17.1 C
London
Thursday, October 6, 2022

Victorian government invests $100M in university startups

Must read

Upcoming electric cars in India in 2022 – see the expected price and range here

Upcoming electric cars in India in 2022 - see the expected price and range here

Kevin Spacey’s trial begins nearly five years after Anthony Rapp accused him of sexual abuse

The jurors were sworn in Thursday morning in the civil trial of Kevin Spacey, the Oscar-winning star accused by fellow actor Anthony Rapp of...

The software is the thing • londonbusinessblog.com

As with the Pixel Watch, we'll be bringing more in-depth thoughts with a full review in the near future. However, now seems like...

Post-pandemic, telemedicine startups are evolving – it’s raised just $6 million for its hybrid approach • londonbusinessblog.com

So-called 'personalized medicine' is all the rage these days. Healthcare is gradually being influenced by data-driven insights gained through what the healthcare industry...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Government-owned breakthrough Victoria is giving $100 million in pre-seed funding to state university startups looking to commercialize research.

Prime Minister Dan Andrews and Treasurer Tim Pallas established the $2 billion Breakthrough Victoria Fund, chaired by former Prime Minister John Bracks, as an independent investment fund manager investing in commercial innovations in the health, technology, manufacturing, agri-food and and carbon sectors.

The $100 Million Breakthrough Victoria – University Innovation Platformwill see universities match government pre-seed investments as part of a five-year initiative involving RMIT, Swinburne, Monash, Melbourne, Victoria, La Trobe, Deakin, Federation and the Australian Catholic University.

Last week, the fund made its first $7.5 million investment to support the $15 million University of Melbourne Genesis Pre-Seed Fund in a 50-50 deal.

Andrews said the $100 million initiative will take the world-class ideas and research from Victorian universities and help new companies secure their intellectual property, develop prototypes, conduct trials and refine business plans.

Investments in individual startups will range from $200,000 to $1 million.

“Breakthrough Victoria supports great ideas that will save lives, change the way we live and provide jobs for generations to follow‘ said Andrew.

This is about support promising ideas in a crucial phase so we can keep our best and brightest innovators here on our own soil – something that is good for jobs and good for Victorians.”

The universities involved can help shape their fund and, on the basis of commercial agreements with the government, share any commercial windfall benefits from the investments with the taxpayer upon retirement.

Breakthrough Victoria will also provide expert investment advice to university innovators.

At RMIT, researchers have developed an ingestible, pill-like device that measures gas concentrations in the guts of humans and animals to diagnose conditions such as irritable bowel syndrome, which is being commercialized by Atmo Biosciences.

Atmo recently raised $9.6 million to conduct critical clinical studies and accelerate product development.

Victoria’s startup sector has created more than 60,000 jobs since 2017.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Upcoming electric cars in India in 2022 – see the expected price and range here

Upcoming electric cars in India in 2022 - see the expected price and range here

Kevin Spacey’s trial begins nearly five years after Anthony Rapp accused him of sexual abuse

The jurors were sworn in Thursday morning in the civil trial of Kevin Spacey, the Oscar-winning star accused by fellow actor Anthony Rapp of...

The software is the thing • londonbusinessblog.com

As with the Pixel Watch, we'll be bringing more in-depth thoughts with a full review in the near future. However, now seems like...

Post-pandemic, telemedicine startups are evolving – it’s raised just $6 million for its hybrid approach • londonbusinessblog.com

So-called 'personalized medicine' is all the rage these days. Healthcare is gradually being influenced by data-driven insights gained through what the healthcare industry...

Limit reached – Join the EU Startups CLUB

€147/quarter This option is ideal for companies and investors who want to keep up to date with Europe's most promising startups, have full access...