Proto Axiom, the Australian biomedical technology incubator has today announced a $20 million first close of its targeted $30 million Series B, to bolster Australia's biotechnology (biotech) sector through increased intellectual property (IP) retention. The Series B first close and $15M Series A announced in September 2022 gives Proto Axiom a cash value of $90 million.

Series B investors join the significant institutional support Proto Axiom received in its Series A from investors such as Catalio, Parkview International, Churchill Asset Management and HOF Capital.

"This support from major private and institutional investors will ensure Proto Axiom can continue constructing a leading portfolio of the most innovative new businesses in biotechnology, while onshoring Australia's scientific capacity to keep IP in Australia," Proto Axiom CEO, Anthony Liveris, said.

"Australia produces world-class intellectual property in drug development and medical equipment, but inadequately capitalises on the downstream economics and associated job multipliers.

Through the capital unlocked in the Series B first close, Proto Axiom will continue strategically investing and supporting the development of Australia's best science," Liveris said.

Proto Axiom distinguishes itself from traditional funds by operating as a holistic enterprise to onshore sovereign capacity through a comprehensive partnership model, covering technical oversight, administrative support, future financing, and hands-on research assistance.

Liveris said this new funding would allow Proto Axiom to continue investing in projects like University of New South Wales' spin-out, Swan Genomics.

Proto recently led the funding round and invested $2 million in Swan, a cutting-edge new technology for rapid, highly accurate long-read, low copy number DNA sequencing, using a highly innovative Plasmonic Nanoantenna based approach.

"Also, one of Proto's earliest investments, Endo Axiom, has continued to go from strength to strength, and we look forward to the program entering first-in-human trials," Liveris added. Endo Axiom has a platform technology for the oral delivery of insulin to treat Type 1 Diabetes, which would enable needle-free insulin delivery for patients, including children.