Victoria’s Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford has announced that life sciences accelerator MedTech Actuator will receive an additional $2.4 million from LaunchVic to scale up and satisfy the growing demand for global health solutions.
Founded in 2018 In Melbourne by serial MedTech entrepreneurs and health policy experts, the MedTech Actuator provides extensive mentorship, industry collaboration, and capital raising help to Victorian MedTech, HealthTech, and BioTech startups.
Making the announcement, Minister Pulford said the three-year investment would help double the number of firms accepted into the accelerator program and extend the team to help at least 30 Victorian startups.
She said the funding would also enable MedTech Actuator to extend its reach to support and encourage emerging entrepreneurs in Victoria.
“Victoria’s investment in the ever important medtech sector has far-reaching impacts not only on the economy but the lives of people around the world,” Ms Pulford said.
“I’m proud to support more innovative startups to engage with industry experts and explore more novel healthcare solutions.”
MedTech Actuator CEO Dr Buzz Palmer stated:
“Over the next three years, the MedTech Actuator plans to innovate, scale and grow to enable homegrown Victorian success stories and propel Melbourne to the very head of the global pack in MedTech innovation.”
The program has already raised $62 million in venture capital and trained over 2,500 clinical and research innovators to date.