News
Breakthrough Victoria recaps a month of events across Victoria's innovation ecosystem
Breakthrough Victoria staff attended agrifood, climate finance, women's health and deep tech events, and joined the launch of agritech firm YieldX.
Breakthrough Victoria
John Brumby
Roles
Coverage
Stories naming John Brumby. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Funding announcement
FytonBio | with Monash Ventures Pre-Seed Fund
FytonBio secured one million dollars in pre-seed funding from Breakthrough Victoria and Monash University to develop antibody therapies for autoimmune diseases using Monash's GREAT platform.
Funding announcement
Remagine Labs raises $500,000 pre-seed via Monash Ventures fund
Melbourne wearable drug-delivery startup Remagine Labs secured $500,000 pre-seed funding, split between Breakthrough Victoria and Monash University, to advance chronic condition treatment devices.
2 deals
Former Investible boss Rod Bristow signs on as Breakthrough Victoria's new CEO
Breakthrough Victoria, the Victorian government's $2bn investment fund, appoints Rod Bristow, previously Investible's CEO, as chief executive, succeeding inaugural CEO Grant Dooley. The article also recalls Seer Medical's administration.
5 deals
Breakthrough Victoria posts $3 million loss
The Victorian government's VC fund Breakthrough Victoria slipped to a loss, its annual report showing startup investments, cost cutting and boardroom departures amid criticism of its spending and performance.
Key hire
Breakthrough Victoria CEO steps down
Grant Dooley, Breakthrough Victoria's founding chief executive, will depart after roughly three years, staying briefly to aid the successor search. His tenure saw 27 portfolio companies and more than $350m committed.
Key hire
Leading the Charge: Grant Dooley’s Instrumental Journey with Breakthrough Victoria
Breakthrough Victoria says its inaugural CEO Grant Dooley is stepping down after almost three years and will help find a successor. The government-backed investor has backed 27 companies plus university platforms.
Unnamed stage
$10m
Investment update: Cerulea
Breakthrough Victoria marks the opening of an eye research facility it backed with $10 million; the CERA-affiliated centre expects to treat thousands of patients and create dozens of jobs.
3 deals
RayGen raises $51m in round led by US oil giant and state-owned VC fund
RayGen has banked a $51 million Series D round backed by SLB and Breakthrough Victoria, and signed an expansion pact with SLB; ARENA previously granted it $10 million and $15 million.
3 deals
‘More than just a venture capital firm’: $2 billion sovereign fund Breakthrough Victoria hits back at critics who want it abolished
Breakthrough Victoria defends its spending and investment record against critics urging its abolition, pointing to portfolio companies, university partnerships and recent backing of startups including Aravax.
Series A
$6.7m
Firefighting virtual reality training startup FLAIM lands $6.7 million Series A
Deakin University spinout FLAIM Systems, which makes immersive VR training for firefighters, has raised a $6.7 million Series A, with Breakthrough Victoria taking a $5 million minority stake to fund expansion and new jobs.
Series A
$6.7m
VR firefighting startup raises $6.7 million to support expansion, plans to hire 25
FLAIM Systems, a VR firefighter training company, announced a Series A led by Breakthrough Victoria, with Deakin University and others participating, funding expansion, R&D and planned hires.
Also SmartCompany
3 deals
Melbourne Uni launches two investment funds, worth $115 million, to back research commercialisation startups
University of Melbourne launches a $15m pre-seed fund with Breakthrough Victoria and a $100m fund run by Tanarra Capital for research commercialisation; the piece also recalls ANU's Instaclustr sale to NetApp.
Fund close
$15m
The University of Melbourne Genesis Pre-seed Fund
A Victorian investment manager teams with a university to launch a pre-seed vehicle backing commercialisation of academic research, with the university contributing capital and the manager matching it over five years.