Australian Prime Minister Kevin Rudd has launched the A$250m Medical Research Innovation Fund to help Australian researchers and entrepreneurs commercialise new medical treatments and healthcare technologies.
The Australian government said it would contribute A$125m to be matched “at least dollar for dollar” by private sector investors.
It added that it would also implement around A$70m of investments and reforms, which would include A$47.5m in funding for 19 medical research centres.
The fund follows a similar format to the Innovation Investment Fund (IIF) which supports new innovation funds and fund managers with expertise in early-stage venture capital investing.
It co-invests with private sector investors in venture capital funds to grow early-stage companies to commercialisation.
Copyright © 2013 AltAssets