Monash University on Wednesday launched a new innovation accelerator to embed commercialisation capabilities into its medical research and the health sector.
The purpose built Velos accelerator is aiming to translate and commercialise clinical research, MedTech, new care models, drug discovery, and biomedical engineering, with a focus on cardiovascular, kidney and metabolic disease.
Backed with $17.5 million in state funding, Velos is located opposite the Victorian Heart Hospital and within Monash’s Technology Precinct, and will house clinicians, researchers, and industry partners.
Early tenants include EMVision Medical Devices, which is trialling a portable stroke-scanning device in regional South Australia, and the MAVERIC program, a Monash-led initiative investing $60 million in an advanced AI supercomputer to bolster Australia’s sovereign artificial intelligence research capability.
The state funding comes from the Victorian Higher Education State Investment Fund, a $350 million allocation set up to help the sector invest in capital works while recovering from the pandemic.
Victorian Minister for Skills and TAFE Gayle Tierney on Wednesday said the initiative would strengthen Victoria’s position as a leader in medical research and technology.
“By advancing research capabilities at Monash, we’re fast-tracking new therapies and creating high-skilled jobs that will benefit generations.”
The accelerator will provide laboratories, office and event space, and tailored programs to support startups, researchers, and clinicians.
Monash University president and vice-chancellor Prof Sharon Pickering said Velos is “poised to become a world-leading, locally grounded and globally connected innovation hub.”
“Monash University brings together world-class facilities and expertise to translate research breakthroughs into transformational health innovations that improve and save lives,” Professor Pickering said.
Victorian Heart Hospital and Heart Institute director Prof Stephen Nicholls said Velos would help establish a community of forward-thinking healthcare professionals.
“This community of innovators will be enabled to connect, collaborate and co-create real-world improvements in health systems and patient outcomes,” Prof Nicholls said. “They will also work with academic and industry leaders in the Monash Technology Precinct and beyond.”
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