January 2025

Breakthrough Victoria launches groundbreaking fellowship program to boost research entrepreneurship

Breakthrough Victoria is excited to announce the launch of the Breakthrough Fellowship Program, a pioneering initiative designed to ignite research entrepreneurship talent across Victoria. The Breakthrough Fellowship Program is a $7.5 million, multi-year initiative aimed at fostering research entrepreneurship in Victoria. It is projected to establish up to 50 new startup companies and create at least 50 jobs, thereby nurturing entrepreneurial talent and enhancing future investment pipelines. The program addresses critical market gaps and aims to cultivate the next generation of startup founders from Victorian universities and medical research institutes. Data from the U.S. National Science Board highlights the pivotal role of STEM founders in attracting investment and creating high-paying jobs. Despite this, internal analysis by University College London (UCL) revealed that the optimal time for starting companies is during the PhD level, particularly when multiple PhDs collaborate on varied research topics to uncover commercial possibilities. In Victoria, however, there is a notable lack of awareness about entrepreneurship and startup careers among students. A post program review of the University of Melbourne’s PhD Innovators program led by the Melbourne Entrepreneurial Centre’s Professor Colin McLeod found that 89 per cent of participants were interested in becoming venture founders yet faced a scarcity of investment opportunities. The Breakthrough Fellowship program is designed to bridge this gap. This unique fellowship program is the first in Australia to offer a tangible salary and research commercialisation funding, alongside mentoring and skills development. Under the Breakthrough Fellowship Program, Breakthrough Victoria will invest up to $150,000 per startup. Each startup must focus on commercialising research conducted by the founders or associated university professors. Fellows will have to draw a salary between $60,000 and $90,000 from the invested capital, ensuring financial stability during their entrepreneurial journey. The remaining funds will support additional hiring or product development. Applicants must […]

Convergence Medical secure $5 million from global investors for world-first surgical robot

Brisbane MedTech company Convergence Medical has secured AU$5 million from global investors, closing out its successful Series A funding round. US investor Avicella Capital has backed the company’s world-first arthroscopic surgical robot – named VO1 – which will support plans to commercialise the robot, expand into the US and disrupt the $6.1 billion global arthroscopic industry. The funding milestone elevates the company to a valuation of over AU$30 million, setting the stage for significant expansion and innovation in the global healthcare sector. It also delivers a significant return on investment to angel, pre-seed and seed investors who have backed the company since its inception three years ago. Arthroscopic surgery is used to treat over 50 million injured wrists, elbows, shoulders, spines, hips, knees and ankles each year globally. The V01 robot is designed to reduce the physical and cognitive burden on surgeons while enhancing operative precision and dexterity and is set to transform arthroscopic operations. The funding follows the VO1’s acceptance into the US Food and Drug Administration’s (FDA) Breakthrough Devices Program in December 2023, expediting its path to market. Less than 3% of devices submitted to the FDA are accepted into this program. Convergence Medical founder and CEO Chris Jeffery, a medical doctor with an extensive history of orthopaedic innovation, and seasoned entrepreneur behind other notable MedTech ventures including Field Orthopaedics and Audeara, said the investment would help accelerate growth. “We’re thrilled to achieve this important milestone in our journey to commercialisation and excited to be working with Avicella Capital, who are seasoned investors with a great track record in the global MedTech industry,” said Dr Jeffery. “This funding enables us to accelerate our growth and bring our transformative technology to hospitals and surgeons around the globe. “Our mission is to create more efficient, effective solutions that support medical professionals […]

State approval for North West Shelf extension a key step to energy security

Australian Energy Producers welcomes the Western Australian Government providing environmental approval for the North West Shelf Project Extension. “The North West Shelf project is critical to providing energy security and emissions reductions to the state and region – through long-term gas supply to Western Australian households and businesses and supporting WA’s key trading partners,” Australia Energy Producers WA Director Caroline Cherry said. “The North West Shelf Project continues to be a truly nation-building project. For more than four decades, it has been a major contributor to Australia, providing more than $40 billion in royalties and excise alongside significant employment and business opportunities in the region.” “The approval recognises the increasingly urgent need for new gas supply in Western Australia to ensure households and businesses continue to have reliable and affordable energy.” “More gas will be needed to serve rising demand supporting renewables in electricity generation as coal is phased out while underpinning the economic benefits produced by the mining sector as a key power source.” Ms Cherry said the state government approval now triggers recommencement of the Federal Government’s environmental approval process. “The Federal Government must recognise the need to bring on more gas supply sooner, while providing certainty to a project that delivers wide-ranging benefits to Australia, Western Australia and regional trading partners,” Ms Cherry said. A recent independent report by EnergyQuest found that without new gas investment, Western Australia would run out of gas for electricity – which accounts for 60 per cent of the state’s power – from the early-2030s and its mining and industrial sectors would be left without gas from mid-2030s.

MGA Thermal selected by Chevron for innovative clean steam solution study

Clean energy innovator to conduct Front-End Engineering Design study for global energy leader MGA Thermal, a leading innovator in clean energy solutions, today announced its selection by Chevron to conduct an initial engineering and design study for an innovative clean steam solution. This study marks a significant milestone for MGA Thermal and underscores the growing importance of decarbonisation technologies in the energy sector. The study focuses on the application of MGA Thermal’s clean steam solution on a 5MWh trial unit designed for a Chevron site. “Collaborating with Chevron represents a big milestone for MGA Thermal and advances our mission to decarbonise industrial heat on a global scale,” said Mark Croudace, CEO of MGA Thermal. MGA Thermal’s innovative technology uses input variable renewable energy to generate process-grade steam on demand, enabling a 24/7 supply of reliable industrial heat at scale. MGA Thermal’s TES system can deliver steam at temperatures ranging from 150°C to over 550°C. This effectively firms variable renewable generation without the need for cost-prohibitive batteries, aligning perfectly with the growing demand for sustainable energy solutions in heavy industries. The study will be concluded by the end of 2024, with Anacapa serving as the appointed owner’s engineer and EPC (Engineering, Procurement, and Construction) partner. “This study with Chevron represents a significant opportunity to demonstrate the real-world impact of our technology,” said Dr. Alex Post, CTO of MGA Thermal. “We’re confident that our clean steam solution will play a crucial role in helping industry leaders meet their ambitious decarbonisation goals.” “At Chevron, we’re committed to delivering affordable, reliable, and ever-cleaner energy. Our collaboration with MGA Thermal is just one example of the forward-thinking required to deliver on our strategy to reduce the carbon intensity of our operations and advance new solutions for major industries,” commented Luc Huyse, Manager, Operations and Facilities […]