Breakthrough Victoria infuses $5M into Neo-Bionica to boost medtech manufacturing

68
Image credit: motorolka/stock.adobe.com

Breakthrough Victoria announced a $5 million investment in Neo-Bionica, a Victorian company that provides advanced commercialisation and manufacturing services to medtech innovators.

This investment aims to accelerate the development of medical technologies designed to improve people’s lives, Breakthrough Victoria said in a news release.

Neo-Bionica, based in Melbourne, specialises in engineering, bioelectronics, and neurotechnology. The company collaborates with both domestic and international innovators to design and develop implantable and wearable medical devices.

Its facility includes two workshops and two independent cleanrooms with ISO 7 standard classification, a globally recognised standard for microfabrication, assembly, and testing capabilities.

Breakthrough Victoria’s investment is set to bolster the state’s growing innovation ecosystem, enhancing sovereign capabilities in advanced manufacturing.

This funding will also support the expansion of Neo-Bionica’s manufacturing capabilities, facilities, and market presence, which is expected to generate up to 45 new jobs.

“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,” stated Breakthrough Victoria CEO, Grant Dooley.

He continued, “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.”

Established in 2021 as a joint initiative between the Bionics Institute and the University of Melbourne, Neo-Bionica is strategically co-located at St Vincent’s Hospital Melbourne to maximize engagement with clinicians.

The company offers end-to-end services in medical device prototype development, clinical trials, and initial low-volume manufacturing support, providing a crucial advantage to Victorian neurotechnology device innovators.