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Media Release

December 17 2003

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.

'This is another example of home grown technology being competitive on a global stage. With SciVentures as our partner we now have the capability to take this technology to the world market' said Mark Hender, Managing Director of ITEK. 'This investment will enable us to continue developing the technology and to engage commercial partners'.

Prototype development for a full pilot system will commence in the New Year at ITEK's new premises on the University's Mawson Lakes campus.

ITEK Pty Ltd is the wholly owned commercialisation company of the University of South Australia. ITEK supports the commercialisation of University research through the formation of spin-off companies, licensing and the sale of intellectual property. ITEK's consulting and investment services are also available to non University inventors with eligible ideas. ITEK currently incubates a range of technology based companies in the areas of wireless communications, vehicle positioning systems, satellite communications, pharmaceuticals and health care.

SciVentures Investments Pty Ltd, is an Australian owned and operated funds management company established in May 2002. SciVentures Investments was selected to manage one of the four Pre-Seed Funds to be licensed under the Commonwealth Government's Pre-Seed Fund program. This program was introduced as part of the Backing Australia's Ability initiative, to help increase the level of commercialisation of Australian Government research through the formation of companies spinning out from Australian Universities or federally funded research agencies.

 

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