UniSA signs $1m technology development deal
The University of South Australia has joined forces with the SciVentures Pre-Seed Fund to take on the world's digital wireless communications market.
A $1M deal has been signed with SciVentures, whose pre-seed fund operates under the Federal Government's Backing Australia's Ability program. The investment will be used to undertake early development and commercialisation activities for a 4G mobile broadband technology based on research work performed at the University's Institute for Telecommunications Research.
The technology will supply high bandwidth communications to vehicles travelling at highway speeds. Potential applications include wireless internet access on public transport and real time video links for emergency response vehicles. The new business, currently called 'Entropic' will be 'born global' with initial markets for this technology including government transportation and public safety agencies both in Australia and around the world.
"We are excited to be involved in the development of this new technology which has enormous potential in global markets," said SciVentures Director, Dr Greg Smith. "It was the potential of Entropic's business case, combined with keen enthusiasm, and the growing technical, management and commercial expertise of the entire Entropic team that led to our decision to invest."
Recognising the commercial potential of the intellectual property, the University's commercialisation company ITEK Pty Ltd has funded the initial proof-of-concept testing, as well as development of the business concept and investment strategy to commercialise the technology. This preparation led to a rapid process of evaluation and investment decision making by SciVentures.
Item provided courtesy of The University of South Australia
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