Victorian medtech company Cyban secures $6.25m Series A

The news: Victorian medtech company Cyban has completed a $6.25 million Series A funding round to develop a medical device that helps prevent people with a brain injury from suffering permanent brain damage or death.

The numbers: Cyban's raise has support from Significant Early Venture Capital and InterValley Ventures, as well as a $2 million investment from Breakthrough Victoria, which manages the state government's $2 billion Breakthrough Victoria Fund for innovation investments. Cyban said the capital will allow Cyban to obtain regulatory approval in Australia and the US, while manufacturing the device in Victoria is expected to create up to 50 new jobs in the state over the next four years.

The context: Cyban's non-invasive medical device continuously monitors oxygen levels in the brain without requiring brain surgery to insert a probe. The company hopes this will deliver improved outcomes for hospital patients with fewer medical complications, less risk of disability or death and shorter stays in intensive care units, in addition to cost savings for hospitals.

What they said: Cyban founder Barry Dixon said, "the investment from Breakthrough Victoria will help bring our brain monitoring technology to market faster and achieve our goal of advancing the way brain injuries are detected and managed all around the world.”