TLDR:
- The CSIRO backs venture capital fund Main Sequence, despite not returning any funds to taxpayers after receiving $175 million over seven years.
- Main Sequence focuses on “deep technology” start-ups, creating over 60 companies worth $6.8 billion and generating 2100 jobs.
In a recent article by the Australian Financial Review, it was reported that the CSIRO has expressed ongoing confidence in venture capital fund Main Sequence, despite the lack of financial returns to taxpayers. Main Sequence, which was established under former CSIRO boss Larry Marshall in 2017, aims to fund start-ups tackling global challenges and creating jobs and wealth. Despite changing leadership, the CSIRO spokesperson confirmed their belief in Main Sequence, highlighting the creation of over 60 deep tech companies with a total market value of $6.8 billion and 2100 new jobs.
Main Sequence’s investments range from companies like Baraja, a self-driving car sensor manufacturer, to companies in the plant-based meat sector. Despite not distributing returns to investors yet, the fund is focused on long-term investments and has been described as being in the top quartile of funds globally. The article also mentions the creation and subsequent spin-off of a new company called Main Sequence Innovation Services, with a price of $10, to generate efficiencies and allow market employment and remuneration of its staff.
Main Sequence has recently hired venture capitalist Elaine Stead and continues to focus on tackling global challenges with scientific backing, patient capital, and a long-term vision. The CSIRO remains committed to supporting the fund’s mission and investments in the deep tech sector.
