Brooklyn, New York, Friday, March 8, 15:00 ET
Australian Health Tech Start-Up Australis Scientific Pty Ltd secures Series Seed Funding.
Australis Scientific Pty Ltd, a 10XBeta Venture Studio portfolio company, is a dynamic health tech venture specializing in developing a discreet solution for acute and chronic urinary incontinence symptoms. We are pleased to announce the successful closure of its Series Seed funding round, led by Japanese pharmaceutical company Rohto Pharmaceuticals Co., Ltd. and further supported by a cohort of US and Australian co-investors.
Urinary incontinence remains an under-addressed health concern, impacting millions of lives and costing billions to the global economy. In Australia, one in four adults, encompassing ten percent of Australian men and thirty-eight percent of Australian women, experience urinary incontinence. The risk of incontinence in the elderly is doubled, and two-thirds of those who experience urinary incontinence do not seek help from their healthcare providers, primarily due to a lack of discretion offered by current therapies. The numbers in the United States track similarly, with a marked increase in the elderly populations for both males and females. Incontinence spans all cultures and geographies.
The current funding round will drive the development of the In-Confidence™ Smart Patch full-stack solution, which combines a state-of-the-art medical device, digital biomarker tracking, digital therapeutics, and telehealth clinical services to enable clinicians to provide patient-centered care using existing MBS codes. The series seed funds will additionally be applied toward clinical trials and medical device regulatory approval with the Food and Drug Administration (FDA) and Therapeutic Goods Administration (TGA). Subsequent approval for the In-Confidence™ Smart Patch for Software as a Medical Device (SaMD) will allow for broader access to reimbursement codes in the global markets.
“It is likely that someone you love is suffering with urinary incontinence. For me, it was my grandfather who suffered in silence and hid his condition from his family.,” said Nicky Agahari (Founder and CEO). “Australis Scientific has a mission to provide a discreet therapy that restores dignity and confidence of those suffering from incontinence.”
10XBeta’s investment into Australis Scientific coincides with our opening of a Brisbane office and a commitment to build an innovation and commercialization pipeline between the Australian and US healthcare and investment communities.
We look forward to supporting this stellar founding team, including: Nicky Agahari, CEO and Founder, Dr. Danielle Delaney, Chief Medical Officer and Co-Founder, Dr Martin Jensen, Chief Tech Officer and Co-Founder, Dr Helena Franco, Director of Innovation and Co-Founder, Dr Mihir Shanker, Chief Operating Officer and Co-Founder.
10XBeta’s investment into Australis Scientific coincides with our opening of a Brisbane office and a commitment to build an innovation and commercialization pipeline between the Australian and US healthcare and investment communities.
About Australis Scientific Pty Ltd.
Australis Scientific Pty Ltd. is a privately held Australian and US-based health tech venture developing the In-Confidence™ Smart Patch, a discreet and full-stack solution for urinary incontinence. It is affiliated with the Harvard Medical School Health Tech Fellowship and a recipient of the NSW Health Medical Device Fund 2022. It is the Harvard President’s Innovation Challenge Grand Prize Winner 2023 (Healthcare and Lifesciences Track). Australis Scientific Pty Ltd. is on a mission to give confidence back to patients suffering incontinence through In-Confidence™.