Australian's Verde targets $52m VC fund
Australian venture capital firm Verde is seeking to raise A$50 million ($52 million) for a fund that will focus on bringing technology to market. It will concentrate on innovations in the medical, defense and technology sectors.
"Less than 2% of the Government's $9 billion funding to research is directed towards commercialization, which means we generate technology and product ideas but do not invest sufficiently in bringing them to market," Dr Jurgen Michaelis, co-founder and executive director of the fund, told Adelaide Now.
He added that most funding is allocated to research rather than commercialization, comparing the approach to funding exploratory mining but not mineral production.
Michaelis is also CEO of BioSA, a company established by the Government of South Australia in 2001 to foster the growth of the local bioscience industry. The government will provide administrative support to the vehicle, worth up to A$200,000 per year over five years, if it meets its fundraising target. Capital will be sourced from private and institutional investors based in Australia and overseas.
Technologies currently being considered for investment by Verde include a device for non-invasive, real-time monitoring to alert diabetics of dangerously low blood sugar levels; batteries that can be recharged within one minute; a revolutionary new miniature nebuliser for treating respiratory illnesses such as asthma and an internet enabled household device that can warn of approaching bush fires or storms.
Verde currently has staff in Adelaide, Melbourne, Brisbane and Berlin.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.