Commercialisation Australia has splashed out nearly $8 million in its latest funding round, including a $1.96 million grant for a company that has developed a hand-held ultrasound device for patients.
Signostics, which was established in Adelaide in 2005, secured the money, only $35,000 under Commercialisation Australia’s $2 million funding limit, under the early stage commercialisation grant scheme.
The business, which has expanded to the US and received $5 million in private investment in March last year, will use the money to commercialise its product Signos. The device is a small, portable ultrasound machine which allows patients to be scanned at home, rather than visit a clinic.
A previous version of Signos was built by the company, but a new, improved version with enhansed features will be backed by the government funding.
“Our engineering team made a breakthrough and we have completed a prototype,” Neil Barlett, Signostics’ CEO tells StartupSmart. “The Commercialisation Australia program was very supportive and we’ve used government help before.
“We are looking for the product to have a global reach, across the US and Europe. Our vision is to be a global leader. The market is still developing, but it is out there for us.”
The rest of the latest Commercialisation Australia funding round was shared between 18 emerging Australian businesses.
Those successfully securing grants include Yackstar, a social networking tool for businesses that received $333,000, and engine manufacturer gT-Energy, which got $600,000.
Other recipients include KNOG, a bicycle accessories retailer that was awarded $994,000, and skincare product developer Cimtech, which received $200,000.
“This funding will help smart companies commercialise their products, delivering a wealth of benefits for Australians,” says Innovation Minister Kim Carr.
“The rich source of market intelligence, networks and business experience grant recipients can access under Commercialisation Australia gives them a better chance of commercial success.”