Australian mining magnate Andrew Forrest has invested AUD 250m ($190m) in Tenmile, a new biotech venture capital group, through his private investment firm Tattarang. Tenmile focuses on funding seed-stage health technology start-ups to address unmet medical needs and support sustainable and equitable healthcare.
The group has a portfolio of key investments, including Emyria, which produces synthetic CBD-based products. Tenmile also invested in Adelaide-based immunotherapy firm Carina Biotech, which researches and develops chimeric antigen receptor T cell therapies to combat cancer.
The group sets itself apart from other Australian venture capital funds through its laser-focused approach to providing seed capital for health technologies and its business model that “can act fast and with confidence” without investor and lender restraints, according to Forrest.
Tenmile has offices in Perth, Sydney and San Francisco, where it has partnered with US-based Rock Health, a venture fund that invests in digital health. Steve Burnell, a former Roche executive and head of Tenmile, said the group’s health technology focus encompasses medical devices, diagnostics, biotech, pharmaceuticals and even healthcare services.
Tattarang’s responsible investment framework also means that Tenmile is committed to ethical and sustainable health treatments and technology, according to Nicola Forrest.
