New funding for Victoria’s MedTech entrepreneurs will cement Melbourne’s reputation as a leader in global healthcare innovation. The Minister for Innovation, Medical Research and the Digital Economy recently announced life sciences accelerator MedTech Actuator will receive a further $2.4 million funding from LaunchVic to scale up its operations and meet the growing demand for global health solutions.
The three-year investment will double the accelerator program’s intake and expand the team to support at least 30 Victorian start-ups. The funding will also enable MedTech Actuator to extend its reach to support and encourage emerging entrepreneurs in Victoria.
With its global headquarters in Melbourne, the MedTech Actuator supports Victorian MedTech, HealthTech and BioTech start-ups through intensive mentorship, industry collaboration, and capital raising support. Founded in 2018 by serial MedTech entrepreneurs and health policy experts, the program has already unlocked $62 million in venture funding and upskilled more than 2,500 clinical and research innovators.
One Melbourne-based start-up, developing a Continuous Molecular Monitoring (CMM) platform – a wearable ‘lab on the skin’ device providing real-time continuous molecular level insights for remote patient monitoring, is just one example of funding recipients. Since being founded in 2017, the firm has raised $10 million.
Through LaunchVic, the Andrews Labor Government is delivering a number of programs to support start-ups and investors to grow such as the $10 million Alice Anderson Fund, which is helping female founders access early-stage funding, and the $60.5 million Victorian Startup Capital Fund, which is injecting more capital into local start-ups.
The Minister for Innovation, Medical Research, and the Digital Economy stated that Victoria’s investment in the ever-important MedTech sector has far-reaching impacts not only on the economy but the lives of people around the world.
“I’m proud to support more innovative start-ups to engage with industry experts and explore more novel healthcare solutions,” she added.
The LaunchVic CEO noted that the organisation is thrilled to extend its partnership with the MedTech Actuator, Asia Pacific’s MedTech Catalyst. With almost one in five Victorian start-ups focused on HealthTech in some form, the MedTech Actuator is fundamental support for the region’s largest startup sub-sector.
The MedTech Actuator CEO stated that over the next three years, the MedTech Actuator plans to innovate, scale and grow to enable homegrown Victorian success stories and propel Melbourne to the very head of the global pack in MedTech innovation.
More about LaunchVic’s MedTech Programme
Victoria is home to one of the world’s largest biotechnology clusters, from global companies to homegrown tech unicorns. Accelerating the growth of Victoria’s HealthTech start-ups will generate a range of economic and health benefits including increased export revenue, employment growth, more efficient health services and better patient outcomes.
HealthTech companies have created 1100 jobs in the last two years, adding new jobs 55% faster than the already-over performing healthcare sector (+9.7% growth). In 2018, LaunchVic’s eighth funding grant round focused on leveraging Victoria’s key strengths in the health start-up sector – including in MedTech, biotech, pharma, health & ageing services and disability services.
