A local medical diagnostics software company based at Lot Fourteen, Presagen, will be taking its life-changing technology to global markets, thanks to the Marshall Liberal Government’s $28 million Research, Commercialisation and Startup Fund (RCSF).
Presagen will receive $1.5 million from the State Government, matched by private investment, to commercialise its Life Whisperer product, which uses artificial intelligence to identify healthy embryos in IVF.
Minister for Innovation and Skills David Pisoni said the Fund supports research and development capability in South Australia, advances scientific research and helps entrepreneurs take their innovative products and solutions into global markets.
“Successful companies will refund the government investment and keep their intellectual property in South Australia,” Minister Pisoni said.
“Congratulations to Presagen which is developing technology to help families with the aim of improving pregnancy outcomes for infertile couples in Australia and globally.
“Presagen has successfully applied for funding which supports entrepreneurs to start and grow innovative early-stage businesses, and also encourages more investment in South Australia.”
Presagen CEO Dr Michelle Perugini said the RCSF funding was a vote of confidence from the Marshall Liberal Government in the medical devices industry.
“There is a recognition from the government that their funding support will help to mobilise more private investment for new innovative companies such as Presagen in the medical device and artificial intelligence industry, allowing these companies to grow,” she said.
South Australia’s Chief Entrepreneur Jim Whalley said the funding will support product development, regulatory approvals, sales and expansion to international markets.
“With a potential $700 million in commercial opportunity for this company, this will create highly-skilled jobs for South Australians and will further enhance the state’s capability and reputation in artificial intelligence and software development,” he said.
“The ‘scale-up’ stream of the Fund, which provides funding for such innovative early-stage businesses is continuously open for applications.”
Projects must satisfy criteria including becoming financially sustainable over time without the need for ongoing government support and funding.
Click here for more information on RCSF.