Reliance Digital Health to pick up 2.25% stake in Synchron Inc

16 Dec 2022 , 10:06 AM

In the latest development, Reliance Industries Limited informed the bourses that its subsidiary Reliance Digital Health Limited has signed definitive agreements with Synchron Inc. to acquire a 2.25% stake (on a fully diluted basis) as part of its Series C financing round.

Synchron, an endovascular brain-computer interface (BCI) company, announced a $75 million Series C financing round led by ARCH Venture Partners that was oversubscribed. ARCH welcomes new investors Gates Frontier, Bezos Expeditions, Reliance Digital Health Limited, Greenoaks, Alumni Ventures, Moore Strategic Ventures, and Project X.

The funding will be used to expedite the development of Synchron’s first platform product (Synchron SwitchTM BCI) as well as the launch of a pivotal clinical trial, said Synchron in its press release.

The Series C funding brings the total funds raised since the company’s inception to $145 million.

At around 10.05 AM, Reliance Industries was trading at Rs2,598.45 per piece, up by 0.76% from its previous closing of Rs2,578.75 on the BSE. The scrip opened at Rs2,570 and touched an intraday high and low of Rs2,619 and Rs2,570 respectively.

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