Australia-based research institute Commonwealth Scientific and Industrial Research Organisation (Csiro) has appointed Phil Morle (pictured) as investment manager to work on its investment vehicle.
The initiative was launched in December 2016 as Innovation Fund but has now been rebranded to Main Sequence Ventures.
The fund has set a target value of A$200m ($151m), with the government committing A$70m and A$30m originating from royalties of Csiro’s invention of wifi.
One of Morle’s first responsibilities will be to help fundraise the remaining A$100m for the fund, according to the Financial Review.
The fund will invite applications from technology startups and spinouts from Csiro’s network, Australian universities, other publicly funded research agencies as well as small and medium-sized enterprises. It is expected to begin investing next month.
Morle had previously founded Australia-based incubator Pollenizer, which he ran as chief executive and director from 2008 to this past February, when he wound up the program. More than 20 startups were founded under his leadership.
Bill Bartee, managing director of the fund, is continuing to recruit his investment management team to work alongside Morle.
– Image courtesy of LinkedIn
