7 Melbourne Uni startups share in $11.7 million in VC funding

Seven University of Melbourne-linked startups are sharing in $11.7 million worth of early-stage venture capital from two funds.

The investments for research commercialisation come from the $15m University of Melbourne Genesis Pre-Seed Fund, backed by Breakthrough Victoria, and $125m Tin Alley Ventures fund, a joint venture deep tech VC with Tanarra Capital.

Tin Alley backed five and Genesis three, including a syndicated investment for one, Cell Bauhaus, from both funds.

The startups are:

• Porous Lane, which is commercialising highly permeable, eco-friendly pavement that captures and recycles water, promoting a healthier environment.
• Cell Bauhaus, which is using mathematics and computer modelling to understand, predict and alter the behaviour of living cells.
• Remagine Labs, which is revolutionising healthcare with a bluetooth-connected, wearable electro-pharmaceutical that will provide patient-centred care and consistent dosing of medications to provide peace-of-mind to healthcare consumers worldwide.

• Proxima Bio, based at WEHI, which is developing the next generation of medicines, opening new possibilities for targeting disease-causing proteins, with significant potential applications in autoimmune diseases and cancers.

• exteRNA, a Peter MacCallum Cancer Centre and WEHI startup, which is developing a set of novel drugs capable of regulating RNA biology for the treatment of cancer.
• Apromore, which is helping businesses gain deeper insights into their operations and optimise their performance and compliance by providing clear, real-time digital transparency of process data.

• FlowAI, which is using AI-enabled design and continuous manufacture of active pharmaceutical ingredients for critical medicines.

Genesis CEO Hun Gan said the new investments takes the fund’s startup portfolio to five with $2.2m pre-seed capital deployed in 12 months.

“The Fund’s portfolio now spans five sectors with startups from three University of Melbourne faculties. Of the three new Genesis pre-seed investments announced today, two were led by Genesis and one was syndicated with Tin Alley Ventures,” he said.

Vice-chancellor Prof. Duncan Maskell said the university is translating more university research into real-world applications in these startups.

“This is an important part of the work of universities – to ensure society has access to and reaps the benefits of academic breakthroughs,” he said.

“The breadth of the work emerging from these seven startups is a testament to the exceptional talent within our university community.”

Tin Alley Ventures managing partner Dr Andrew McLean said the VC will close its eighth investment this quarter.

The funding announcements came as the university released a new report into its research translation last year, the Enterprising Melbourne Review 2023.