Government · 69 deals
Melbourne, VIC
Every published round Breakthrough Victoria took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted, and a place in one of its own programs is under Cohorts.
Everyone Breakthrough Victoria has named to a program in published coverage. A place in a program is not a raise: the cheque is the figure recorded with the place, which is the program's standard terms where we hold them, and a blank is one we don't.
| Member | Program | Announced | Cheque | Sources |
|---|---|---|---|---|
| Australian Catholic University | University Innovation Platform | 6 Mar 2025 | - | Breakthrough Victoria, Startup Daily |
| Fyton Bio | University Innovation Platform | undated | - | SmartCompany, Breakthrough Victoria |
| Myostellar | University Innovation Platform | undated | - | SmartCompany, Breakthrough Victoria |
| Remagine Labs | University Innovation Platform | undated | - | SmartCompany, Breakthrough Victoria |
| Dr Mohammad Haft Tananian | Breakthrough Fellowship Program | 16 Oct 2025 | - | Startup Daily, Breakthrough Victoria |
| Dr Noor E Karishma Shaik | Breakthrough Fellowship Program | 16 Oct 2025 | - | Startup Daily, Breakthrough Victoria |
| Dr Michelle Chen | Breakthrough Fellowship Program | 15 Oct 2025 | - | Startup Daily, Breakthrough Victoria (15 Oct 2025), Breakthrough Victoria (15 Oct 2025) |
Companies Breakthrough Victoria has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| AlleSense | Biotech developing pathology imaging technology for early cancer detection | May 2026, Series A | 2 | 0 |
| Amber | 3 Jun 2025 | 2 | 0 | |
| Amber Electric | Energy retailer offering flexible, market-driven household energy plans | 12 Feb 2024, Series C | 3 | 0 |
| Aravax | Biotech company running a Phase 2 peanut allergy trial | 28 Jan 2024, Series B | 2 | 0 |
| Atmo Biosciences | Maker of an ingestible diagnostic capsule for gut conditions | 14 Aug 2026, undisclosed | 1 | 0 |
| Australian Catholic University | Mission-led university focused on human-centred problem-solving and innovation | 6 Mar 2025, Accelerator | 1 | 1 |
| Bygen | Carbon activation technology company that completed a Life Cycle Assessment | 15 Apr 2024, Series A | 2 | 2 |
| Cadmus | An online assessment platform designed to enhance the educational experience for both stu… | May 2023, undisclosed | 1 | 0 |
| Conflux | Company developing heat exchangers for aerospace fuel cell systems with Airbus | 24 Oct 2024, Series B | 1 | 1 |
| Deftbiotech | Biotech company commercialising La Trobe University-invented technology | 19 Mar 2026, Pre-seed | 1 | 0 |
| Diag-Nose.io | Melbourne based company improving clinical management and drug discovery for chronic resp… | 30 Jan 2025, Seed | 1 | 1 |
| Eden Brew | Animal-free dairy company | 4 Oct 2023, Series A | 1 | 0 |
| ElectraLith | Developer of a novel electrochemical direct lithium extraction technology producing batte… | 15 Jan 2025, Series A | 2 | 0 |
| EntroMat | AI-enabled platform generating new alloy formulations for manufacturing | 27 Mar 2025, Pre-seed | 1 | 0 |
| Excelligent | Biotech developing early blood test for neurodegenerative diseases like Alzheimer's | 28 Mar 2025, undisclosed | 1 | 0 |
| FLAIM Systems | 29 Mar 2023, Series A | 1 | 1 | |
| Fyton Bio | Working on antibody therapies to target and eliminate disease-causing immune cells in aut… | 1 Aug 2025, Pre-seed | 3 | 1 |
| GonGlobal | Melbourne startup developing needle-free IVF treatment | Sep 2026, Grant | 1 | 0 |
| Harvest B | Developing plant-based meat ingredient systems for food manufacturers | 12 Sep 2025, Seed | 1 | 0 |
| Infleqtion | Quantum technology company that listed on the NYSE | 2022 | 1 | 0 |
| JigSpace | Platform enabling creation, sharing and viewing of interactive 3D presentations across de… | 12 Jul 2024, Series A | 1 | 1 |
| Jupiter Ionics | 18 Mar 2024, Series A | 1 | 0 | |
| Kite Magnetics | Startup developing stator core motors for electric aviation | 5 Oct 2022, Seed | 2 | 0 |
| Liquid Instruments | Maker of reconfigurable measurement devices originating from ANU research | 19 Jun 2024, undisclosed | 3 | 1 |
| Millibeam | 2 Jul 2024, Series A | 1 | 0 | |
| Myostellar | Developing a biologic therapy for Duchenne Muscular Dystrophy that promotes muscle regene… | 10 Sep 2024, Accelerator | 3 | 0 |
| Navi Medical Technologies | Developer of Neonav, a vascular device to help clinicians insert catheters into veins of … | Aug 2023, Grant | 2 | 1 |
| Neo-Bionica | 15 May 2024, Venture debt | 1 | 1 | |
| Number 8 Bio | Sydney-based innovator in sustainable agriculture technologies reducing livestock methane… | 10 Sep 2024, Seed | 3 | 0 |
| Quantum Brilliance | Quantum computing company that installed QPUs at Oak Ridge National Laboratory | Aug 2021, Seed | 4 | 1 |
| RayGen | Builds large-scale solar and thermal storage infrastructure | Apr 2024, Series D+ | 2 | 1 |
| RayGen Resources | 22 Apr 2024, Series D+ | 3 | 1 | |
| Remagine Labs | Wearable electronically controlled drug delivery device startup | 1 Aug 2025, Pre-seed | 3 | 1 |
| Samsara Eco | AI-powered enzyme discovery platform for recycling plastics at scale | 28 Nov 2022, Series A | 1 | 0 |
| Seer Medical | Medtech company providing advanced patient monitoring and diagnostics | 8 Jul 2022, Venture debt | 3 | 0 |
| The Leaf Protein Co. | Developing functional plant proteins from green leaves | 13 Jun 2024, Pre-seed | 1 | 0 |
| The Leaf Protein Company | 12 Jun 2024 | 1 | 0 | |
| Umps Health | Smart home platform for aged care | 6 Dec 2024, Series A | 2 | 1 |
| University of Melbourne | University operating the Melbourne Connect innovation precinct | 29 Feb 2024, Accelerator | 1 | 0 |
| Viridian Renewable Technology Pty Ltd | A pioneering Melbourne based company, addressing food wastage and creating a circular eco… | 17 Oct 2024, undisclosed | 1 | 0 |
| World View | 15 May 2024, Series D+ | 1 | 0 | |
| xCystence Bio | Victorian biotechnology company developing new treatments for polycystic kidney disease | 30 Mar 2026, Pre-seed | 1 | 0 |
| Xefco | Deep tech company using plasma-based deposition technology to dye and finish textiles wit… | 29 Apr 2024, Seed | 1 | 0 |
| Zena Sport | 14 Jun 2023, Accelerator | 2 | 0 |
Investors that coverage says has money in a fund Breakthrough Victoria runs. This is a stake in the fund, not in any company the fund has backed.
This is a stake in the fund itself, money that the fund's manager invests, not a stake in the fund manager.
| Fund | Manager | Sources |
|---|---|---|
| - | Tin Alley Ventures | Startup Daily, Breakthrough Victoria |
| Galileo Ventures Fund II | Galileo Ventures | @AuManufacturing, Startup Daily, Breakthrough Victoria |
| Genesis Pre-Seed Fund | University of Melbourne | Startup Daily (31 Jan 2023), Startup Daily (16 Jun 2022) |
| SYNthesis BioVentures Fund I | SYNthesis BioVentures | @AuManufacturing, Startup Daily, Breakthrough Victoria |
| Tin Alley Venture Fund No 1 | Tin Alley Ventures | Breakthrough Victoria, @AuManufacturing |
| Tin Alley Ventures | Tin Alley Ventures | mirugen.com, Breakthrough Victoria |
| University of Melbourne Genesis Pre-Seed Fund | University of Melbourne | Startup Daily (16 May 2024), Startup Daily (27 Jun 2022) |
| Virescent Ventures Fund II | Virescent Ventures | @AuManufacturing, Breakthrough Victoria |
Companies Breakthrough Victoria has backed that another company then bought. An exit for the holding, not a deal Breakthrough Victoria did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of Breakthrough Victoria is recorded as having been acquired. | ||||
The transaction that ended Breakthrough Victoria's run as a startup, per published coverage. It closes the funding history too, where it is the ladder's last rung.
| Bought by | Kind | Announced | Price | Sources |
|---|---|---|---|---|
| Innovation Victoria | Merger | 17 Jul 2026 | - | foodanddrinkbusiness.com.au, innovationvictoria.com |
Companies Breakthrough Victoria acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
| Company | Kind | Announced | Price | Sources |
|---|---|---|---|---|
| LaunchVic | Merger | 24 Jun 2026 | - | Startup Daily (24 Jun 2026), Startup Daily (29 Dec 2025) |
Every investor coverage indicates participated in a round Breakthrough Victoria raised.
Stories naming Breakthrough Victoria. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Victoria's opposition pledges to shut down Breakthrough Victoria and sell its investments, calling the state fund a failure. The piece recalls portfolio raises, a rescue deal, an NYSE listing and the LaunchVic merger.
Roundup of the week's Australia and New Zealand raises: Gridsight, Pearler and Apate.AI secure the biggest cheques, Drumbeat and GonGlobal add smaller sums, and ten AI startups join Airwallex's Latitude 37 program.
Victorian agtech firm Smart Paddock has raised a $1.7m seed round co-led by Breakthrough Victoria and Telstra's muru-D, with Skalata, Twynam and Little Group also investing; Telstra executive Jon Young Flores joins the board.
The US medicines regulator has granted Fast Track designation to Aravax's peanut-allergy immunotherapy PVX108, easing its development path; the Melbourne-based biotech expects Phase 2 data later in 2026.
Australian startups raised funds including Alloy Robotics, Farmbot and Atmo Biosciences. Firmus Technologies acquired Benmax while Tabcorp bought BetMakers. SafetyCulture rebranded to Mitti.
Eight Australian and New Zealand startups secured a combined $67.4 million in funding across various sectors including agtech, medtech, robotics, and fintech.
Melbourne biotech AlleSense, developing cancer pathology imaging tech, raised $5 million led by Welcome Ventures with Breakthrough Victoria and an AEA grant contributing.
Melbourne women's health app Ovum raised $4m Seed funding led by Admiralty Capital Group to expand AI-driven health data tools, valuing it at $18 million.
xCystence Bio secured pre-seed funding from Uniseed, Monash Ventures, Breakthrough Victoria, and BioCurate to develop targeted protein degraders for treating genetic kidney disease.
Victoria has folded LaunchVic and its Breakthrough Victoria investment fund into a new body, Innovation Victoria, naming its chair, deputy chair and leader, while recapping agrifood startups the fund has backed.
Breakthrough Victoria announces it made follow-on investments in four portfolio companies during 2025-26 — Number 8 Bio, Navi Medical Technologies, Liquid Instruments and Type One Energy — to support their growth and commercialisation.
As Breakthrough Victoria and LaunchVic combine into Innovation Victoria, nine partner organisations will share government funding to run pre-accelerator programs for founders at the idea stage.
La Trobe University spin-out AlleSense has secured $5 million to develop slide-based imaging for earlier cancer detection, led by Welcome Ventures with Breakthrough Victoria and the Australian Economic Accelerator's grant program also contributing.
Also Dealroom·Startup Daily
Breakthrough Victoria rounds up April–May 2026 portfolio news, including grants for Number 8 Bio and Xefco, Liquid Instruments' Series C, program selections, partnerships, regulatory clearances and two new Aravax directors.
Breakthrough Victoria announces a $1 million investment in AlleSense, a La Trobe University spin-out developing nanofabricated slides for faster cancer diagnosis, joining round leader Welcome Ventures.
LaunchVic announces Innovation Victoria, a new body combining its work with Breakthrough Victoria's, with Rod Bristow installed as chief executive and long-time chairs Leigh Jasper and John Brumby departing.
Xefco, held by Breakthrough Victoria, has secured a $4,999,122 federal Industry Growth Program grant as it sends its first production-scale waterless plasma dyeing unit to Indonesia, with twelve systems already committed by customers.
Breakthrough Victoria reports investing in xCystence Bio, a Monash University spinout developing polycystic kidney disease therapies, via its University Innovation Platform alongside BioCurate and UniSeed.
Also Uniseed
La Trobe University opened its Eagleworks Innovation Centre, home to the $18m Eagle Fund co-funded with Breakthrough Victoria, part of the $100m University Innovation Platform.
Victorian pre-seed program BVUIP, backed by Breakthrough Victoria and seven universities, has funded startups EntroMat, Excelligent and Remagine Labs, plus fellowship grants for three PhD-led ventures.
Breakthrough Victoria interviews fellow Noor E Karishma Shaik, founder of DeepDerm, on building DermAI, an AI skin-cancer detection tool, her clinical trial breakthrough with nurses, and lessons from her first year as a founder.
Funding wrap: Advanced Navigation lands a $158m Series C for GPS-free navigation, legal AI platform MiAI Law launches with $2m, and Deftbiotech raises $1m pre-seed toward a fungal nail treatment.
A roundup of three raises: Advanced Navigation's $158 million Series C, legal AI platform MiAI Law's $2 million launch funding, and Deftbiotech's $1 million pre-seed for a fungal nail treatment.
Melbourne biotech Deftbiotech secures $1 million combined investment from Breakthrough Victoria and La Trobe University's Eagle Fund to develop a topical nail fungus treatment.
Breakthrough Victoria staff attended agrifood, climate finance, women's health and deep tech events, and joined the launch of agritech firm YieldX.
Breakthrough Victoria recounts how its joint fund with La Trobe University seeded hydroponics developer YieldX, now running a commercial greenhouse in Victoria and expanding to India via a deal with Zomato's Hyperpure.
Q&A with a Breakthrough Victoria fellow reflecting on her early months building Mental Jam, a mental-health games startup, and her plans to apply for an AEA grant.
Breakthrough Victoria collects press coverage of Infleqtion's New York listing via a SPAC merger, which multiplied the fund's investment in the quantum company fivefold.
Breakthrough Victoria's release marks Infleqtion's New York Stock Exchange listing, the investor's first portfolio listing, and notes further quantum backing of Quantum Brilliance plus Infleqtion's Victorian operations and partnerships.
Also Breakthrough Victoria·Breakthrough Victoria·Breakthrough Victoria·Breakthrough Victoria·Startup Daily·SmartCompany
Breakthrough Victoria interviews a researcher at Monash University who joined its fellowship, describing how program connections redirected his medtech platform from IVF imaging toward endoscopy markets.
Breakthrough Victoria's chief executive marks his first year, tallying 70 investments, university and fellowship programs, a Jumar Bioincubator grant with partners, and looks ahead to a consolidated Victorian innovation entity.
Founders backed by LaunchVic's Alice Anderson Fund fear the fund may not survive the Victorian government's confirmed merger of LaunchVic with Breakthrough Victoria; the piece recalls raises by Elita, MoreGoodDays and TalkiPlay.
Also Startup Daily
Breakthrough Victoria highlights portfolio achievements including Amber Electric's forty-five million dollar raise, Bygen and Diag-Nose grants, and Quantum Brilliance series A funding.
Also Breakthrough Victoria·Breakthrough Victoria·RenewEconomy·Startup Daily·RenewEconomy·Dealroom
Galileo Ventures' annual letter looks back on 2025: a partner hire, raises at Relevance AI, Andromeda and Tixel, a 25th investment in Isaacus, and Breakthrough Victoria as cornerstone backer of Fund II.
Also SmartCompany·Women's Agenda·Startup Daily·Startup Daily
Victorian women-led startup founders warn a government restructure merging LaunchVic with Breakthrough Victoria could end the Alice Anderson Fund's backing, recalling raises by Elita, MoreGoodDays and TalkiPlay.
Artesian's write-up of its first Yield summit in Melbourne, where agrifood leaders discussed AI, biologicals, robotics, agri-energy and biosecurity, and how RDCs, investors and corporates can together speed Australian agricultural innovation.
Leigh Jasper keynotes SmartCompany's February 2026 startup event in Melbourne; the profile recalls his Aconex journey to an Oracle sale, Firmable's seed raise and his venture fund roles.
Recap of Breakthrough Victoria's end-of-year gathering in Docklands, where portfolio founders shared scaling stories and the investor noted its portfolio now spans 77 commitments worth $480.7 million.
Weekly roundup of eight raises totalling $572.12 million, led by Firmus's $500 million round; RAGE Biotech, SunDrive, Number 8 Bio, Fabra, Keeyu, MyGig and Drone-Hand also funded, plus two RAGE Biotech executive appointments.
Also SmartCompany·Startup Daily·Startup Daily·Startup Daily·Startup Daily·Startup Daily·Business News Australia
Sydney synthetic-biology venture Number 8 Bio has banked an $11m Series A with Icehouse Ventures leading, to advance cattle trials of its methane-cutting supplement; its 2024 seed and accelerator stint are recalled.