Former science and innovation minister Arthur Sinodinos joins deep tech VC Salus Ventures

Former spy boss Paul Symon, Australian Missile Corp CEO Rear Admiral Lee Goddard and former Senator Arthur Sinodinos have signed on with VC fund Salus Ventures as strategic advisors as the firm sharpens its focus on defence and national security.

The Sydney-based $40 million fund, launched in 2023 and led by former Salesforce Ventures Australia boss Mike Ferrari, has a focus on sovereign capabilities and has now made around 10 investments. It focuses on artificial intelligence and machine learning, cybersecurity, automation, defence and national security.

They include agtech startup Exoflare, cofounded by the former boss of CSIRO’s Data61, with Salus leading a $5.3 million Seed round in June this year

The VC also scored financial support from the Queensland Investment Corporation in June to set up shop north of the border.

The trio have been charged with due diligence and finding opportunities for Salus portfolio companies.

Symon was the former Director-General of the national spy agency the Australian Secret Intelligence Service and Deputy Chief of Army. Investment banker Arthur Sinodinos was a senator for eight years under prime ministers Tony Abbott and Malcolm Turnbull as assistance treasurer and industry science and innovation minister, before a stint as Australia’s ambassador to the US.

Goddard spent 34 years in the Navy and ran the government’s boat arrivals policy, Operation Sovereign Borders, and is a director of local ship builder Austal.

Salus cofounder Dan Bennett said the trio will support the VC’s deep tech focus.

“These critical appointments add to our connective tissue in Canberra and Washington DC, to our ability to provide unique portfolio company support, facilitate AUKUS specialised opportunities and enable Salus to marry public and private sector efforts to achieve better outcomes for Founders and Australia as a whole,” he said.

Salus Ventures plans to deploy more than $250 million over the next five years, with a focus on pre-Seed and Seed investment.