Navi Secures $1.26 Million Funding

Navi Medical Technologies is pleased to announce that it has successfully raised $1.26 million as part of the first tranche of funding of our current fundraising round.

This latest round of funding, supported by the Australian Government Department of Industry, Science, Energy and Resources through the Accelerating Commercialisation Program, represents the first tranche of a larger Series A round which will help complete the next critical phase of product development work, as well as complete an upcoming interventional pilot study.

“The pilot study will be the first time our Neonav® ECG Tip Location System is used in an interventional setting, which will be a significant milestone for the development of our device,“ says Navi CEO Alex Newton, who is grateful to Navi’s investment and clinical partners for their ongoing support and is looking forward to the progress that will be made off the back of this recent capital raise,

Pictured: Navi CTO Mubin Yousuf and COO Shing Yue Sheung demonstrating the Neonav clinical prototype

“We’ve received an overwhelming amount of support from clinicians all over the world. The issue surrounding misplacement and migration of central catheters in newborn and pediatric patients is one experienced globally. With this new round of funding, we will be taking a big leap forward in bringing our technology to the USA and Australian markets, and start setting a new standard of care,” Newton said.

To date, Navi has raised over $3 million which has funded a number of clinical prototypes and clinical studies at the Royal Women’s Hospital in Melbourne, Australia.

Research and development of the Neonav® has been supported by like-minded investors such as Stephen Ho, who understands the positive impact technologies like the Neonav® will have on sick children globally,

Pictured left to right: Stephen Ho with Navi CEO Alex Newton

“I am a strong believer in supporting individuals and companies that want to make the world a better place. The team at Navi is something we should all get behind as they work to bring their innovation to life. This will help change the lives of the most vulnerable for the better, and ultimately for humanity.”

Navi will look to raise additional funding later this year in a second tranche to complete further product development work, and has started early discussions with interested investment partners.

Federal Minister Commends Navi For Medtech Innovation In Parliament

Navi was honoured to be mentioned in the House Of Representatives at Parliament House today by the Federal Minister for Industry, Science and Technology, Hon. Karen Andrews, who gave a speech outlining some of the recent significant achievements made by Australian medical companies.

In her speech, Navi was highlighted and commended for its recent successes in the development and commercialisation of the Neonav Catheter Tip Location System; a medical device that aims to helps improve catheter placement in critically-ill newborns and pediatric patients.

Navi CFO Wei Sue noted that the Navi team were pleased to be included in the Minister’s speech among incredibly successfully medtech companies like ResMed and Cochlear;

“Like many, COVID-19 has been a challenging year for our company. But, our team has shown incredible resilience continues to make significant strides in the commercialisation of the Neonav device, including as the Minister mentioned, expanding our clinical research activities as well as setting up a US subsidiary in preparation for US market entry in the future.”

“It is an honour to be mentioned among some of Australia’s most successful medtech organisations. The incredible support of the Federal Government through the Accelerating Commercialisation Grant has provided us with critical resources in this commercialisation journey, and ultimately will help us achieve our goal of providing children everywhere with brighter, healthier futures.”

Below is a partial transcript from the Minister’s speech, spoken in the House Of Representatives on 22 February 2021:

“Many of us here would be very familiar with the Cochlear story and the work they have been doing with their hearing technology solutions. I've already mentioned ResMed and what they did with ventilators. But there are so many fledgling companies that are producing medical products right across Australia. We as Australians should be so proud of them and the work they are doing. They are great examples. One business, a Melbourne based business, is Navi Medical Technologies. Last year this government backed them with a grant of $400,000 to help them commercialise their new catheter technology for seriously ill babies. Even during COVID, faced with enormous challenges, they expanded their business. They employed an extra six people. They set up an Aussie-owned office in the United States, and they significantly progressed their clinical research.”