Australian SMEs focused on health, agriculture, defence and mining will share in more than $10.3 million in grants through the federal government’s Industry Growth Program, with the largest grant to go towards the uptake of an Australian product in US markets.
The Department of Industry, Science and Resources on Tuesday announced financing for nine new projects, led by Queensland-based medical startup Laronix.
Laronix will receive nearly $3.2 million to aid the uptake of its non-invasive artificial larynx, which uses AI to restore natural-sounding vocals for voiceless patients, at “two world-leading US hospitals”.
The startup will also pursue registration for the product through Australia’s Therapeutic Goods Administration.
Medical companies received more than half the current round of funding through commercialisation and growth grants.
Projects included a blue light endotracheal tube to prevent common hospital throat infections (Lindo Technology Group), and the cheaper development of isotopes crucial for oncological imaging (iPHASE Technologies).
MagnaTerra Technologies, the offshoot of two CSIRO startups, received $1.58 million towards the development of a handheld landmine detector that operates using magnetic resonance.
Eclipse Ingredients, also the result of a CSIRO project, received $1.9 million towards the development of its bio-identical human lactoferrin, a rare protein with immune health, nutrition and skincare applications.
The Industry Growth Program was launched in 2023 under the auspices of the Albanese government’s signature National Reconstruction Fund, which aims to stimulate domestic industry and manufacturing.
The program has awarded over $142 million across 96 grants, almost half its $287.5 million funding allocation.
About $105 million went towards internal costs across its four-year lifespan. Without additional funding, the program is set to conclude at the end of the 2026-27 financial year.
Both the Australian government and the private sector have faced criticism in recent months for declining overall investment in research and development.
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