Pacific Channel, LaunchVic unveil $55m fund for deep tech startups

The context: Established in 2004, Pacific Channel specialises in science- and engineering-based solutions in health, agriculture and food, and the environment.

Across its three other funds, Pacific Channel has invested in 67 companies and has achieved 11 successful exits. The firm's investors include sovereign wealth funds and private family offices across the Asia-Pacific.

What they said: “While there are several later-stage deep tech investors in Australia, as a multi-stage investor providing pre-seed through to Series B capital, we can support deep tech companies at the earliest and most critical stages of their development,” said Pacific Channel's managing director Brent Ogilvie.

“We have already identified a number of investment opportunities which reflect the strength of Australia’s deep tech pipeline and are now progressing through our due-diligence process, with several nearing completion.”

LaunchVic CEO Kate Cornick commented: “LaunchVic is really proud to back Pacific Channel’s expansion to Australia and delighted to support the diversification of Victoria’s early-stage venture capital community.

“Victoria is home to some of the best universities in the world producing incredible deep tech breakthroughs," she said.

“Access to more capital in these crucial early stages will ensure more of that research is commercialised and scaled, rather than remaining in the lab.”

Pearson said: “We’re supporting global venture capital funds to set up in Victoria because it helps our startups scale faster and create more high-skilled jobs. Pacific Channel’s first Australian fund reinforces Victoria’s position as a leader in attracting global venture investment.”