Scientists are driving the creation of new global industries through a CSIRO-backed technology fund. The fund’s mission is to address the world’s biggest challenges by turning scientific discoveries into innovative industries. Over the past five years, the fund, supported by Main Sequence, has made a significant impact by catalyzing the establishment of companies that would otherwise remain in the laboratory.
Gabrielle Munzer, a partner at Main Sequence and former investment banker, emphasized the transformative potential of Australian inventions, stating that they are set to revolutionize the way we eat and shop. Munzer highlighted the fund’s role in fueling a flywheel of capital and enabling the commercialization of scientific breakthroughs.
The impact of the fund can be seen in several successful ventures. Samsara Eco, an enviro-tech recycling company, has developed groundbreaking technology capable of recycling plastic infinitely, potentially reducing ocean plastic pollution. Another success story is Eden Brew, which produces animal-free milk and ice cream through lab-brewing techniques. This Australian-owned dairy co-operative, Norco, has purchased shares in Eden Brew and is now selling their mylk on supermarket shelves.
Main Sequence’s focus on decarbonization and sustainability has also led them to support Loam, a biotechnology company specializing in using microbes to enhance carbon storage in soil. Additionally, the fund aims to bridge the technology gap in space navigation, robotics, and semiconductor development in Australia.
The quest for the next leap in intelligence is another key theme of the fund. Fivecast, a startup founded under the Five Eyes alliance, which includes Australia, the United States, the United Kingdom, Canada, and New Zealand, has received funding for its cutting-edge intelligence technology.
The impact of the fund’s investments is impressive. With over 53 backed companies, valued at more than $6.8 billion, and the creation of more than 2100 jobs, the fund has proven to be a catalyst for growth and innovation.
Recently, Main Sequence announced a new funding tranche of $450 million, bringing the total funds under management to $1.02 billion. This expansion has attracted top climate investors and high-profile backers, including superannuation fund Hostplus, Australian Ethical Investment, the Grantham Foundation, LGT Crestone, Morgan Stanley Wealth Management, NGS Super, and Japanese investor Daiwa Securities Group.
Main Sequence also collaborates with the federal National Reconstruction Fund to boost sovereign manufacturing and participates in the Australian Economic Accelerator program, which focuses on commercializing university research. This combined effort positions Main Sequence as a crucial engine for the commercialization of scientific advancements in Australia.
The fund has identified several areas of future funding, including renewable energy technologies such as hydrogen, non-animal proteins, and new food production systems. Synthetic biology’s application to recycling and food production, quantum technologies and semiconductor breakthroughs, robotics and automation for safety and discovery, outer space services including navigation, and cybersecurity, artificial intelligence, and machine learning are also prioritized.
In summary, the CSIRO-backed technology fund, supported by Main Sequence, is driving the creation of new global industries by translating scientific discoveries into commercial ventures. With a focus on sustainability, innovation, and bridging technology gaps, the fund has successfully catalyzed the establishment of companies while attracting significant investments and fostering economic growth. This initiative holds the potential to revolutionize various sectors, benefiting both Australia and the global community.
