The National Reconstruction Fund (NRF) has invested $20 million in neuroscience startup Omniscient Neurotechnology as part of an ongoing $36 million Series D.
NRF is co-leading the round with OIF Ventures, taking a preferred equity stake.
Omniscient, founded in 2019, uses artificial intelligence (AI) to decode the complexity of the human brain by mapping an individuals’ brain connections.
The AI generates the 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 and is already in use at major hospitals and research institutions around the world. The scaleup calls its tech Connectomics.
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.”
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 as well as 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.”
“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.”
The company currently employs 16 people in Australia, and the NRF funding will support 40 new highly skilled jobs across AI, neuroscience and product development.
