Seven early-stage startups are to receive between them $11.7 million in investment, an outcome of the University of Melbourne's strategy to drive research translation by supporting the growth of more early-stage ventures affiliated with the University and its medical research institute partners.
These investments come from the $15m University of Melbourne Genesis Pre-Seed Fund in partnership with Breakthrough Victoria, and the $125m Tin Alley Ventures fund, a joint venture with Tanarra Capital, both now in their second year of operation.
University of Melbourne Vice-Chancellor, Professor Duncan Maskell said:
"This latest round of investment is an example of how the University of Melbourne is supporting the development of new technologies, products and services to advance healthcare, sustainability and countless other sectors."
"We're translating more university research into real-world applications through these companies. This is an important part of the work of universities - to ensure society has access to and reaps the benefits of academic breakthroughs.
"By supporting startups like the ones we are announcing today, we are fostering innovation, transforming industries, driving economic growth and creating jobs.
"The breadth of the work emerging from these seven startups is a testament to the exceptional talent within our university community."
The seven newly invested start-ups announced include:
- Porous Lane - commercialising highly permeable, eco-friendly pavement that captures and recycles water, promoting a healthier environment.
- Cell Bauhaus – using mathematics and computer modelling to understand, predict and alter the behaviour of living cells.
- Remagine Labs - revolutionising healthcare with a bluetooth-connected, wearable electro-pharmaceutical that will provide patient-centred care and consistent dosing of medications to provide peace-of-mind to healthcare consumers worldwide.
- Proxima Bio, a WEHI startup - developing the next generation of medicines, opening new possibilities for targeting disease-causing proteins, with significant potential applications in autoimmune diseases and cancers.
- exteRNA, a Peter MacCallum Cancer Centre and WEHI startup - developing a set of novel drugs capable of regulating RNA biology for the treatment of cancer.
- Apromore - helping businesses gain deeper insights into their operations and optimise their performance and compliance by providing clear, real-time digital transparency of process data.
- FlowAI – using AI-enabled design and continuous manufacture of active pharmaceutical ingredients for critical medicines.
Of the seven startups announced, five have been invested in by Tin Alley Ventures and three by the Genesis Pre-Seed Fund, including a syndicated investment into Cell Bauhaus from both funds.
University of Melbourne Genesis Pre-Seed Fund CEO, Hun Gan said this latest investment into three new startups brings the Fund's total portfolio to five startups with $2.2m pre-seed investment committed since the $15m fund went live just 12 months ago.
"The Fund's portfolio now spans five sectors with startups from three University of Melbourne faculties. Of the three new Genesis pre-seed investments announced today, two were led by Genesis and one was syndicated with Tin Alley Ventures." Gan said.
Dr Andrew McLean, managing partner at Tin Alley Ventures, said he's very pleased with the investment rate to date.
"Tin Alley will close its eighth investment this quarter. It's a testament to dedicated capital's ability to unlock the extraordinary science of this ecosystem." Dr McLean said.
The $11.7m startup investment announcement was made at the launch of the University's inaugural Enterprising Melbourne Review 2023, a new digital publication featuring commercialisation highlights and metrics from 2023, as well as case studies emerging from the University's innovation ecosystem. Read the Enterprising Melbourne Review 2023 here.
