Australian biomedical technology incubator Proto Axiom has announced an initial fundraising of $10 million to progress its early-stage development of pre-clinical biotech opportunities.
Proto Axiom was co-founded by Catalio Capital Management.
"Australia is unique in the contrast between its impressive level of IP creation and comparatively low level of development. Australia is a leading bio-economy with world-class science and a globally competitive research base. Despite this, there is a distinct lack of early-stage venture capital funding to support and commercialise this science in-country," said Proto Axiom CEO Anthony Liveris.
Investors in the funding round, alongside Catalio, include Parkview International, HOF Capital and TIME Ventures Holdings, as well as Harry Debney, CEO of Costa Group, Alex Debney, partner in Conscious Investment Management, Ajay Banga, former CEO of Mastercard, Terry Paule's Family Office, and Dennis Mehiel, founder of Box USA and Board Director of the American Security Project, among others.
Proto Axiom's executive chairman of Australia, Tristan Edwards, said, "Australian researchers are doing incredible work - Australia produces world-leading IP in drug development and medical equipment but isn't capturing enough of the downstream commercialisation benefits. Our model can help develop this downstream capability, to evolve research into products ready for launch to the market," Mr. Edwards said. "We're focused on onshoring the capabilities for fully developing this IP by bringing world-class clinical expertise and early-stage VC funding to Australian universities."
Catalio holds a seat on the Proto Axiom board of directors.
"Our focus is on identifying and accelerating de-risked biotechnology projects within an academic setting to then allow for the next stage of development and funding, and the Australian market offers tremendous untapped potential," Dr. Nicholas von Guionneau, senior associate at Catalio Capital Management and member of the Proto Axiom Board said.
"Proto Axiom is a platform that immediately caught our eye, as it presents a unique opportunity for investors to get exposure to early-stage biotech in Australia while also allowing Australian scientists and universities to capitalise on the exceptional work already being done in this market."
