$11.7m boost for seven startups from University of Melbourne
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The news: Seven early-stage startups will split $11.7 million in investment as part of the University of Melbourne’s strategy to support the growth of more early-stage ventures that are affiliated with the university and its medical research institute partners.
The numbers: The 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.
The context: The seven newly invested start-ups announced include:
- Porous Lane — commercialising permeable, eco-friendly pavement that captures and recycles water;
- Cell Bauhaus — using mathematics and computer modelling to understand, predict and alter the behaviour of living cells;
- Remagine Labs — making a bluetooth-connected, wearable electro-pharmaceutical to enhance patient-centred care and consistent dosing of medications;
- Proxima Bio — developing technology to target disease-causing proteins, with potential applications in autoimmune diseases and cancers;
- exteRNA — 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; and
- 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.
What they said: University of Melbourne vice-chancellor 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," he said. "This is an important part of the work of universities - to ensure society has access to and reaps the benefits of academic breakthroughs.
The source: University of Melbourne media release
