Australian deep tech Main Sequence’s third fund received $304 M backing from Temasek

The Singapore state-owned fund Temasek and other investors contributed AUD 450 million ($304.46 million) to the first close of Main Sequence’s third fund, which was established by Australia’s national science agency CSIRO.

The funding has surpassed the milestone of AUD 1 billion ($680 million) in total funds under management, according to a statement from Main Sequence.

Large institutional funds, wealth groups, and top-tier climate investors have all expressed interest in participating in the fund because they recognize that Australia’s extensive research and innovation capabilities present a unique opportunity to address global challenges.

These include a number of notable returning investors as well as high-profile new ones, demonstrating their trust in the fund.

Hostplus, LGT Crestone, Morgan Stanley Wealth Management, NGS Super, Australian Ethical Investment, Daiwa Securities Group, and The Grantham Foundation are among the other investors in addition to Temasek.

Additionally, stage three of the federal government’s Australia’s Economic Accelerator program’s committed AUD 150 million ($101.49 million) CSIRO investment is included in the fund as the first half of that investment.

It occurs as Main Sequence invests in concepts that will diversify and transform Australia’s industry and economy. Main Sequence supports and builds businesses that reflect Australia’s national priorities.

53 businesses, including Regrow, Advanced Navigation, and Q-CTRL, have received funding from Main Sequence since its founding in 2017.

More than 2,100 new jobs have been created by the Australian deep tech companies that Main Sequence has supported, and their market value has increased to over AUD 6.8 billion ($4.6 billion).

“We embark on an extraordinary journey with this fund, guided by two key imperatives. First, decarbonization—we want to ensure more translation of climate research into the solutions urgently needed to address our environmental impact,

“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,” said Mike Zimmerman, Partner at Main Sequence.

He claims that the company’s primary focus is still on major global issues that require scientific support, patient funding, and long-term thinking to resolve.

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

“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,” he added.