CSIRO-founded Main Sequence Ventures has pocketed $194m for its second fund, which has added decarbonisation to the firm’s list of targeted technologies.
Main Sequence Ventures, the Australia-based venture capital firm founded by Commonwealth Scientific Research Organisation (CSIRO), secured A$250m ($194m) for its second fund yesterday.
Limited partners include aerospace and defence manufacturer Lockheed Martin, Singaporean state-owned investment firm Temasek, superannuation fund HostPlus, venture capital firm Horizons Ventures and unspecified family offices and individual investors represented by Morgan Stanley Wealth Management and Mutual Trust.
Main Sequence was founded in 2017 to manage CSIRO Innovation Fund 1, an investment vehicle established by CSIRO and the Australian federal government. The firm specialises in commercialising academic research and investing in spinouts.
It focuses on deep tech solving one of six key objectives – feeding 10 billion people, population-scale healthcare, industrial productivity, accessing space, enabling next-generation computing and decarbonisation.
Decarbonisation technologies is an added focus with Fund II and partner Martin Duursma will lead on this effort.
Mike Zimmerman, partner at Main Sequence, said: “Our first fund has helped build some amazing companies that are doing everything from making healthcare more equitable, to revolutionising the way food is produced and increasing industrial productivity.
“This new fund will help us continue this pivotal work to solve the world’s biggest challenges through investment in science-powered companies.”
Zimmerman previously spoke with Global University Venturing about Main Sequence’s mission on the Talking Tech Transfer podcast. The interview is available for free.
Main Sequence’s first fund raised $167m from limited partners including CSIRO, University of Melbourne, the Australian government, Lockheed Martin, Hostplus and Temasek. It has backed 26 companies to date, such as satellite technology developer Myrotia, security software provider Kasada and rocket technology developer Gilmour Space.
– A version of this article first appeared on our sister site, Global Corporate Venturing.