Two leading Australian innovation centres have unveiled a joint accelerator to help biomedical companies harness the power of data and artificial intelligence (AI) during Australia’s trade mission at the global BIO convention.
The Advanced Robotics for Manufacturing (ARM) Hub and MTPConnect launched the Biomedical AI Sprints Accelerator (BASA) with Minister for Industry and Science Ed Husic at Australia’s Pavilion at BIO2024, the world’s largest biotechnology event.
BASA will offer $25,000 to $50,000 in matched funding to a select number of high-growth companies, the Advanced Robotics for Manufacturing (ARM) Hub said in a news release.
The program aims to upskill these companies in AI and data analytics, provide access to affordable data management infrastructure, and create a tech-ready workforce.
“This initiative promises substantial economic returns and solidifies Australia’s leadership in medical manufacturing and innovation,” said Professor Cori Stewart, CEO and Founder of ARM Hub.
He stated, “The Biomedical AI Sprints Accelerator represents a strategic investment in Australia’s biomedical industries. It will foster a high-skill workforce that will enable our small and medium businesses to scale and compete at a global level.”
Data revealed MTPConnect’s skills gap analysis has identified significant expertise gaps in AI and data analytics within Australia’s life sciences sector.
The sector lacks sufficient understanding of big data capture, management, analysis, and AI design and usage.
The ARM Hub and MTPConnect’s accelerator initiative aims to directly address these gaps, promoting the adoption of transformative AI technology.
“There is no time to wait to start building AI capabilities for our medical science SMEs developing innovations if we are to compete globally,” said MTPConnect CEO Stuart Dignam.
“It is fitting that we’ve signed this agreement at the global BIO convention, where all the talk is of harnessing AI and how it can accelerate innovation in biotech and medtech. We are delighted to be working with the team at the ARM Hub to make this AI accelerator a reality,” Dignam added.
According to the ARM Hub, it is actively assisting companies in creating modern data platforms to maximise business intelligence.
“The smart use of data and AI is the next frontier in scaling innovation and modernising manufacturing,” added Professor Stewart.
