It’s been a big 12 months for Breakthrough Victoria, with 16 new companies supported by the BV Fund.
In the last fiscal year Breakthrough Victoria has supported smart, cutting-edge companies looking to solve society’s problems and build their presence in Victoria, from transformative new treatments for peanut allergies to cutting edge technologies in clean energy, our portfolio companies bring to life our mission of investing in innovation for impact.
This activity brings the total value of investments to more than $300 million.
“In the 23/24 financial year alone, BV received more than 500 potential investment opportunities for funding totalling more than $1.1 billion, with our 16 investments making us one of the most active investors in the ecosystem.* These applications highlight the enormous level of unmet demand for VC and private equity funding to support company development in the innovation and technology community,” Breakthrough Victoria Chair the Honourable John Brumby said. “After three years, we’ve built a strong foundation with exciting opportunities ahead”.
Some of BV’s 2023/24 financial year investments include:
Xefco : $2.5 million.
The early-stage tech company has developed a plasma coating technology that bonds to the surface of a fabric to allow dyeing and finishing of the fabric to be completed in one process without using water.
The US$2 trillion textile market produces approximately 600 billion metres of fabric annually and is considered one of the most polluting industries in the world, responsible for significant water pollution, industrial waste and greenhouse gas emissions. The investment is expected to create up to 16 local jobs.
Raygen : $20 million.
BV’s investment in Raygen supports home grown innovation and will help the technology expand into more markets. The investment is another example of BV helping to commercialise Victorian IP, enabling Raygen to continue growing while remaining in its home state.
RayGen’s innovative solar PV and thermal water-based energy storage solution is crucial to supporting the increasing penetration of intermittent renewable energy and the removal of fossil fuels-based energy. The Victorian company’s technology achieves 70 per cent round-trip efficiency, which is significantly higher than other electro-thermal storage technologies on the market.
The funds will allow RayGen to secure manufacturing capability and create additional engineering and manufacturing jobs in Victoria, as well as supporting the company’s growth in Victoria, Australia and internationally with leading domestic and international energy companies.
It is expected to provide up to 90 Victorian jobs.
Jupiter Ionics : $4 million.
Jupiter Ionics’ technology enables the production of carbon-neutral ammonia, often referred to as 'green ammonia,' by utilising nitrogen from the air in combination with hydrogen produced through the electrolysis of water. Ammonia plays a critical role in the agricultural industry as a fertiliser.
The modular, scalable design of Jupiter Ionics’ ammonia cells could potentially enable regional production, overcoming the price volatility of conventional fertilisers and providing a reliable and short supply chain.
Funding will support Jupiter Ionics to optimise and scale their ammonia cell technology, invest in new equipment, and create up to 19 new jobs in Victoria.
Bygen : $1 million.
The Victorian company’s patented process uses agricultural waste both as a source of carbon and heat for the activation process. Bygen’s technology replaces a greenhouse gas intensive coal-based activation process, reduces CO2 emissions and water consumption footprint and reduces cost of producing activated carbon.
The funds will support the testing and establishment of Bygen’s large-scale production plant, with future plans to build more commercial plants in Australia and overseas. Bygen expects to create up to 65 new jobs in Victoria over the next five years.
Aravax : $12 million
Aravax is developing a new therapy that aims to be safer and produce longer-lasting efficacy for peanut allergy sufferers.
Peanut allergy affects one-to-two per cent of the global population but is greatly underserved by available treatment options. Current therapies, which use natural extracts from peanuts, require indefinite daily dosing and onerous precautions to manage the risk of treatment-induced systemic reactions.
Since its inception, Breakthrough Victoria has been dedicated to fostering emerging, innovative companies that are striving to strengthen and grow into new markets, along with state's wealth of great universities, leading research institutions, talented scientists, smart entrepreneurs and creative thinkers. This commitment has been bolstered by our active, long-term, impact-driven investment strategy.
Breakthrough Victoria aims to address the perennial challenge faced by Australia: excelling at R&D but struggling to translate research into new products, businesses, drugs, or services. Our goal is to fundamentally change this paradigm, turning more innovative ideas into successful products and businesses through strategic investments.
“Breakthrough Victoria is excited to work with many partners in the investment and innovation community and to continue to back ideas, businesses and products that have great potential to disrupt through innovation, and improve the lives of Victorians, and people all over the world,” Breakthrough Victoria CEO Grant Dooley said.
*Data compiled exclusively for The Australian Financial Review by Cut Through Venture