Breakthrough Victoria and Monash University have jointly invested $2.25 million in three emerging startups – Myostellar, Fyton Bio, and Remagine Labs – with the goal of developing technologies that could ease pressure on Victoria’s health system and deliver global health benefits.
The funding forms part of the newly launched Monash Ventures Pre-Seed Fund, a $15 million initiative developed in partnership with Monash University, Breakthrough Victoria said in a news release.
The fund is aimed at supporting early-stage spinouts that have the potential to translate university research into impactful commercial outcomes.
It also marks the formal introduction of Monash Ventures, a new venture identity reflecting Monash University’s increasing role as an active investor in innovation.
Breakthrough Victoria, which co-invested in the three ventures, is driving the initiative under its $100 million University Innovation Platform (BVUIP).
The platform is designed to commercialise research from seven Victorian universities and help position the state as a national leader in innovation-led economic growth.
“These investments are a powerful demonstration of how the University Innovation Platform is working exactly as intended — backing world-class research at its earliest stages to successfully commercialise and deliver real-world solutions,” said Breakthrough Victoria CEO Rod Bristow.
“By co-investing with Monash University in companies like Myostellar, Fyton Bio and Remagine Labs, we’re helping to build the next generation of Victorian research commercialisation, improve lives, and deliver long-term economic and social returns for the state.”
Myostellar is developing a biologic therapy to treat Duchenne Muscular Dystrophy by promoting muscle regeneration while limiting fibrosis.
Meanwhile, Fyton Bio is focusing on next-generation antibody therapies for autoimmune diseases, and Remagine Labs is creating wearable drug delivery devices to improve treatment for chronic conditions.
Professor Sharon Pickering, Vice-Chancellor and President of Monash University, said the university is committed to translating research into real-world solutions.
“The launch of Monash Ventures and the Monash Ventures Pre-Seed Fund marks a bold step in strengthening our impact through innovation and enterprise,” she said. “At Monash, we are committed to transforming outstanding research into tangible outcomes that benefit our communities, our economy, and the world.”
Remagine Labs CEO Pat Kelly said the support will accelerate their work in electro-pharmaceuticals. “Their investment is a powerful endorsement of our technology and our commitment to building a globally competitive electro-pharmaceutical company here in Victoria,” Kelly said.
Chuck Silberstein, CEO and co-founder of Fyton Bio, said the funding enables the company to begin antibody discovery for its first therapeutic program. “It marks an exciting step forward in our mission to deliver potential functional cures in autoimmunity and inflammation by deleting pathogenic immune cells,” he said.
Professor Peter Currie, co-founder of Myostellar, emphasised the importance of expert guidance in the commercialisation process. “While we progress the research, I cannot emphasise enough the importance of finding someone who’s been on the commercialisation journey before,” he said. “I was fortunate to find this within my institution and am incredibly grateful to Monash Innovation for their invaluable guidance.”
According to Breakthrough Victoria, the Monash Ventures Pre-Seed Fund investment committee – comprising representatives from Monash University, Breakthrough Victoria, and independent members – has so far met with 13 startups and endorsed 10 for investment.
Victorian Minister for Economic Growth and Jobs Danny Pearson welcomed the announcement, stating: “We are backing world-class research because it generates lifesaving treatments and drives our economy. These investments help industries and businesses to grow, so more Victorians have secure jobs they can count on.”
Breakthrough Victoria has committed more than $480 million across 36 companies and six funds to date, helping facilitate nearly $1.3 billion in co-investment.
An independent report by EY recently found that these efforts are on track to deliver up to $5.3 billion in economic impact for Victoria by 2035.
