Hyper-fermentation biomanufacturing start-up, Cauldron Ferm, is one of the first five recipients in the federal government’s $392 million Industry Growth Program (IGP), which was announced in the 2023 budget.
The program was created to help SMEs in the seven priority areas of the $15 billion National Reconstruction Fund scale and grow their capabilities. There are two streams, Early-Stage Commercialisation and Commercialisation and Growth.
Cauldron booked $4.3m in the IGP’s commercialisation and growth stream, the largest grant awarded to the cohort. Forager Automation, a robotic picking device for blueberries was also selected.
Cauldron co-founder, Michele Stansfield, said the award reinforced the team’s commitment at “advancing Australia’s biomanufacturing capabilities and positioning Australia as a global leader in the bioeconomy.
The company uses a “revolutionary hyper-fermentation platform that will unlock the production of new forms of food, feed and fibre, and unlock a $700 billion global industry opportunity”.
The company said its unique continuous fermentation process/hyper-fermentation platform “radically lowers commercial risk, producing ingredients five times more efficiently, with a five times reduction in cost” compared to conventional methods.
In March, Cauldron closed a $9.5 million Series A round, led by Horizons Ventures, with SOSV and In-Q-Tel (IQT) joining existing investor, Main Sequence. In 2023, it completed an over-subscribed seed funding round, raising $10.5 million.
Recipients were:
Cauldron Molecules: $4.3 million to support world-first, fully automated hyper-fermentation technology to make food, animal feed, fibre and fuel;
Li– S Energy: $1.7 million to support its high-tolerance lithium foil battery manufacturing process to produce next generation, ultra-light batteries;
Electrogenics Laboratories: $1 million for its MOSkin patient radiation dose measurement system to reduce exposure risk during radiotherapy treatments;
Brandsec: $231,000 for its Unphish software tool which can remove malicious phishing content from the internet, including from compromised websites and fake social media accounts; and
Forager Automation: $157,943 for the development of its robotic blueberry picking device that will tackle labour costs and increase yield efficiency for farmers.
Industry minister, Ed Husic, said the IGP was created to help push SMEs onto a “solid growth trajectory”.
“Today’s a milestone because now innovative small businesses can see the support starting to flow, helping them grow into bigger businesses. This [is an] important avenue to grow our manufacturing capabilities using the cutting-edge ideas of younger firms,” Husic said.
Applications for the Industry Growth Program are open on an ongoing basis. For more information about the Industry Growth Program, including eligibility visit here.
Listen to the Food & Drink Business Podcast with Michele Stansfield here.
