In order to strengthen Australia’s biotechnology (biotech) industry by retaining more intellectual property (IP), Proto Axiom, an Australian biomedical technology incubator, today announced the $20 million first close of its intended $30 million Series B.
Proto Axiom has a cash value of $90 million as of the September 2022 announcement of the $15 million Series A and the Series B first close.
Investors such as Catalio, Parkview International, Churchill Asset Management, and HOF Capital provided Proto Axiom with substantial institutional support during its Series A, and now these investors are joining the fold.
“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,” Proto Axiom CEO, Anthony Liveris, said.
“Australia creates world-class intellectual property for medical equipment and medication development, but it doesn’t fully use the accompanying job multipliers and downstream economics.
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Proto Axiom will continue to strategically invest and support the advancement of Australia’s best science with the funds unlocked in the Series B first close, according to Liveris.
By functioning as a comprehensive company to develop sovereign capacity through a comprehensive partnership model that covers technical oversight, administrative support, future finance, and hands-on research help, Proto Axiom sets itself apart from traditional funds.
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According to Liveris, Proto Axiom would be able to carry on sponsoring initiatives such as Swan Genomics, a spin-out company of the University of New South Wales.
Recently, Proto led the fundraising round and contributed $2 million to Swan, a state-of-the-art technology that uses a highly inventive Plasmonic Nanoantenna based method to quickly and accurately sequence long reads of low copy number DNA.
About Proto Axiom
Proto Axiom is an investing arm of an incubator. With this structure, it can build a portfolio of the most creative and successful biotechnology companies.
