SECTOR: ADVANCED MANUFACTURING
Breakthrough Victoria has invested $5 million in medtech manufacturing company Neo-Bionica.
Specialising in bioelectronics and engineering, the Melbourne-based company works with both domestic and international innovators to design and develop implantable and wearable medical devices. Their facility consists of two workshops and two independent cleanrooms with ISO 7 standard classification, a top standard adopted around the world for microfabrication, assembly and testing capabilities.
THE INVESTMENT
Investment type: Platform |
Investment vehicle: Convertible note |
BV investment : $5,000,000 |
WHO IS NEO BIONICA?
Neo-Bionica was established as a joint venture between the University of Melbourne and the Bionics Institute in July 2021. Neo-Bionica provides neurotechnology device design and prototyping capability that bridges the gap between discovery and commercialisation.
When it was launched in 2021 Neo-Bionica received support from the Victorian Government, which contributed $4 million to support the fit out of the facility with essential equipment, provide funding for research jobs and support industry startups to commercialise medical prototypes.
THE PROBLEM
Prior to the creation of Neo-Bionica, Australia lacked a dedicated development and manufacturing facility to build prototype neurotechnology devices and scale production for testing in early-stage clinical trials.
This put Australian innovators at a significant disadvantage to those in other countries and severely impacted the translation of the Bionics Institute’s world first inventions.
Neuro-technology based devices have enormous capacity to transform therapy and improve patients' lives.
Australia, and in particular the Bionics Institute and University of Melbourne, have a long history of invention in neurotechnology.
However, the neuro-device sector in Australia has struggled to gain traction and realise the enormous potential of researcher-driven discovery due to lack of downstream support for early-stage development and translation.
The Australian regulatory framework is the fastest and easiest locale in the world to undertake first-in-human trials. This should be a major global advantage to companies throughout the world wanting to fast-track clinical evaluations.
THE SOLUTION
By offering end-to-end medical device prototype development, clinical trials and initial production support, Neo-Bionica plays a vital role in supporting Victorian innovators and giving them a competitive advantage.
The Neo-Bionica facility currently comprises of two workshops and two independent cleanrooms (ISO 7) with microfabrication, assembly, and testing capabilities.
Complementing these facilities is a small team of neurotechnology leaders and technicians with research, engineering, and regulatory expertise. No other providers deliver this combination of capabilities.
Neo-Bionica can leverage fundamental researcher driven discovery and link both Australian and international clients into this clinical testing ecosystem, offering outstanding commercial value for device innovators and substantial returns for Neo-Bionica.
IMPACT FOR VICTORIA
The impacts for Victoria and Victorians of this investment in Neo-Bionica are wide ranging and include:
Jobs
The investment will create high value jobs in the Melbourne medical precinct, including 45 at Neo-Bionica and additional employment through the startups enabled by their service and expertise.
Manufacturing
Development of sovereign capability in highly specialised bioelectronics and engineering expertise yielding a major competitive advantage to Australian medical device innovators.
Ecosystem Growth
Neo-Bionica will be a facilitator of the innovation pathway for local start-ups seeking to bring their ideas to global markets worth more than $20 billion. This will create an enduring legacy for Australia and future generations of innovators through the growth in high value manufacturing capability and an increase in the export of specialist medical devices.