CSIRO-backed Main Sequence hits $1bn in total funds

CSIRO-backed tech investment fund Main Sequence has hit $1 billion in total fund raising after closing $450 million in its third round.

The fund also includes the first half of the committed $150 million CSIRO investment announced as stage three of the federal government’s Australia’s Economic Accelerator program.

This is the third fund from Main Sequence, following its $AU240 million original fund and $AU330 million second fund which closed in 2018 and 2021 respectively.

The fund welcomes new and returning investors including Hostplus, LGT Crestone, Morgan Stanley Wealth Management, NGS Super, Australian Ethical Investment, Daiwa Securities Group and The Grantham Foundation.

Mike Zimmerman, partner at Main Sequence said they are guided by two key imperatives.

“First, decarbonisation—we want to ensure more translation of climate research into the solutions urgently needed to address our environmental impact,” he said.

“Alongside this, we are advancing critical technologies central to Australia’s national interest including cybersecurity to protect citizens and infrastructure, quantum computing to unlock new possibilities, and advanced semiconductor technology to fuel innovation.”

Zimmerman said the company’s focus remains on global challenges that need scientific backing, patient capital and long-term vision to solve.

“The community we have created around this mission cares deeply about finding and scaling solutions to planetary problems like decarbonisation, feeding a growing population and enabling the next intelligence leap,” he said.

“Thanks to their support, we have the flexibility and fortitude to back and build breakthrough companies grounded in research, and help them actualise their impact for decades to come.”

Gabrielle Munzer, partner at Main Sequence explained the company’s last fund saw the launch of five Venture Science startups— Endua, Eden Brew, Quasar Sat, Cauldron, and Samsara Eco.

“We are keeping up this momentum with Fund 3, pioneering new frontiers in biotechnology and plan to continue co-founding new companies at the bleeding edge of exciting advances in food and fibres with Fund 3,” she said.

Founded in 2017, the firm has backed 53 companies including Regrow, Advanced Navigation, and Q-Ctrl. The Australian deep tech companies supported by Main Sequence have created over 2,100 new jobs, and the market value of those companies has grown to over $6.8 billion.