Funding boost for Vic medtech manufacturer

Friday, 17 May, 2024

Funding boost for Vic medtech manufacturer

Breakthrough Victoria has announced a $5bn investment in Neo-Bionica, a Victorian contract medtech manufacturer empowering the next generation of medtech innovators with end-to-end manufacturing and commercialisation services.

Specialising in engineering, bioelectronics and neurotechnology, the Melbourne-based company works with both domestic and international innovators to design and develop implantable and wearable medical devices.

Breakthrough Victoria CEO Grant Dooley said, “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.”

“By supporting startups to develop, trial and manufacture medical technology in Victoria, we can ensure these life-saving technologies benefit and prioritise local patients [and] increase jobs and investments in the state.”

Neo-Bionica's facility consists of two workshops and two independent cleanrooms with ISO 7 standard classification, a highly recognised international standard for microfabrication, assembly and testing capabilities.

The company was established in 2021 as a joint initiative of the Bionics Institute and the University of Melbourne and is co-located at St Vincent’s Hospital Melbourne in order to maximise engagement with clinicians.

By offering end-to-end medical device prototype development, clinical trials and initial low-volume manufacturing support, the company plays a vital role in supporting Victorian neurotechnology device innovators and giving them a competitive advantage.

Breakthrough Victoria’s investment will support expansion of Neo-Bionica’s manufacturing capability, facilities and market presence, fuelling commercial growth which will generate up to 45 new jobs.

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