Seven early-stage startups are expected 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. And these investments come from the $15 million University of Melbourne Genesis Pre-Seed Fund in partnership with Breakthrough Victoria and the $125 million Tin Alley Ventures fund, a joint venture with Tanarra Capital, both now in their second year of operation.
The seven newly invested start-ups announced include:
— Porous Lane – commercializing highly permeable, eco-friendly pavement that captures and recycles water, promoting a healthier environment.
— Cell Bauhaus – using mathematics and computer modeling to understand, predict and alter the behavior of living cells.
— Remagine Labs – revolutionizing healthcare with a Bluetooth-connected, wearable electro-pharmaceutical that will provide patient-centered 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 optimize 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 7 startups announced, 5 have been invested in by Tin Alley Ventures and 3 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 $2.2 million pre-seed investment committed since the $15m fund went live just a year ago.
KEY QUOTES:
“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.”
-University of Melbourne Vice-Chancellor, Professor Duncan Maskell
“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.”
-University of Melbourne Genesis Pre-Seed Fund CEO Hun Gan
“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 Andrew McLean, managing partner at Tin Alley Ventures
