with Australian venture fund OIF Ventures, taking a preferred equity stake.
Omniscient, founded in 2019, uses artificial intelligence to decode the complexity of the human brain by mapping an individuals’ brain connections.
The AI generates brain maps from Magnetic Resonance Imaging (MRI) scans, allowing neurosurgeons to personalise treatment plans based on the maps rather than generalised anatomical diagrams.
Omniscient’s proprietary platform Quicktome has been approved by the US Food and Drug Administration (FDA) and is already in use at major hospitals and research institutions around the world.
The scaleup works in a field known as connectomics, which involves studying the connections in the nervous system.
‘Exciting new field’
NRFC CEO David Gall said the funding will be used to further commercialise Quicktome, grow Omniscient’s data science team, and develop next-generation clinical applications.
“Omniscient’s groundbreaking brain-mapping technology is already improving patient outcomes worldwide and we are proud to be investing in an Australian company that is leading the world in medical AI,” he said.
“Connectomics is an exciting new field and supporting Australian companies like Omniscient improves healthcare outcomes, and ensures that the country remains a leader in advanced medical technology, and creates highly skilled jobs in Australia.”
Plans for Sydney centre of excellence
Omniscient CEO Stephen Scheeler, a former Facebook ANZ boss, said the company has a five-year plan to create a connectomics centre of excellence in Sydney and expand its footprint in the US.
“This investment will accelerate our mission to transform brain health by providing clinicians with the insights needed to avoid and address neurologic complications across patient care,” he said in a statement.
“By establishing a brain AI research and innovation centre of excellence in Sydney, we are ensuring that life-changing medical AI continues to be pioneered right here in Australia.”
Omniscient currently employs 16 people in Australia, and the NRFC funding would support 40 new highly skilled jobs across AI, neuroscience, and product development, the company said.
Previous NRFC funding has been awarded to the likes of brain-computer interface firm Synchron, cloud computer provider Vault Cloud, AI medical startup Harrison.ai, and quantum technology companies Quantum Brilliance and QuintessenceLabs.
This article originally appeared on Startup Daily. Read the original here.
