News

Augmented Bionics, an Australian-based start-up company that is developing a device that will offer a non-invasive alternative to a cochlear implant, has raised funding from investors led by IP Group to conduct pre-clinical and clinical proof-of-concept testing for the new bionic ear.

The device is a world first that would change the lives of potentially tens of millions of patients globally who currently suffer from severe to profound hearing loss that cannot be addressed by hearing aids, and who are unable to access a cochlear implant.

Augmented Bionics is developing a non-invasive alternative for these patients based on a technology called Transcranial Magnetic Stimulation (TMS), which has been approved by the United States Food and Drug Administration (FDA), for treating depression and obsessive-compulsive disorder.

The work undertaken by Augmented Bionics is based on research jointly developed by the founders and researchers from the University of Queensland, and transferred by UQ’s technology transfer company, UniQuest.

The company was founded as part of the UQ Ventures’ Accelerator program in 2017 by co-founders Mr Viraj Agnihotri, Mr Mahanthesh Chandra, and Mr Nicholas Jabbour. It subsequently received seed investment by Artesian’s Actuator MedTech VC Fund.

Mr Agnihotri said that according to WHO statistics, around 95 per cent of the estimated 70 million potential end-users do not have access to a cochlear implant.

“We believe Augmented Bionics can help fill this gap in the market,” he said.

“The non-invasive bionic ear by Augmented Bionics will provide the convenience of wearing a hearing aid, with the hearing outcome of a cochlear implant.”

The team will utilise this proof-of-concept investment of $650,000, led by IP Group and supported by Artesian, to demonstrate the sensation of hearing, first in a pre-clinical “guinea pig” model, and then in first-in-human clinical testing.

The team is supported by researchers from Macquarie University and UNSW Sydney, respectively led by Prof David McAlpine and Prof Gary Housley, who have decades of experience conducting similar early-stage pre-clinical and clinical research with cochlear implants.

Prof McAlpine, who is the Chair of Research Committee at the Australian Hearing Hub and the Academic Director of Macquarie University Hearing, said that around 1.5 million additional patients are diagnosed every year with severe hearing loss and receive limited to no benefit from existing technologies.

“Augmented Bionics’ truly non-invasive approach to stimulating the deafened ear is potentially transformative for this large and growing population,” he said.

Prof Gary Housley, who is the Chair of Physiology and Director of the Translational Neuroscience Facility, School of Medical Sciences, UNSW Sydney, said that a non-surgical alternative was particularly desirable in those patient demographic groups that cannot readily access cochlear implant technology due to surgical or financial constraints.

The Managing Director of IP Group Australia, Michael Molinari, said IP Group was pleased to support further translation of breakthrough innovative technology, and foster collaboration among start-ups and academic institutions in Australia.

“Australia has pioneered the development of cochlear implants and has unique access to talent and clinical expertise in this area,” Dr Molinari said.

“We are pleased to support Augmented Bionics to build on this expertise in evolving this innovative technology that has the potential to benefit millions of people with severe hearing loss around the world”.

The Managing Partner of Artesian, Luke Fay, said: “We are very excited to be making a follow-on investment in Augmented Bionics. The technology Viraj and his team are developing has the potential to change millions of lives for the better, and Artesian is looking forward to continuing to support the company in the future.”

 

About IP Group

IP Group is a leading intellectual property commercialisation company focused on evolving great ideas from its partner universities into world-changing businesses. The Group pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital, scientific insight, and the supporting infrastructure. In Australia and New Zealand, IP Group works in close partnership with the Go8 Universities and the University of Auckland to identify ground-breaking technologies, rooted in hard science, which have the most promising commercial potential.

IP Group, which is listed on the Main Market of the London Stock Exchange under the symbol IPO, has a strong track record of success and its portfolio comprises holdings in early stage to mature businesses across life sciences and technology.

Discover more at https://www.ipgroupanz.com

 

About Artesian

Artesian is Australia’s largest and most active seed-stage venture capital firm.  Artesian has FuM of over $400M and manages funds in both Australia and China with a focus on 3 key verticals – Clean Energy, AgTech and MedTech. Artesian was recently appointed the as the Fund Manager of the South Australian Venture Fund and is launching an Artficial Intelligence Accelerator ‘Boab AI’ in partnership with the Victorian Government. The Actuator MedTech VC fund invests in a diversified portfolio of Australian MedTech startups that are preselected by The Actuator into its national accelerator program and from the broader startup ecosystem.

https://www.artesianinvest.com

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