Breakthrough Victoria backs Neo-Bionica

Bioelectrical medical device developer Neo-Bionica has secured an investment of $5 million from Breakthrough Victoria, which will accelerate its growth both domestically and internationally.

Neo-Bionica is a Melbourne advanced MedTech manufacturer that specialises in providing commercialisation and manufacturing services to develop AI-powered implantable and wearable medical devices.

The company’’s expertise includes developing devices designed to restore human function and smart sensors capable of intelligently monitoring human physiology.

Breakthrough Victoria CEO Grant Dooley said: “Neo-Bionica is unique in Australia – it significantly speeds up the time it takes to develop and trial a medical device, which means people will benefit from the technology earlier.”

“By supporting startups to develop, trial and manufacture medical technology in Victoria, we can ensure these life-saving technologies benefit and prioritise local patients, increase jobs and investments in the state.”

Neo-Bionica was founded in 2021 as a joint initiative of the Bionics Institute and the University of Melbourne to provide end-to-end commercialisation services which was previously unavailable in Australia for neurotechnology.

Since then, demand for its services has quickly grown from both local and international MedTech innovators.

In 2023, Neo-Bionica formally established its US arm with the hiring of its Chief Technology Officer Uli Gommel, who was previously a Director of Engineering at Advanced Bionics.

Breakthrough Victoria’s $5 million investment will grow Neo-Bionica’s manufacturing capacity at its Melbourne headquarters and strengthen its service offering to the MedTech ecosystem.

This will include recruiting additional engineering expertise and the integration of cutting-edge platform technologies into existing processes.

Neo-Bionica CEO Ludovic Labat said: “We are extremely excited to have Breakthrough Victoria’s support as we embark on our next growth phase. Breakthrough Victoria’s investment will enable us to accelerate our domestic and global expansion plans.”

“We are very proud to be an Australian company supporting local MedTech innovators and exporting Australian MedTech expertise to the world.”

Picture: Neo-Bionica