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Australian biomedical technology incubator Proto Axiom has closed a $20 million capital raise as part of a first round Series B that is targeting a total of $30 million to help bolster intellectual property (IP) retention for the biotech sector.
The latest raise, coupled with a $15 million Series A announced in September last year, gives the Sydney-based Proto Axiom a cash value of $90 million.
Proto Axiom says investors in the latest round join those from the Series A which was supported by US-based Catalio Capital Management, Parkview International and HOF Capital, along with Australian investment group Churchill Asset Management.
“This support from major private and institutional investors will ensure Proto Axiom can continue constructing a leading portfolio of the most innovative new businesses in biotechnology, while onshoring Australia’s scientific capacity to keep IP in Australia,” says Proto Axiom CEO Anthony Liveris.
“Australia produces world-class intellectual property in drug development and medical equipment, but inadequately capitalises on the downstream economics and associated job multipliers.
“Through the capital unlocked in the Series B first close, Proto Axiom will continue strategically investing and supporting the development of Australia’s best science.”
Proto Axiom is described as Australia’s “first true biotech incubator, dedicated to nurturing and accelerating the growth of early-stage biotech ventures”.
The incubator, which takes a hand-on approach to support Australian research, says that by providing essential resources, mentorship and funding, it aims to transform innovative ideas into successful biotech solutions that address global health challenges.
Proto Axiom says it distinguishes itself from traditional funds by operating as a holistic enterprise to onshore sovereign capacity through a comprehensive partnership model, covering technical oversight, administrative support, future financing and its hands-on research assistance.
Liveris says the latest funding round will allow Proto Axiom to continue investing in projects such as University of New South Wales’ spin-out Swan Genomics.
Proto recently led the funding round and invested $2 million in Swan, an early-stage startup which is developing a cutting-edge new technology for rapid, highly accurate long-read, low copy number DNA sequencing, using an innovative plasmonic nanoantenna-based approach.
“Also, one of Proto’s earliest investments, Endo Axiom, has continued to go from strength to strength, and we look forward to the program entering first-in-human trials,” says Liveris.
Endo Axiom has a platform technology for the oral delivery of insulin to treat Type 1 diabetes, which would enable needle-free insulin delivery for patients, including children.
Proto Axiom is hosting the Challenger Summit in Sydney on 16 October 2024, which will provide a platform for researchers to showcase their innovative biotech solutions, competing for more than $250,000 in unencumbered grant financing.
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