Reliance Industries’ subsidiary company -- Reliance Digital Health has signed definitive agreements with Synchron to acquire 2.25% stake (on a fully diluted basis) in Synchron as part of its Series C financing round.
Synchron has oversubscribed $75 million Series C financing round led by ARCH Venture Partners. Gates Frontier, Bezos Expeditions, Reliance Digital Health, Greenoaks, Alumni Ventures, Moore Strategic Ventures, and Project X join ARCH as new additional investors. Existing investors, including Khosla Ventures, NeuroTechnology Investors, METIS, Forepont Capital Partners, ID8 Investments, Shanda Group and University of Melbourne participated in the round. The Series C funding brings the total amount raised since inception to $145 million.
The funding will accelerate development of Synchron’s first platform product (Synchron SwitchTM BCI), and launch a pivotal clinical trial. Ari Nowacek from ARCH Venture Partners will join Synchron’s Board of Directors, and ARCH Co-Founder and Managing Director Robert Nelsen will join as Board Observer.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1343.10 |
| Indian Oil Corp. | 145.50 |
| BPCL | 309.80 |
| HPCL | 376.90 |
| MRPL | 186.90 |
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