Brain interface platform company Synchron has secured $40m in Series B financing to launch a pivotal clinical study of its Stentrode endovascular implant in the US.

The company offers minimally invasive implantable brain computer interface (BCI) technology that uses the jugular vein to access the brain.

In August last year, Stentrode secured breakthrough device designation from the US Food and Drug Administration (FDA) to treat paralysis.

The financing round was led by Silicon Valley venture capital company Khosla Ventures.

Other investors who participated in the financing round consist of Forepont Capital Partners, ID8 Investments, Shanda Group, General Advance, Subversive Capital (Michael Auerbach), re.Mind Capital (Christian Angermayer), as well as individuals Arani Bose (Penumbra) and Thomas Reardon.

Existing investors such as NeuroTechnology Investors, METIS innovative, and the University of Melbourne have also participated in the round.

With the latest financing, the company’s total funding reached to $59m. It has also secured the funding support from the US and Australian governments.

Synchron CEO Dr Thomas Oxley said: “This technology has the potential to positively impact humanity on a vast scale.

“The funding will carry us deep into clinical trials and paves the way towards a first FDA approval for implantable brain computer interfaces: a critical step toward realizing the therapeutic potential of this emerging industry.”

The trial will assess the Stentrode technology to enable the use of digital devices by patients with limb paralysis.

Synchron will also use the funds to seed a development pipeline of neurointerventional sensing and stimulating products to address various neurological indications.

In Australia, the company started a clinical trial and recruited four patients with paralysis who have undergone implantation. They are being evaluated for their ability to control digital devices through thought to enhance their functional independence.

The firm’s motor neuroprosthesis platform, which consists of Stentrode, targets to restore the ability of patients to control digital devices.

Synchron has designed the neuroprosthesis to transform the thoughts associated with attempted movements into wireless Bluetooth commands, thereby helping the patients to communicate with their carers and improve their daily functionality.

The device will be placed using a minimally invasive neurointerventional procedure generally used in the treatment of stroke.