Key points
- $17.5 million from the Victorian Government has enabled the Monash Velos Accelerator
- Velos will focus on cardiovascular, kidney and metabolic disease
- It will foster collaboration and commercialisation of medical innovation
A new Monash Technology Precinct accelerator focussing on cardiovascular, kidney and metabolic diseases will help transform medical innovation ideas into reality.
Monash Velos Accelerator will facilitate the translation and commercialisation of clinical research, health technologies, new care models, drug discovery, and biomedical engineering.
Enabled by $17.5 million through the Victorian Higher Education State Investment Fund, Velos is the state's first facility of its kind. It will embed commercialisation capabilities in the heart of academia and the health sector.
The accelerator is opposite the Victorian Heart Hospital (VHH), which incorporates the Monash Victorian Heart Institute (VHI), and within the Monash Technology Precinct.
It will unite clinicians, researchers, and industry partners, while leveraging world-class expertise and infrastructure at the VHH, VHI and broader Monash innovation ecosystem to foster stronger cross-sector collaboration and expedite innovation.
Monash University Vice-Chancellor and President Professor Sharon Pickering said Velos was poised to become a world-leading, locally grounded and globally connected innovation hub, addressing some of the most pressing global health challenges.
"Monash University brings together world-class facilities and expertise to translate research breakthroughs into transformational health innovations that improve and save lives," Professor Pickering said. "Velos will further enable Monash to stay at the forefront of global health innovation and collaboration, while nurturing the next generation of medical advancements right here in Melbourne.
"The accelerator will house commercialisation teams and strategic industry partners working to deliver health and clinical innovations. They will drive the creation of high-value jobs, intellectual property, and start-ups, attracting global investment into Victoria."
Early Velos tenants will include the team developing MAVERIC, a Monash University program that is transforming Australia's sovereign Artificial Intelligence (AI) research capability with a $60 million investment to build and operate an advanced AI supercomputer. This will place the University as a leader in AI-driven research within the international higher education and research sector.
VHH and VHI director Professor Stephen Nicholls said Velos would establish a community of forward-thinking healthcare professionals and empower them and their organisations to advance the future of medical technology and research.
"This community of innovators will be enabled to connect, collaborate and co-create real-world improvements in health systems and patient outcomes," he said. "They will also work with academic and industry leaders in the Monash Technology Precinct and beyond.
"This access to cutting-edge programs, resources and people will help them to secure the support and funding needed to bring their ideas to life, faster. It will enable them to tap into partnerships and opportunities here in Australia and around the world."
Monash Velos Accelerator's startup-friendly facilities include:
- Private offices and co-working desks designed for biotech start-up needs as they grow.
- Shared rooms
- Boardroom
- Training rooms
- Bookable and event friendly spaces
