New Delhi:- Australian venture capital firm Main Sequence announced Wednesday that it has completed the initial closing of its third A$450 million (about $303 million) fund. The venture capital firm, founded by Australia's national science agency CSIRO (Commonwealth Scientific and Industrial Research Organization), has long-standing backers in addition to new limited partners including LGT Creston, NGS Super, Daiwa Securities Group and Grantham Foundation.
It also secured funding from HostPlus, Temasek, Australia Ethical Investing and Morgan Stanley Wealth Management. The third fund will form the first half of CSIRO's A$150 million commitment investment announced under Australia's Economic Acceleration Programme.
Including recent capital, Main Sequence currently has over A$1 billion in assets under management. The company declined to say what final size it expects to achieve, but said it expects to complete a third fund by the end of the year. Gabrielle Munzer, a Main Sequence partner, said in an interview with TechCrunch that the third fund will make about 25 pre-seed and Series B investments, although there are no specific amounts from minimum to maximum. He added that there is an investment potential. Starting at AUD 100,000.
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“We see incredible potential in pre-seed investing,” Munzer said. “We will continue to harness the power of entrepreneurship and research to address the 'valley of death' (between research and commercialization).”
The company works closely with universities to uncover potential researchers and scientists and build technologies from the ground up as part of a "venture science" investment model. This means giving scientists the opportunity to translate technology into real-world solutions during the research phase.
To revitalize the tech sector, the Australian government has introduced financial incentives to support tech start-ups in fundraising, product development and launch. Main helps VC firms discover cutting-edge technology developers through its engagement with government agencies such as CSIRO's On Accelerator and Australia's Economic Accelerator, as well as university accelerator programs such as UNSW founder's SynBio 10x program. the company says.
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With a mission to find solutions to global problems such as decarbonization and feeding a growing population, the new fund will focus on decarbonization and deep tech companies.
“First, decarbonisation. We want to better translate climate research into solutions that are sorely needed to address our environmental impact,” said Main Sequence partner Mike Zimmerman said in a statement. The company will continue to support deep tech startups developing technologies that are central to Australia's national interest, including cybersecurity, quantum computing and advanced semiconductor technology.
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“We remain focused on the big global challenges that require scientific support, patient funding and long-term vision to solve,” said Zimmermann. Founded in 2017, this deep technology-focused venture capital firm has backed his 53 companies, primarily in Australia, and created over 2,100 new jobs. Main Sequence has raised two funding so far, CSIRO Innovation Fund 1, a first A$240 million fund in 2018 and a second A$330 million fund in 2021. It has raised a CSIRO Innovation Fund 2. The company's portfolio includes companies such as Regrow, Advanced Navigation, Gilmour Space, Samsara Eco, Endua, MGA Thermal, QuintessenceLabs and Q-CTRL.
“Our latest fund launched five of his venture science startups: Endua, Eden Brew, Quasar Sat, Cauldron and Samsara Eco,” he said. “We are continuing this momentum with Fund 3 by pioneering new avenues in biotechnology and plan to continue creating new companies at the forefront of exciting advances in food and fiber with Fund 3. ”
Hostplus Chief Investment Officer Sam Sicilia said, "Deep tech companies (deep tech) have the potential to generate high long-term returns on behalf of their members while providing solutions to social, technological and environmental problems. is hidden," he said.
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The Australian Venture Capital Firm Main Sequence has closed its third round of raising funds at a whopping amount of $450 Million AUD.