Sydney biotech incubator secures funding for ‘holistic’ operations

Biotech News: Dedicated to accelerating the growth of early-stage biotech start-ups, a Sydney biotech incubator has secured a $20 million first close of its targeted $30 million Series B funding round.

This latest funding for Proto Axiom, coupled with the $15 million Series A announced in September 2022, brings its total cash value to $90 million. Series B investors, including

This latest funding for Proto Axiom, coupled with the $15 million Series A announced in September 2022, brings its total cash value to $90 million. Series B investors, including Salesforce CEO Marc Benioff and World Bank President Ajay Banga, join a strong line-up of institutional supporters from Series A, which included Catalio, Parkview International, Churchill Asset Management and HOF Capital.

“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,” said 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,” Liveris added.

Proto Axiom sets itself apart from traditional funds by operating as a holistic enterprise, dedicated to onshoring sovereign capacity through a comprehensive partnership model. This model encompasses technical oversight, administrative support, future financing, and hands-on research assistance.

Liveris highlighted that the new funding would allow Proto Axiom to continue investing in promising projects like the University of New South Wales’ spin-out, Swan Genomics.

Proto Axiom recently led a funding round for Swan, contributing $2 million towards the development of a cutting-edge 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,” Liveris noted.

Endo Axiom, founded by three academics from the University of Sydney and Sydney Local Health District – Prof. Victoria Cogger, Prof. David Le Couteur AO and Dr Nicholas Hunt – is pioneering 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.

In related resources, AusBiotech’s summary of Australian life sciences incubator and accelerator programmes features programmes that are currently active and are available to registered Australian companies with established proof of concept.

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