Startups developing new treatments for cardiovascular disease, type 1 diabetes, and technology to capture carbon dioxide in the air have been backed by the University of Sydney’s new Pre-Seed Launch Fund.
The $25 million fund invests in ideas and people, turning academic research developed at the uni into high-growth startups, bridging the gap between proof-of-concept funding and private venture capital.
Interim deputy vice-chancellor (research) Professor Julie Cairney said that alongside the university’s equity investment, it will provide ongoing support and development to help the founders secure the next stage of VC funding.
“The Pre-Seed Launch Fund is the latest in a suite of programs we have developed over the past five years to help commercialise research and support social enterprises,” she said.
“We’re committed to supporting our people to bring their research to market, creating new jobs and products and services that benefit Australians.”
The investments are up to $500,000, via a Simple Agreement for Future Equity (SAFE) note or a priced equity round. The fund is open to University of Sydney staff, students, affiliates, honoraries and alumns within five years of graduation.
The university has supported 259 startups through various programs, which have gone on to raise more than $1.4 billion.
The first startups backed by the pre-Seed fund are:
DAC Labs is developing technology to capture and purify carbon dioxide from the air, using a third of the energy at a quarter of the cost of competitors. Carbon capture, predicted to be a $1.2 trillion industry by 2050, is needed for sustainable aviation fuels, chemicals, and algae production. Founders Sam Wenger, who submitted his PhD in Chemistry in December 2024) and Professor Deanna D’Alessandro, Director of the University’s Net Zero Institute, launched their DAC Labs in 2024.
EndoAxiom is a life sciences spinout developing an oral pill for type 1 diabetes, which affects almost 9 million people globally. With Phase I trial results expected by mid-2025 and early interest from major pharma players, the company is positioned for significant commercial and clinical impact.
Prof Victoria Cogger, Prof David Le Couteur and Dr Nicholas Hunt, founded their spin-off in 2023 after 20 years of research. VC ProtoAxiom has also invested.
ASK Scientia is transforming aerosol characterisation for inhaled and nasal drug products, helping pharmaceutical companies accelerate clinical trials and improve FDA approval rates. Engineering academic Associate Professor Agisilaos Kourmatzis spun out ASK Scientia in 2024.
ProKardia is the brainchild of medicinal chemist Prof Michael Kassiou and cardiologist Prof Gemma Figtree who are developing innovative therapies for chronic inflammatory conditions in cardiovascular disease. They previously received a $500,000 Stage 1 grant from federal government Medical Research Future Fund-backed CUREator, as well as a $750,000 Targeted Translation Research Accelerator Grant from MTPConnect in 2022 .
Blood Vessels in a Box is a groundbreaking device that simulates human cardiovascular conditions, allowing researchers to more accurately test new drugs and devices instead of using animals. Backed by regulatory reform tailwinds and a rapidly growing $1.8 billion market, the technology, created by Prof Steven Wise and Dr Timothy Mitchell, has early customer interest and expansion potential into kidney and neurology research.
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