Australian biomedical technology incubator Proto Axiom has successfully raised $20 million in the initial close of its Series B funding round, which targets a total of $30 million. This funding will enhance intellectual property (IP) retention in Australia’s biotech sector, reinforcing the country’s scientific capabilities.
This latest capital infusion, along with a $15 million Series A round completed in September last year, brings Proto Axiom’s valuation to $90 million. Key investors in this round include US-based Catalio Capital Management, Parkview International, HOF Capital, and Australian investment firm Churchill Asset Management, all of whom also participated in the Series A round.
Proto Axiom CEO Anthony Liveris emphasized the importance of this funding in building a robust portfolio of innovative biotech ventures within Australia. He highlighted that while Australia excels in creating world-class IP in drug development and medical technology, it has historically undercapitalized on the associated economic benefits and job creation.
The Series B funding will enable Proto Axiom to continue its strategic investments in Australia’s top scientific research. As Australia’s premier biotech incubator, Proto Axiom is dedicated to nurturing early-stage biotech ventures by providing essential resources, mentorship, and funding to transform innovative ideas into viable global health solutions.
Proto Axiom operates with a holistic approach, distinguishing itself from traditional investment funds. It focuses on building sovereign capacity through comprehensive partnerships that encompass technical oversight, administrative support, future financing, and hands-on research assistance.
The new funds will support projects like Swan Genomics, a spin-out from the University of New South Wales, and Endo Axiom, a pioneer in oral insulin delivery for Type 1 diabetes. Proto Axiom will also host the Challenger Summit in Sydney on 16 October 2024, offering researchers a platform to showcase their biotech innovations and compete for over $250,000 in grant funding.
