Innovative research translation and commercialisation accelerated through funding boost

AEA research recipients Associate Professor Daniel Perkins and Professor Jerome Sarris of startup Neurala Biosciences presenting at the Started@Melbourne Showcase 2023.

AI tools, quantum imaging and mental health therapeutics are among 22 innovative University of Melbourne research projects to receive a critical federal funding boost.

SkyOwl, a portable AI tool for aviation professionals, Chromos Labs, a quantum voltage imaging platform and Neurala Biosciences (formerly Psychae Therapeutics), nasal spray dispensing therapeutics for mental health disorders, are three of the 22 University projects awarded a collective $8.5m in funding.

The funding, via the first round of the Australia's Economic Accelerator (AEA) Ignite program, is to help them achieve their next significant research translation and commercialisation milestones.

University of Melbourne Vice-Chancellor Professor Emma Johnston said the University’s outstanding result showcases our researchers’ commitment to making a real difference in the world through entrepreneurship and commercialisation.

“This recognition underscores the crucial role universities play in translating world-class research into real-world impact that drives economic growth,” Professor Johnston said.

“The investment from the Australian Government as part of the Ignite program will be invaluable in supporting more researchers to get their early-stage research projects off the ground.”

Research, Innovation and Commercialisation Managing Director, Ken Jefferd, said the University will continue to invest in its innovation ecosystem, supporting researchers and students to progress their brilliant ideas into commercial reality.

"We are grateful and delighted to see targeted funding at this scale, designed to speed up commercial opportunities based on research discoveries,” Mr Jefferd said.

“This helps us move a step closer to reality in key Australian market sectors, changing the world for the better and driving economic growth.”

SkyOwl: developing a portable, multi-agent AI tool helping aviation professionals develop key communication and decision-making skills. This technology allows trainee pilots to maximise their learning using low-fidelity flight simulators. It provides airlines with tools to increase professional pilots' abilities to manage complex situational dynamics.

Chromos Labs: developing a quantum voltage imaging platform that addresses critical limitations in drug development for neurological disorders. Providing neuroscientists never-before-seen vision of neuronal signal propagation, Chromos’ diamond voltage imaging assays will enable new insights into the effects of experimental treatments on human brain diseases including epilepsy, motor-neuron disease and depression.

Neurala Biosciences: creating innovative nasal spray delivery psychoactive drug products to treat mental health disorders, building on Neurala’s existing clinically tested oral product. The project aims to develop and manufacture two novel nasal delivery drug products that could provide rapid relief for conditions like depression, anxiety, and addiction.

Deputy Vice-Chancellor (Research) Professor Mark Cassidy said the funding boost was recognition of the innovation and impact of these projects.

“It’s fantastic to see such a broad range of disciplines and projects represented in the University’s cohort of successful recipients,” Professor Cassidy said.

“It reflects the breadth and depth of expertise that exists across our University, and the genuine passion our researchers share for turning their ideas into tangible and impactful solutions to real-world problems.

“I thank the AEA Ignite program for supporting university innovation and recognising the vital importance of this work to our nation’s future.”

The AEA Ignite funding to the University was part of a larger $59 million funding distribution to universities across Australia. It is designed to drive investment in key sectors, focusing on value-adding and capability development to leverage Australia’s natural and competitive strengths.

The AEA Ignite program supports early-stage, high-potential projects with grants of up to $500,000 over 12 months, helping to bridge the critical gap between research and commercialisation. It is specifically designed for researchers at Australian universities to complete basic research, laboratory testing, and establish proof-of-concept in industry-relevant environments.

For a complete list of all AEA Ignite Round 1 recipients, visit the Australian Government website.