Four Aussie businesses receive $2.4M for their cutting edge projects
The Australian Government continues to support new cutting edge projects as it awards $2.4 million in grants to four innovative Australian businesses.
Through the Entrepreneurs Programme’s latest round of Accelerating Commercialisation grants, the selected businesses can now fund their projects for the benefit of the community. These manufacturing projects range from keeping kids’ brains stimulated and active to brain-monitoring devices that can save lives.
Melbourne-based med-tech start-up Cyban Pty Ltd will use their $350,000 grant to commercialise their revolutionary Brain Pulse Oximeter for market entry. The Brain Pulse Oximeter was developed to continuously monitor brain oxygen levels in patients with traumatic brain injury.
Another purpose of the Brain Pulse Oximeter is to reduce or eliminate secondary hypoxia injuries caused by a lack of oxygen to brain tissue. By commercialising their product, Cyban hopes that it will be adopted in hospitals worldwide.
Minister for Industry, Science and Technology Christian Porter said medical products were one of the Government’s six manufacturing priorities, making it exciting to see local companies leading the world with innovations that will help improve health outcomes.
“The matched funding for Cyban will help the company commercialise its brain pulse monitoring device, while also helping it to target the US market which is worth an estimated $800 million a year,” Minister Porter said.
“Projects such as this show why the Government is backing our local manufacturers to scale up and take on new markets, while also helping to boost our local economy and create jobs.”
Queensland-based LifeTech Balance will use their $671,500 grant to develop a market-ready version of their ScreenCoach app. ScreenCoach is said to encourage children and adults to be active in taking responsibility for their own screen time.
With the $671,500 grant, LifeTech Balance plans to establish manufacturing and distribution channels and achieve their first sales in Australia.
Monarc, a Queensland-based aviation administrator, intends to use its $487,019 grant to commercialise its automated transport inventory system. This will allow them to help link supply chain companies, achieve first sales in Australia and expand globally.
The NSW company Bader Investments, which is trading as Workit Spaces, has been given $897,843 in funding to commercialise their software-based logistics platform, streamlining the eCommerce industry supply chain.
The eCommerce platform uses a unique forecasting engine to optimise the management process across inventory, warehouse, and shipping.
The Accelerating Commercialisation grant is part of the Australian Government’s Entrepreneurs’ Programme, which has provided 535 grants worth more than $262 million to Australian businesses for their cutting edge projects since it was established in 2014.