UNSW Founders, which runs out of the University of New South Wales, has announced a landmark partnership with Luminary Partners, saying it has become Australia’s best-funded accelerator program.
As part of the deal, the accelerator will invest $200,000 into each of the 18 startups selected in its 2025 cohort.
This collaboration marks the largest public-private partnership between a university-based accelerator and a venture capital firm in Australia.
Luminary Partners, which was formed through a merger between HappenCo and angel investor syndicate Banksia, will provide the financial backing as well as industry expertise, and access to investor networks.
Prior to the merger, Banksia supported the UNSW Defence 10x accelerator program. Now that support is being extended to two other accelerator streams.
UNSW Founders has previously had co-investment models with capital partners and private investors such as Main Sequence Ventures, Virescent Ventures, Medical Angels, and the government-backed University Trailblazer Programs.
This news comes just a week after Tech Council of Australia CEO, Damian Kassabgi, told SmartCompany that Australia needs more programs like those being piloted at UNSW that encourage commercial initiatives and capital investment within universities.
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UNSW Founders is targeting deeptech
David Burt, Director of Entrepreneurship at UNSW Founders, described the investment as a crucial boost for the university’s deeptech ecosystem.
“As a philanthropically funded accelerator, UNSW Founders depends on partnerships like this to turn groundbreaking ideas into high-growth ventures,” Burt said.
“Physical product innovation needs more than just capital—it needs access to infrastructure like prototyping labs, clean rooms, and testing facilities. Together with Luminary Partners, we’re building an ecosystem that helps transform breakthroughs into scalable businesses that will improve both Australia’s prosperity and security.”
UNSW Founders told SmartCompany the partnership with Luminary Partners builds on the accelerator’s history of funding startups, which started in 2017 with grants and has now evolved to include investments via SAFE notes.
The funding for the 2025 cohort will continue with the SAFE note structure with a $3.5 million valuation cap.
“This approach provides startups with a flexible way to secure investment without immediately issuing equity,” UNSW founders said to SmarCompany.
By supporting 18 early-stage startups in 2025, UNSW Founders and Luminary Partners say they are looking to uncover the next generation of global deeptech leaders.
The funding will be utilised across UNSW Founders’ three flagship accelerator programs. According to the organisation, all of these align with Labor’s National Reconstruction Fund (NRF) priority areas such as health, defence and climate.
- Health 10x: In partnership with The George Institute for Global Health and Virtus Health, this focuses on major health challenges, and includes a dedicated stream for women’s health innovation.
- Defence 10x: Supporting startups focused on national security and sovereign capabilities. This is in partnership with the Defence Trailblazer initiative.
- Climate 10x: Accelerating ventures tackling decarbonisation and clean energy challenges, linked to the Trailblazer for Recycling and Clean Energy.
Previous startups supported by UNSW Founders include High Earth Orbit, Forage, DeCarice, evidentli, GonGlobal, Hullbot, and Breaker. These companies now have a combined enterprise value of $750 million.
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