It’s fair to say 2024 has been a significant year for BV.
Through our new and follow-on investments, 2024 has marked the exciting evolution of BV as a patient investor. We exist to help our portfolio company’s grow and solve globally significant problems, create industries of the future, improve population health and wellbeing, and deliver prosperity and sustainable returns for Victoria over the next decade and beyond.
The BV Fellowship was officially launched—a $7.5 million, multi-year initiative aimed at fostering research entrepreneurship in Victoria. It is projected to establish up to 50 new companies and create at least 50 jobs, nurturing entrepreneurial talent and enhancing future investment pipelines.
We made a significant investment in JigSpace, a Victorian company that has already achieved remarkable success. It has been featured in four Apple keynotes, including Vision Pro, which launches in Australia this year JigSpace is also a pre-installed demo app on iPad and Vision Pro at all Apple store locations worldwide.
This recognition underscores the superior capabilities of JigSpace's product and team, validating its position as a leader in the AR industry. Notably, JigSpace is the only productivity app on Apple Vision Pro to have been downloaded over 50,000 times, far surpassing other apps.
A $10 million follow-on investment in the world’s leading quantum diamond technology company, Quantum Brilliance (QB), will position Victoria as home to the world’s first Quantum Diamond Foundry.
In 2024, QB achieved several milestones, including securing a $35 million German contract to build a mobile quantum computer by 2027.
Founders Day
Our inaugural Founders Day brought together the leadership of our incredible portfolio companies to foster meaningful connections, collaborations, and the sharing of insights and knowledge across the innovation commercialisation journey.
We are immensely proud of the dedication, innovation, and hard work demonstrated by each of our investments, which continue to drive this vibrant community forward.
SmileyScope Co-Founder Evelyn Chan at BV Founders Day
CEO Recruitment
Recruitment for an ongoing CEO of BV is well underway, with interviews occurring throughout late 2024.
Breakthrough Victoria has assessed over 1,000 investment proposals, committed more than $360 million in capital, and leveraged over $990 million (as of September 30), demonstrating significant demand for investment in science and research-based technology.
We are actively exploring fund investment opportunities that will develop and bring new investment and commercialisation capabilities to Victoria. The development of a deeper pool of industry expertise will enable further growth of our innovation ecosystem.
Reflecting on Our Journey
We are proud of the work the team has completed this year. BV was launched in 2021 as a private investment company for Victoria, providing patient capital and investment that impacts the state’s economy and wellbeing.
As we look forward to 2025, we will continue to provide long-term capital to innovation businesses that improve people’s lives and benefit Victoria’s economy. We will also work to bring together commercial and government partners to build on Victoria’s track record for innovation.
Lauren Morrey
Acting-CEO