The Victorian Government is channelling investments into cutting-edge research and development (R&D) projects in a bid to foster innovation, create local job opportunities, and bolster the state’s manufacturing sector.
Minister for Jobs and Industry Natalie Hutchins announced today that PolyNovo, based in Port Melbourne, is among the 10 businesses selected to receive grants from the $15 million Made in Victoria – Industry R&D Infrastructure Fund.
PolyNovo specialises in designing, developing, and manufacturing skin regeneration solutions for treating complex wounds using its patented NovoSorb biodegradable polymer technology, all crafted locally in Melbourne.
With the grant, PolyNovo intends to construct a world-class polymerization laboratory to bolster its existing R&D initiatives.
This investment will expedite the development of new products, particularly implantable solutions that hold promise for patients undergoing hernia and breast reconstruction procedures.
Joining PolyNovo in receiving funding are several other local companies recognized for their pioneering work in various industries, including Quantum Brilliance, Powerplus Energy, GTE Technology, IAPMO Oceania, ARKEUS, and Effusiontech.
According to Minister Hutchins, the investment in local industry’s R&D capability is expected to have wide-ranging impacts on Victoria’s manufacturing sector.
“Companies like PolyNovo and other grant recipients put Victoria at the forefront of technological advancements and boost productivity,” she stressed.
The projects supported by the Fund encompass critical sectors such as new energy, health technology, food manufacturing, defence, aerospace, and advanced technology.
These sectors align with the government’s Made in Victoria: 2030 Manufacturing Statement, underscoring its commitment to driving progress across key industries.
Meanwhile, PolyNovo CEO Swami Raote expressed gratitude for the support provided by the Victorian Government.
“The support of the Victorian Government will help to build critical R&D infrastructure at PolyNovo for advanced tissue engineering projects based on our resorbable polymer technology,” Raote noted.
According to the government, its support for local industry extends beyond R&D, encompassing initiatives like the Medtech Market Growth Program and the Made in Victoria – Energy Technologies Manufacturing Program.
These efforts aim to fortify innovation and bolster local supply chains statewide, thereby generating quality employment opportunities.
For a comprehensive list of businesses benefiting from the funding, interested parties can visit business.vic.gov.au/irdif.
