The Federal government has continued its support for Australian manufacturing projects, including new medical technologies, through its most recent round of Accelerating Commercialisation grants.
One of these projects is Melbourne-based medical technology start-up Cyban Pty Ltd, which will use its $350,000 grant to commercialise its non-invasive continuous brain oxygen level monitoring device. This device will be used for critically ill patients with traumatic brain injuries, while also helping to eliminate secondary injuries.
Medical products are one of the Federal government’s six manufacturing priorities, with local companies leading the world with innovations to help improve health outcomes, according to minister for Industry, Science and Technology Christian Porter.
“The matched funding for Cyban will help the company commercialise its brain pulse monitoring device, while also helping it to target the US market which is worth an estimated $800 million a year,” Porter said.
“Projects such as this show why the government is backing our local manufacturers to scale-up and take on new markets, while also helping to boost our local economy and create jobs.”
The three other successful projects in the most recent round of Accelerating Commercialisation grants include:
- Bader Investments in NSW, with a grant of $897,843 to commercialise its AI-enabled eCommerce platform.
- LifeTech Balance in QLD, with a grant of $671,500 to commercialise its innovative product ScreenCoach to help manage healthy screen time for children.
- Monarc in QLD, with a grant of $487,019 to commercialise its automated transport inventory system, in order to help link supply chain companies.
The Accelerating Commercialisation grant is part of the Australian government’s Entrepreneurs’ Programme, which has provided 535 grants worth more than $262M to Australian businesses since it was first established in 2014.
More information on the Accelerating Commercialisation grant recipients is available to view at www.business.gov.au/ac-funding-offers.
To access more information on how to join the Entrepreneurs’ Programme, visit www.business.gov.au/ep.