The new technology incubators funded through Callaghan Innovation have made their first repayable grants to 7 innovative startups.
Each has received up to $450,000 over 2 years administered by the 3 technology incubators – Powerhouse Ventures Ltd, Astrolab Ltd & WNT Ventures LP – to commercialise new intellectual property.
The 7 startups confirmed to receive repayable grants are:
- CropLogic Ltd, integrating aerial image analysis technology developed by Canterbury University to help growers optimise their crop yields
- Avalia Immunotherapies Ltd, commercialising technology jointed developed by Victoria University of Wellington’s Ferrier Research Institute & the Malaghan Institute of Medical Research aimed at improving the efficacy of immunotherapies & vaccines for a range of health indications
- Tiro Lifesciences Ltd, an early-stage medical diagnostic company focusing initially on the development of technology for the detection of breast cancer in dense tissue
- Koti Technologies Ltd, developing ceramic coatings to produce hard-wearing, bacteria-killing products for high-touch surfaces, for example in hospitals
- Certusbio Ltd, based on a range of new biosensor technologies for industrial & environmental monitoring
- Fluent Scientific Ltd, based on technology combining facial & voice analysis to increase the accuracy of emotion detection
- Invert Robotics Ltd, based on robotic ultrasonic technology for detecting & characterising surface cracks in stainless steel tanks & silos.
Science & Innovation Minister Steven Joyce said this week: “It’s great to see these kinds of companies beginning to emerge from the new technology incubators, which are clearly fulfilling their promise to produce the smart startups we need to grow our economy and provide New Zealand with a competitive edge across a range of sectors.
“Growing many more new companies in our hi-tech sector is crucial to maintaining a strong economy.”
“22 pre-incubation grants, each worth $35,000, have also been allocated for the technology incubators to explore promising startups commercialising intellectual property in areas such as nanotechnology, food & beverages and advanced telecommunications, prior to applying for repayable grants.”
Technology-focused incubators are privately owned businesses that concentrate on commercialising complex intellectual property sourced primarily from publicly funded research organisations such as universities & Crown research institutes. They are modelled on the successful Israeli incubator system.
Cabinet agreed in Budget 2013 to allocate $31.3 million in new funding over 4 years for the repayable grants.
The Government will contribute up to $450,000 over 2 years to successful applicants, and this funding is matched 1:3 by incubator owners contributing up to $150,000. The grants will be repayable out of each company’s revenue.
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Attribution: Ministerial release.