Ludovic Labat

Melbourne Uni-backed medical manufacturing startup Neo-Bionica scores $5 million from Breakthrough Victoria

- May 16, 2024 2 MIN READ

Budget cuts and ongoing criticism of the state government-backed Breakthrough Victoria have not slowed its capital deployment, with $5 million invested in medtech manufacturing startup Neo-Bionica. Founded in 2021 as a joint initiative of the Bionics Institute and the University of Melbourne and based at St Vincent’s Hospital Melbourne, Neo-Bionica was developed to fill a… Read more »

World View balloon

Breakthrough Victoria invests $37 million to lure US near-space exploration platform World View to Melbourne

- May 3, 2024 2 MIN READ

State government-backed investment fund Breakthrough Victoria is backing US stratospheric exploration company World View with $37 million to entice it to Melbourne. The strategic investment will see World View establish its Indo-Pacific headquarters in the capital, as well as building an advanced manufacturing facility in Victoria, creating up to 200 jobs in engineering, mission control… Read more »

The tanneries of Fez, Morocco

Textiles dyeing climate tech startup Xefco raises $10.5 million Seed extension

- April 30, 2024 2 MIN READ

Sydney startup Xefco will ramp up its Victorian presence after raising $10.5 million in a Seed extension. The round was CSIRO-backed VC fund Main Sequence Ventures, with support from Virescent Ventures for the government-backed Clean Energy Finance Corporation, which chipped in $2.5 million, plus existing shareholders Investible and Voyagers Climate-Tech Fund in Xefco’s Seed investment round.… Read more »

RayGen Resources CEO, Richard Payne

Solar power startup Raygen generates $51 million in Series D

- April 23, 2024 2 MIN READ

Victorian solar generation and thermal storage company RayGen has kicked off a Series D raise with $20 million from Breakthrough Victoria alongside a US$20 million (A$31m) follow-on investment from NYSE-listed SLB, as part of plans to expand offshore.  RayGen uses proprietary photovoltaic solar modules that generate nearly 2,000 times more power than traditional photovoltaic systems… Read more »

R&D, science, man looking in microscope

In defence of Breakthrough Victoria – and why it matters for medtech

- April 4, 2024 3 MIN READ

Victoria’s (and Australia’s) future prosperity is dependent on knowledge-intensive companies that collaborate, innovate, and commercialise successful products globally. But to survive and reach commercial success, these companies must be able to access funding at key stages of their development. Without this, they will fail. In turn, we will fail to create a self-sustaining human healthcare… Read more »

knights, joust, horse
Venture Capital

‘More than just a venture capital firm’: $2 billion sovereign fund Breakthrough Victoria hits back at critics who want it abolished

- March 23, 2024 5 MIN READ

Government-backed investment fund Breakthrough Victoria has defended itself against critics wanting it abolished saying it wants to “fundamentally reshape the innovation landscape”. The $2 billion VC fund, launched in 2021, and chaired by former Labor premier John Brumby, has been subject to a sustained media campaign for it to be dismantled, led by Adir Shiffman,… Read more »

Dr Amrutha Vijayakumar and Dr Jacinta Bakker

Green ammonia agtech startup Jupiter Ionics plants $9 million raise

- March 5, 2024 2 MIN READ

A Victorian startup based at Monash University has raised $9 million to develop carbon-neutral “green” ammonia for the agriculture sector. Jupiter Ionics is the result of research by scientists at the university’s School of Chemistry, Prof Doug Macfarlane, and Assoc Prof Alexandr Simonov. The electrochemical technologies they’ve developed has resulted in modular ammonia production systems… Read more »

R&D, science, man looking in microscope

Breakthrough Victoria pours $43 million into five universities to help turn research into startups

- September 19, 2023 2 MIN READ

The Victorian government’s $2 billion investment fund, Breakthrough Victoria has backed five Victorian universities to help them bring research to market in a deal worth $87 million.  Deakin, La Trobe, Monash and Swinburne universities have contributed $9 million funding matched by Breakthrough Victoria, with RMIT matching the $7.5 million it has received. Each partnership will… Read more »

Navi cofounders Assoc Prof Christiane Theda and Alex Newton, with Victorian industry and innovation minister Ben Carroll.

Breakthrough Victoria backs baby-saving medtech startup Navi in $2.4 million raise

- August 3, 2023 2 MIN READ

Breakthrough Victoria has backed Navi Medical Technologies as part of a $2.4 million raise to develop a medical device for newborn babies and children. The state government investment fund was lead investor chipping in $700,000, with the federal government also backing the medtech startup with grants. Also backing the round was Medtech Actuator and Artesian VC.… Read more »

Cadmus founder Herk Kailis

Breakthrough Victoria plants $600,000 in anti-plagiarism edtech Cadmus

- May 19, 2023 2 MIN READ

Breakthrough Victoria, the state government’s $2 billion investment fund, has backed edtech startup Cadmus, which is helping universities detect generative AI plagiarism, chipping in $600,000 as part of an undisclosed total round for global expansion. Cadmus emerged in 2015 out of a research project at the University of Melbourne. The software platform has sophisticated learner… Read more »


Firefighting virtual reality training startup FLAIM lands $6.7 million Series A

- April 3, 2023 2 MIN READ

A virtual reality firefighter training startup spun out of Deakin University has raised $6.7 million Series A, with the Victorian government’s investment fund Breakthrough Victoria, taking a minority stake in the business for $5 million. FLAIM Systems has developed what’s believed to be the world’s first fully immersive virtual firefighting training system, offering a safe… Read more »