Augmented Bionics started with a vision to develop solutions for all types of physical disabilities.
The founders started their journey in UQ Ventures' iLab Accelerator program in December 2017, which led them to become investment ready. The team's first investment came in 2018 through the MedTech Actuator's national accelerator program backed by Artesian, which injected seed capital into the company. The team developed their first prototype, filed PCT patent, and developed clinical trials, regulatory, and reimbursement strategies for their hearing device with this funding
The team has now closed its proof-of-concept investment round lead by IP Group and supported by Artesian. This funding will enable the team to demonstrate pre-clinical and first-in-human proof of concept with support from researchers at Macquarie University, and University of New South Wales
PARTNERS AND SUPPORTERS
Augmented Bionics is supported by proof-of-concept investment from IP Group PLC. IP Group, headquartered in the UK, is a leading intellectual property commercialisation company focused on evolving great ideas from its partner universities into world-changing businesses. 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.
Augmented Bionics is supported by seed and follow on investments from Artesian. Artesian is Australia's largest and most active seed-stage venture capital firm focusing on 3 key verticals - Clean Energy, AgTech and MedTech. Artesian's 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.
Being an alumni of their accelerator program, Augmented Bionics has received significant support from the MedTech Actuator. Through the 15 month accelerator program, the Actuator has provided us with extensive training on medical device commercialisation, facilitated necessary industry partnerships, and provided access to MedTech investors by organising pitching events throughout Asia Pacific.
The iLab accelerator from The University of Queensland's Ventures Program marked the start of Augmented Bionics' journey as a team. The accelerator program offered the company its first pre-seed capital grant, and the Ventures team has constantly provided us mentorship and industry connections which have enabled us to navigate through the early stages of our start-up journey.
Researchers from Macquarie University, are providing valuable support to Augmented Bionics in pre-clinical research through their expertise in hearing. Furthermore they have provided us access to industry groups, not-for-profits and market leaders in the hearing space via the Australian Hearing Hub, which will enable us to translate our technology from pre-clinical and clinical stages all the way into the hands of our first customers.
Researchers from University of New South Wales, Sydney are supporting Augmented Bionics in pre-clinical research. Decades of experience in hearing research and facilities for guinea pig testing provided by the university add significant value to Augmented Bionics, enabling us to test and de-risk our prototypes, and develop stimulation strategies necessary to provide our future customers with high quality hearing.
Sim4Life's startup partnership offers us powerful tools to visualise electromagnetic fields in complex and highly detailed biological models. The Human and Animal phantoms developed by the IT'IS foundation along with their database of tissue dielectric properties, are a crucial resource for us to design our devices for both animal and human testing, on the Sim4Life simulation platform.
The Ansys startup program offers us access to the industry standard simulation platform for development of magnetic stimulators. The Electronics Desktop product from Ansys is our go-to resource to model realistic electromagnetic fields, heating, and forces within our electromagnetic coils and powering circuits, which enable us to test and optimise our designs in simulations while saving costs on physical testing.
Altium's startup program provides us a valuable resource for our prototyping process. The platform offers industry standard software for simulations of electrical circuits, and designs of Printed Circuit Boards that form an essential part of our prototypes.