- A $7.75 million investment by Brandon Capital is part of $45 million in capital raised by Melbourne’s Global Kinetics Corporation.
- Global Kinetics’ wrist-worn device, KinetiGraph, measures the symptoms of Parkinson’s.
- This enables doctors to more finely tune treatment.
Venture capital firm Brandon Capital today announced a $7.75 million investment into Global Kinetics Corporation which has a device to help sufferers of Parkinson’s disease.
The medtech investment is Brandon Capital’s first from the Australian Government’s Biomedical Translation Fund.
Melbourne-based Global Kinetics was formed in 2007 to develop and commercialise its lead product, the KinetiGraph, a wrist-worn device which measures the symptoms of Parkinson’s and provides clinical reports to support care.
The $7.75 million is part of a series 6 funding round for the company, taking the total raised to more than $45 million.
Global Kinetics today also announced a global clinical trial of its device supported by $100,000 from Parkinson’s Victoria, and $250,000 from the Michael J Fox Foundation and the Shake It Up Australia Foundation.
John Schellhorn, CEO Global Kinetics Corporation, says Global Kinetics has so far provided data to clinicians across 17 countries with more than three million hours of clinical data from the wearable device.
“Our company operates within a dynamic ecosystem in which new wearable devices, apps and technologies for PD care are being developed every day,” he says.
“However, the defining feature of our technology is that it is already used every day to help people with Parkinson’s.”
The symptoms of Parkinson’s vary day to day, hour to hour. The Global Kinetics wearable technology collects data on the lived experience of Parkinson’s disease outside the clinic.
This gives doctors greater insight to calibrate treatment plans.
Chris Nave, Managing Director of Brandon Capital, says the federal government’s initiative in creating the Biomedical Translation Fund has delivered much needed financial support for Australia’s world-leading medical research.
“Global Kinetics is a perfect example of Australia’s biomedical capabilities, with the technology taken from concept to commercialisation here in Melbourne and the product now being manufactured in Australia and exported to the world,” says Dr Nave.
The fund was announced by the federal government in December 2015 as part of the National Innovation and Science Agenda.
It is a $500 million for-profit venture capital fund pooling public and private capital for investments in companies with medical research projects at advanced pre-clinical, Phase I and Phase II stages of development.
Brandon Capital has been appointed to manage $230 million, the largest pool of allocated funds.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.