AAC firm Control Bionics to list on the ASX through a $15 million raise

262
Augmentative and Alternative Communication (AAC) | iTMunch

Australian assistive technology firm Control Bionics is preparing to list on the Australian Stock Exchange (ASX) with the hope of raising $15 million capital at $0.60 a share. The $15 million IPO embarks the next progressive step in the company’s journey after it entered the AAC landscape with its groundbreaking prototype, NeuroSwitch. 

The augmentative and alternative communications, or AAC firm focuses on creating innovative portable devices that allows individuals to communicate and operate through computers using their neural signals. Over the last 15 years, Control Bionics has concentrated its efforts on developing its Electromyography or EMG-based technology, resulting in the creation of its NeuroNode range.

Control Bionics to get listed on the ASX

Having a word with The Australian Financial Review, Control Bionics CEO, Rob Wong said this was the perfect time as its products have received all the regulatory approvals in the key international markets. The company and its products have successfully obtained registrations of the NeuroNode technology in Australia (TGA), Canada (Ontario Ministry of Health), USA (FDA) and Europe (CE Mark).

After the completion of its IPO, the AAC firm plans to maximize its market penetration across Australia and North America in the first instance. In the next stage of expansion, it will target Japan.

SEE ALSO: Perth-based software startup ActivePort targets IPO

Control Bionics – an AAC tech firm

Control Bionics, an assistive technology company was founded by Peter Ford. According to the company website, the research and development for the products of Control Bionics began with the help of Professor Stephen Hawking and other partners. In the year 2006, the AAC company developed and launched NeuroEDUCATOR 4, a pocket-sized EGM monitoring system designed for assistive technology and rehabilitation.

The company’s funding for NeuroSwitch is approved by the USE Department of Veterans Affairs. In 2013, the NeuroSwitch was introduced by adding wireless and portable EMG monitoring.

Using EMG, NeuroModes are placed on the skin over the muscles chosen to be the switch. When someone attempts to move that particular muscle, the NeuroMode detects the EMG signals, even when there’s no visible muscle movement. These signals are used to enable the individual to control the NuroMode System.

SEE ALSO: Web hosting provider VentraIP to do business under a new brand name

For more updates and latest tech news, keep reading iTMunch

Image Courtesy: Freepik

Previous articleSingTel’s ICT division enters Australia in partnership with Optus Enterprise
Next articleSoftware company Nuix share price soar by 69% after getting IPO
Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
Read More