New investments have been made in recent weeks as part of the Australian Government’s $500 million Biomedical Translation Fund (BTF), including OneVentures’ investment in BiVACOR and BioScience Managers’ investment in Canary Medical Inc.
OneVentures, one of the BTF fund managers and a venture capital firm focused on investment in high-growth, transformative technology and healthcare companies, announced that its OneVentures Healthcare Fund III (the Fund) had invested in BiVACOR Pty Ltd, a medical technology company developing the Total Artificial Heart (TAH) device that has the potential to replace heart transplantation procedures in the future.
The Fund is dedicated solely to supporting the commercialisation of Australian biomedical innovation and was established as part of the BTF initiative. The Fund was awarded $85million from the Federal Government which was matched by OneVentures’ investors.
BioScience Managers, also a BTF fund manager and one of Australia’s leading international life sciences investment firms, has invested in a new medical device platform through their BioScience Managers Ventures Fund I. The Canary Health Implantable Reporting Processor (CHIRP) uses innovative sensor and novel communication technology in medical devices to enable remote patient monitoring. “Smart” medical devices will self-report on everything from patient activity to recovery and even treatment failure, without the need for physician intervention or a dependence upon patient compliance.
These investments not only benefit Australian companies, they have the potential to improve the health and well-being of people across the country and around the world.
The Australian Government established the $501 million BTF with $250 million of Commonwealth capital and $251 million private sector capital.
The BTF funding is available through three private sector venture capital fund managers, which are investing in companies with promising biomedical innovations with commercial potential. This equity co-investment venture capital program supports commercialisation of biomedical discoveries in Australia, and helps translate biomedical discoveries into high growth potential companies. It aims to deliver long-term health benefits and contribute to national economic outcomes.
More information on the BTF is available online.