Neuromersiv is the proud recipient of a $1m grant from the third round of the BioMedTech Horizons program, an initiative of federal government’s Medical Research Future Fund and delivered by MTPConnect.
The latest funding will help accelerate the commercialisation of Neuromersiv’s unique VR based rehabilitation therapy solution in Australia and key global markets.
Sydney based Medtech startup Neuromersiv, developing a virtual reality (VR) solution for neurorehabilitation has received $1 million in grant funding from the BioMedTech Horizons Fund (BMTH). Delivered by MTPConnect, the Australian Government’s $45 million BMTH program is an initiative to support innovative collaborative health technologies, drive discoveries towards proof-of-concept and commercialisation that address key health challenges as well as maximise entrepreneurship and idea potential.
Combining VR and proprietary hand and arm wearable technology, Neuromersiv provides a novel and data-driven approach to rehabilitation therapy. This approach has the potential to achieve a far greater level of engagement over conventional therapies to significantly improve compliance and outcomes for brain injury survivors at a lower cost.
Anshul Dayal, Oliver Morton-Evans and Rohan O’Reilly who co-founded Neuromersiv in late 2017 have already taken the company through several prestigious accelerator programs including muru-D, Cicada Medlab and Medtech Actuator. The company has previously been funded by venture capital firm, Artesian and also recently received additional grant funding from AusIndustry’s Accelerating Commercialisation program to develop prototypes of the unique VR-enabled wearable technology.
In the short period since inception, the company has established commercial partnerships with Neuromoves who operate 11 rehabilitation centres across Australia, several leading hospitals in India, Taiwan and key research partnerships with the University of Newcastle and Hunter Medical Research Institute (HMRI).
Neuromersiv’s industry advisors include Professor Michael Nilsson, who is the Director of the Centre for Rehab Innovations (CRI) and Global Innovation Chair of Rehabilitation Medicine at the University of Newcastle (UON) and Jodie Marquez, a senior researcher at UON and physiotherapist with over 20 years of experience in neurological rehabilitation.
“We plan to position ourselves as a world-leading, clinically validated VR based rehabilitation therapy solution”, Neuromersiv’s CEO, Anshul Dayal said.
The solution will be trialled in NSW public hospitals to gather independent clinical evidence on its efficacy in improving rehabilitation outcomes post a brain injury. The trial will build upon the existing body of work instigated by O’Reilly who serves as Head Of Product and has been involved in the rehabilitation industry for a number of years.
“We have a clear vision for the product and what it can do to improve rehabilitation therapy outcomes for millions of people across the globe, the latest funding support from BMTH is a big leap forward in bringing this vision to reality,” Dayal added.