Main Sequence Ventures has hit yet another milestone, with the close of its third deep technology-focused venture fund at the remarkable sum of $450 million AUD.
The new fund, which is more than twice the size of Main Sequence’s debut fund, is comprised of a number of renowned global and local investors including Horizons Ventures, Chinese tech giant Tencent, CSIRO’s Main Sequence Innovation Fund, and the Australian government’s innovation agency, CSIRO.
Main Sequence is poised to become one of Australia’s leading venture capital investors, with a focus on nurturing the Australian tech startup and deep technology sectors. Founded in 2018 by Mike Zimmerman, who formerly held senior positions at Microsoft, Google, Microsoft Ventures, and Capital Plus, Main Sequence is also the first deep tech focused venture fund of its size in the country.
The funds raised will be used to back ambitious and innovative Australian startups working on robotics, artificial intelligence (AI), quantum computing, cybersecurity, and other areas of deep technology. The fund will make both early-stage seed investments and later-stage growth capital investments.
Using its deep technology expertise and ‘founder-first’ approach, Main Sequence hasn’t shied away from taking on larger, more difficult investments, which can be riskier but also promise higher returns.
Given the sector’s bright future, Main Sequence’s investments so far have included some of Australia’s most promising startups, including Cobalt Robotics, the AI-enabled security solution; Phyzit, the medical imaging AI company; and CDL, the quantum computing company.
With this new fund, Main Sequence is expected to invest in even more exciting startups and to play a major role in transforming the Australian tech startup and deep tech sector. It will also provide a much-needed source of capital for companies that are unable to secure sufficient funding from traditional sources.
The close of Main Sequence’s third fund is great news for the deep technology and startup space in Australia, and the entire region. We wish them all the best in their upcoming investments!
