Wearables start-up wins $5m Victorian investment

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Neo-Bionica will use the grant to boost its global growth and speed up development of life-saving technologies.

Implantables and wearables medtech Neo-Bionica has won $5 million in investment from the Victorian government’s Breakthrough Victoria program.

Neo-Bionica specialises in implantable and wearable medical device prototypes for clinical trials with end-to-end development and initial production support.

“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,” said Breakthrough Victoria CEO Grant Dooley.

Neo-Bionica CEO Ludovic Labat said the company was “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,” he said.

According to the Victorian government, the state carries out one-third of Australia’s clinical trials – more than any other state – and government investment is bolstering the state’s medtech sector, made up of 660 companies employing more than 9000 workers.

In 2023 the Labor government announced a medtech skills and device hub to be located at the Aikenhead Centre for Medical Discovery, bringing together local universities, researchers and companies – including Neo-Bionica – to create medical technologies and develop the careers of the state’s future medtech workers.

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“By investing in Neo-Bionica, Breakthrough Victoria is increasing the rate at which Victorian research and innovation is converted into real-world applications and commercialised in the state, growing our economy and creating jobs,” said the government announcement.

More than 1800 jobs will be generated from Breakthrough Victoria’s investments announced to date, including 45 at Neo-Bionica by 2027.

“Our investment is supporting medtech startups to get their innovative ideas and technology into clinical trials and then into the market, growing our world-class medtech sector and improving people’s lives,” said Victorian minister for economic growth and treasurer Tim Pallas.

“Victoria is a world leader in cutting-edge health and medical research, and our investment is turning this research into real products and economic growth.”

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