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Reliance Digital Health plans to buy 2.25% shares in Synchron Inc.

Author : Pankaj Singh | Published Date : 2022-12-16 

Reliance Digital Health plans to buy 2.25% shares in Synchron Inc.

Reliance Digital Health, a subsidiary of Reliance Industries, has reportedly signed an agreement with Synchron Inc. to acquire its 2.25% stake as a part of its Series C financing. This Series C brings the total amount to $145 million since the inception of the firm.

For the uninitiated, Synchron is an endovascular BCI (brain computer interface) company, which is currently functioning in its clinical stage. It is based in Brooklyn and has R&D facilities in Melbourne. Since 2012, Synchron has been engaged in developing a BCI platform that uses a minimally-invasive procedure to avoid the need for open brain surgeries.

Meanwhile on the 15th of December, Synchron announced an oversubscribed Series C financing round reaching up to $75 million, which was led by ARCH Venture Partners. Besides, while additional investors include Gates Frontier, Reliance Digital Health Limited, Alumni Ventures, Moore Strategic Ventures, Bezos Expeditions, and Greenoaks, as additional investors, Project X joined ARCH.

As per reliable reports, this recent funding will fasten up the development of Synchron Switch BCI (Synchron's first platform product) and launch a crucial clinical trial. According to sources, ARCH Venture Partners’ Ari Nowacek will join Synchron's board of directors, and Robert Nelsen, the co-founder and managing director of ARCH will join as a board observer.

It should be mentioned here that the Synchron Switch brain computer interface is inserted in the brain via the jugular vein. Once implanted, it can detect and wirelessly transmit motor intent from the brain, allowing severely paralyzed patients to easily control personal devices.

On the other hand, Reliance Digital Health is an India-based limited company, which engages in developing, designing, and marketing software programs, applications, payment gateways, services, and technology solutions within and outside India.

As per reports, the shares of Reliance Industries rose 0.92% to $152.45 (INR 2602.40) on the Bombay Stock Exchange (BSE).

Source Credits: https://www.business-standard.com/article/news-cm/reliance-digital-health-to-acquire-2-25-stake-in-synchron-inc-122121600214_1.html

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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