GUV Powerlist 2018: #5 Peter Devine

Peter Devine became CEO of Uniseed in 2006, when he helped the multi-university venture fund launch its second vehicle. He had joined three years earlier.

Uniseed invests in spinouts emerging out of the universities of Queensland, Sydney, New South Wales and Melbourne as well as research agency Commonwealth Scientific and Industrial Research Organisation (Csiro). The five institutions account for half of the commercial output in the country.

Devine, who has also held senior positions in a number of companies, worked for UniQuest, the tech transfer office of University of Queensland, from 2000 to 2001 and was an adjunct faculty instructor for the MBA course at University of New South Wales from 2002 to 2006.

When he launched Uniseed’s A$40m ($30m) second fund, he changed the model from proof-of-concept to commercialisation fund in partnership with Queensland, New South Wales and Melbourne universities. Fund-2 not only survived the economic turmoil following 2008 but thrived with multiple big ticket exits, such as the acquisition of Fibrotech Therapeutics, a drug developer spun out of Melbourne, by pharmaceutical firm Shire for more than $500m in 2014.

Devine had served on the board of each portfolio company that achieved an exit, and in 2016 the vehicle’s success led to the launch of the $35m Fund-3, which attracted Sydney and Csiro as new limited partners and has grown to nine portfolio companies so far.

Fund-3 was complemented by the $15m Follow-On Fund in March 2017, which offers later-stage investments to existing portfolio businesses and has made two investments so far. Also in 2017, Uniseed launched the Co-Investment Fund, which is backed by private investors and has made seven investments to date.

Devine, who boasts countless accolades, such as the Australian Government Centenary Medal for his outstanding contribution to the business of biotechnology, explained his passion for tech transfer, saying: “I have always had an interest in new technologies and commercialisation of these. I get a real buzz out of taking products to market and engaging customers.

“Having been in four startup companies previously, as well as stints in academic research and a tech transfer office, I was attracted by the prospect of being on the other side of the fence and contributing funds rather than attracting funds, and felt given my background I could make a contribution to commercialisation of these new technologies.”

One of these companies was infectious disease diagnostics company PanBio, which went public in 2000 before being acquired by diagnostic test maker Alere for $37m in 2008.

Uniseed’s successes have come despite the particular challenges of Australia, which is physically remote from global financial centres. The results of Fund-3 have, however, managed to make local investors understand the value of university intellectual property.

Looking ahead, Devine told GUV that he will eventually step down but will remain engaged in the startup community at board, advisory or policy level. Whenever that may be, it will be a great loss to Uniseed and a great win for whoever can attract Devine.