Breakthrough Victoria isn’t just backing ideas — it’s backing companies through the hard part: growth.
In the 2025-26 financial year BV has completed a number of follow-on investments in companies proving themselves in market and getting ready to scale. Those follow-ons include Number 8 Bio, Navi Medical Technologies, Type One Energy and Liquid Instruments — four very different businesses, all moving fast in areas that matter to Victoria’s future.
This is what patient capital looks like in practice. Not just one cheque at the start, but continued support as companies hit milestones, attract co-investment and push into global markets.
Supporting sustainable agriculture at scale
Number 8 Bio is developing next-generation agricultural technologies to reduce methane emissions and support more productive, sustainable livestock systems.
Their synthetic biology platform, with its primary innovation ‘Better Feed’, has progressed from laboratory research into field trials, with growing confidence from industry partners. This follow-on investment will help bridge the gap between innovation and commercial adoption, supporting solutions that are relevant to Victorian farmers and scalable across global agricultural markets.
This is about backing breakthrough science that can create environmental impact, strengthen agricultural resilience and generate economic opportunities from Victoria to the world.
Moving to commercialisation
Navi Medical Technologies is delivering exactly what you want to see in a BV company — progress, traction and a clear path to scale.
Since our initial investment, the team has continued to build out their product and deepen their market position. This follow-on ensures they have the runway to keep going — commercialising, expanding capability and converting momentum into sustained growth.
It’s a simple idea: when companies are executing, we back them.
Scaling advanced manufacturing in Victoria
Liquid Instruments shows what’s possible when research, engineering and capital line up.
What started as a research spinout is now a global business redefining test and measurement through software-defined instrumentation. BV’s continued investment is helping the company expand its Melbourne-based manufacturing and office footprint — anchoring high-value jobs and capability here while the business scales internationally.
This is exactly the kind of company we want more of — globally competitive, and deeply technical.
Backing deep tech through to commercial scale
BV is also continuing its support for Type One Energy, reinforcing our commitment to deep tech companies tackling complex, long-horizon challenges.
Type One is advancing fusion energy — one of the most ambitious areas of science and engineering today. The follow-on investment reflects confidence in the team’s technical progress and the strength of its global partnerships, while ensuring Victoria remains connected to the development of next-generation energy systems.
Patient capital, real outcomes
This is the role BV plays.
Backing companies early — and staying with them as they grow. That’s how innovation turns into real outcomes: jobs, industries, and global businesses built from Victoria.
Follow-on investment isn’t just a signal of confidence. It’s how we help make sure the best companies don’t stall just when they start to matter.