Uniseed as well as angel investors are part of the seed round.
TenasiTech, a Queensland University spin-out, has secured A$1m ($940,000) from angel investors at Brisbane Angels and Melbourne Angels as well as Uniseed.
The investment follows the commercialisation efforts by UniQuest, Queensland’s technology transfer office, and was made possible through a research partnership with the university’s Australian Institute for Bioengineering and Nanotechnology. The institute has established a successful Industrial Affiliates Programme.
Based on research by Queensland professor Darren Martin, TenasiTech develops highly-durable extreme-performance plastics and rubbers for use in industries ranging from automotive to construction. The investment will be used to expand the company’s range of products and technologies.
Uniseed is a joint venture fund between Melbourne University, Queensland University and New South Wales University, as well as AustralianSuper, a superannuation fund.
Richard Marshall, CEO of TenasiTech, said about the company’s potential market: “The acrylic glass market is very large, worth six billion dollars globally. However, the poor scratch-resistance of acrylic glass is a key barrier to the more widespread replacement of traditional glass. Our additive products are simple to incorporate, and allow customers to design plastic sheets and other parts which are more durable as they are less prone to surface defects when handled.”
