Uniseed, an Australia-based venture fund, has launched a A$50m ($36m) fund with support from several domestic universities and the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
The fund, Uniseed’s third and largest to date, will invest in research commercialisation at its partner institutions Melbourne, New South Wales, Queensland and Sydney universities.
This marks the first time that Sydney and CSIRO have backed a Uniseed fund. Uniseed was set up in 2000 with an initial A$20m commitment for a proof of concept fund from Melbourne and Queensland universities.
New South Wales and Westscheme superannuation fund joined the two original partners for a $40m second fund in 2006. Australian superannuation fund AustralianSuper took over Westscheme’s commitment in 2011.
Uniseed has celebrated six exits to date.
Peter Devine, chief executive of Uniseed, said: “We are excited about applying this new fund to young companies with great discoveries and inventions and giving them the best opportunity to fly. We want to see research inventions get out there into society and make a difference to people’s lives.”
CSIRO was established in 1916 as the Advisory Council of Science and Industry to use science and research to improve the lives of people in Australia and enhance industry.
