NRF invests $20m in Omniscient Neurotechnology to lead Series D round
Make us a preferred source
Make us a preferred source on Google
The news: The National Reconstruction Fund Corporation (NRF) has taken a $20 million preferred equity stake in Omniscient Neurotechnology to help commercialise its Quicktome platform, which delivers insights on MRI scans of the brain.
The numbers: The NRF is leading the Series D funding round with Australian venture fund OIF Ventures. Omniscient expects to raise up to $36 million.
The context: The funding will also be used to grow Omniscient’s data science team and develop new clinical applications for its technology.
Omniscient is based in Sydney and currently employs 16 people. The new funding is expected to “create over 40 new highly skilled jobs across AI, neuroscience and product development”, according to the NRF.
The company’s artificial intelligence-based technology is in the field of connectomics which aims to understand complex brain functions by mapping individual brain connections. The system would enable doctors to personalise treatment to individual patients’ brain maps rather than referring to general models.
Omniscient says it has a five-year plan to create a ‘connectomics centre of excellence in Sydney’ to boost research in the field and to expand its US footprint.
Quicktome has been approved by the US Food and Drug Administration and is in use at hospitals and research institutions across the world.
What they said: “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,” NRF CEO David Gall said.
Omniscient CEO and managing director Stephen Scheeler said: “We are proud to partner with the NRFC to scale our Australian-developed technology globally. 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.”
The source: NRF media release
