CSIRO innovation fund to harness Australian innovation

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Companies developing new ways to diagnose cancer, platforms to connect work and learning, next generation WiFi chips and quantum computing firmware are among the first to receive investment from Main Sequence Ventures, manager of the $200 million CSIRO Innovation Fund.

Acting Minister for Industry, Innovation and Science, Senator the Hon Michaelia Cash, said the launch of Main Sequence Ventures is an important step to ensure we can further harness Australian innovation to create new enterprises and the jobs of tomorrow.

“As part of the Turnbull Government’s National Innovation and Science Agenda, the CSIRO Innovation Fund is designed to ensure our world-class research can be turned into the jobs and economic growth of the future,” Cash said.

Main Sequence Ventures will support new spin-out and start-up companies, and SMEs engaged in the translation of research generated in the Australian publicly funded research sector.

Main Sequence Ventures’ first investments in Q-Ctrl, Intersective, Morse Micro and Maxwell MRI are expected to create more than 60 new jobs.

CSIRO chief executive Larry Marshall said Australia has never been short of great ideas, but the value is rarely captured domestically.

Australia’s scientists are world leaders, but investing in science driven innovation is hard – it needs the horsepower of Australia’s national science agency behind it.

“Science can drive change across the economy despite global disruption, improve our nation’s health and sustainability and make business globally competitive.

“This is a team Australia effort, with the Fund investing in the best ideas across the research community.

This will help Australia better capture the value of science, deliver impact and drive the jobs and industries of the future,” Marshall said.

Main Sequence Ventures is led by veteran venture capitalist Bill Bartee along with a team of venture capitalists and entrepreneurs with extensive experience in science and technology.

“Our first investments are giving us a great start in backing ambitious entrepreneurs to build important and growing companies,” Bartee said.

“Q-Ctrl has the potential to provide the firmware framework for quantum computers, Morse Micro is building the next generation of WiFi chip, Intersective is using data science to better equip our workers for the future and Maxwell MRI is changing the way we detect and diagnose prostate cancer.

“This is some of the best and most exciting research from the Australian innovation sector, and we look forward to working with them to realise their potential in the commercial market.

“We at Main Sequence Ventures know that this is only the beginning, and many more high-potential companies will be able to grow from our investments. We look forward to working with Australia’s deep tech founders to build epic companies.”