UniQuest, the tech transfer unit of the University of Queensland, has announced that its incubator ilab has won approval from the Australian Government, which has agreed to provide funding to support its operations.
The backing will be used to continue ilab’s Germinate programme, which has so far invested nearly $300k over 19 new firms and supported an additional 17 with its resources and mentorship.
Additionally, the tech transfer office announced that it has reached an agreement with Artesian Venture Partners to establish a $1.5m Accelerate Investment Fund, which will be used to support companies in the Germinate programme.
Dean Moss (pictured), chief executive at UniQuest, said: “ilab has been achieving excellent results and we are proud to come together with Artesian Venture Partners to build the Accelerate Investment Fund which will offer private investors a vehicle to invest in a number of the early stage startup businesses coming through ilab.”
