Australian incubator banks $15m series A to move biotech forward

Photo credit: Michal Jarmoluk

Australia has been keen on bolstering its biotech landscape. Last year, the country announced an increased focus on the healthtech sector and is looking to make significant investments in the ecosystem to encourage research in the space.

One company looking to charge up the sector is biotech incubator Proto Axiom. The company said it has closed its series A round and has invested in EndoAxiom, a firm that aims to prevent autoimmune diseases.

Funding details

• Funding amount: US$15 million
• Other investors: Churchill Asset Management, Riverlane Capital, Benny Kleist
• Stage: Series A
• Source

Proto Axiom said its series A round enabled it to make its investment in EndoAxiom, which was the incubator’s first ever bet.

EndoAxiom was spun out of the University of Sydney. Its goal is to develop a platform to help pharmaceutical firms create drugs and biologics to treat type 1 diabetes, which usually starts in childhood.

Proto Axiom will give the company access to its development resources and will connect EndoAxiom with its commercialization experts from both Australia and worldwide.

More details