Iris Biomedical is a great example of the success stories coming out of the SPARK Co-Lab Design course in only two short years of the program being run. The team took home the top prize at the 2016 final pitch night for their device for monitoring fetal distress during labour, going on to receive seed funding as well as being accepted into the CSIRO ON program and making the top three finalists for their category in the Australian Technologies Competition. Now with their biggest achievement yet, the team has been accepted into the prestigious national accelerator, The Actuator.
Headed up by serial entrepreneur turned investor, Dr Buzz Palmer, The Actuator picks up projects that promise to have a big impact on healthcare, have a strong IP position and reached Technology Readiness Level 4 (preclinical proof of concept) but were still too early for angel investment or venture capital. The Actuator provides teams with up to $200,000 equity investment, with pathways to reach $2.7M+ in funding, as part of a 15 month intensive mentoring program and masterclasses designed to take each project from seed to series A.
Of their acceptance to the program, the team says:
"We are delighted to be part of this program. Acceptance into this program brings fantastic opportunities, access to a large network, particularly in the US and importantly it creates an accelerated path to market for us. We are very excited to commence and reach our milestones."
The SPARK Co-Lab Design course will be run again in 2018 as the Perth Biodesign course. Keep an eye out for more information and announcements coming soon!
In the meantime, expressions of interest for the Perth 2018 course can be sent in here.
Buzz Palmer welcomes the latest cohort to The Actuator.
Iris Biomedical after their win at the 2016 Design course pitch night.
Michael Challenor, Sarah McGarry and Lewis Dawson attend the 2017 Design course pitch night.