The NSW government has launched a new $40 million fund to support life sciences startups.

The Biosciences Fund (BioSF) comes just days after the state government announced a $7 million fund for the commercialization of quantum computing and support for the Techstars accelerator program at Tech Central in Sydney.

Science, Innovation and Technology Minister Alister Henskens said the Biosciences Fund (BioSF) will support start-ups to help them develop and commercialize problem-solving products, devices and systems in the field of biological sciences.

“This new program will provide financial and entrepreneurial support to startups developing advanced technologies, helping them navigate the often difficult transition between early stage development and commercial success,” he said.

“The $40 million fund will strengthen the NSW government’s support for innovative researchers, startups and entrepreneurs in the biological sciences over the next four years, and builds on our highly successful Physical Sciences Fund.

“We want to drive new ideas and innovations that address energy, health, environmental and waste challenges and grow successful businesses.”

The BioSF will consider applications targeting one of three priority industries in the NSW Industry Development Framework, while also aligning with specific technology applications described in the 20-year R&D roadmap.

BioSF Round 1 provides grants of between $200,000 and $2 million to companies with innovative technologies, devices and systems in areas such as biotechnology and life sciences, biomanufacturing, synthetic biology and agri-food.

Like the quantum fund, it is run from the office of NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte

Prof Durrant-Whyte said the BioSF will build on areas where NSW has a competitive advantage.

“This fund will support projects in all branches of the biological sciences, including exciting and relatively new areas such as biomanufacturing, genetic engineering, synthetic biology and agrifoods,” he said.

Details on BioSF are available at chiefscientist.nsw.gov.au/nsw-biosf.