Victoria has allocated A$2 million to Melbourne-based MedTech start-up Cyban, as part of its innovative approach to monitor brain oxygen levels non-invasively.
This investment is a portion of Cyban's A$6.3 million Series A funding round, jointly announced by the Victorian Government and St Vincent’s Hospital. The funding originates from the state’s A$2 billion innovation fund.
Significant contributors to this funding round include Significant Early Venture Capital, headquartered in Canberra, and Melbourne’s InterValley Ventures.
Cyban's innovation, the Brain Pulse Monitor, is in development. It aims to enable continuous monitoring of brain oxygen levels in patients with brain injuries, using external receptors rather than invasive surgical probes.
The Series A funding will be instrumental for Cyban in gaining regulatory approval in Australia and the United States and initiating the manufacture of these medical devices in Victoria.
Dr Barry Dixon, founder of Cyban and a clinician at St Vincent’s Hospital’s intensive care unit, emphasised the investment's role in accelerating the technology's market entry and improving brain injury management globally.
Seeking FDA approval
Cyban is submitting for approval from the US Food and Drug Administration with expectations of usage in major US hospitals post-clearance in 2024.
The technology is also undergoing clinical trials in several Melbourne hospitals, including The Alfred, Royal Melbourne Hospital and Ballarat Hospital, as well as international locations like the Royal Edinburgh Infirmary in Scotland and Cleveland Clinic Ohio in the US.
Over the next four years, Cyban plans to expand its workforce by 50 staff members. This expansion may be linked to the recent funding and a grant awarded through the state’s MedTech Manufacturing Capability Program.
Victoria’s Minister for Economic Growth Tim Pallas noted that this investment would help the technology penetrate international markets. The technology is a “step closer to breaking into international markets”, he said.
Breakthrough Victoria's chief executive Grant Dooley praised Cyban's global scaling potential.
The device has the“potential to scale globally with its breakthrough medical device that helps save lives and reduce the cost of hospital care”.
Globally, traumatic brain injuries are a significant health concern, with approximately 27 million cases reported annually.