Firms

Breakthrough Victoria

Melbourne, Victoria, Australia

Breakthrough Victoria Pty Ltd was a Victorian state-owned investment company, established on 16 March 2021 under the Corporations Act 2001 and governed as a state-owned company under the State Owned Enterprises Act 1992. It invested patient capital for commercial returns and economic, social and environmental benefits to Victoria, commercialising research and supporting companies from pre-seed research translation through venture and growth capital. Its five priority sectors were advanced manufacturing, agri-food, the clean economy, digital technologies, and health and life sciences. Its deep-tech and neuroscience relevance includes quantum computing and sensing, semiconductor technology, photonics and scientific instruments, advanced materials, bioengineering, medical devices, neurological monitoring and virtual-reality applications. It also backed university commercialisation platforms, research infrastructure and external venture funds, which are distinct from direct company equity checks. The original AUD2 billion Breakthrough Victoria Fund was a state budget allocation, initially over ten years and subsequently rephased over fifteen years; it was not a private limited-partner fundraising close or AUD2 billion already deployed. Its official final summary reports AUD529.3 million committed across 103 investments and AUD824.2 million in portfolio net assets, neither of which is additional company funding. Breakthrough Victoria concluded operations on 30 June 2026 and merged with LaunchVic on 1 July 2026 to form Innovation Victoria. The successor assumes responsibility for existing programs and agreements under unchanged terms. This profile preserves the historical buyer and legal identity; the published 2025 board and leadership roles are historical, not a claim of current employment at a ceased standalone organization. Rod Bristow was subsequently appointed chief executive of Innovation Victoria. The authenticated legacy brand mark is retained for historical investment identity.

Founded: 2021
Type: Venture capital

Funds1

Breakthrough Victoria Fund (Victorian state capital allocation)2020-11-242020-11-24A$2B
Victorian government innovation investment fund announced November 24, 2020 with an AUD2 billion state capital allocation over ten years. It backs commercial research and innovation in health and life sciences, digital technologies, advanced manufacturing, clean economy and agri-food. The budget allocation is not private LP capital raised or cash already invested.

Team

Operations and support

Brett MitschChief Investment Officer (historical)

Deirdre BlytheDirector (historical)

Ian MeredithDirector (historical)

John BrumbyChair (historical)

Joshua FunderDirector (historical)

Lauren MorreyChief Operating Officer (historical)

Mark JohnsonDirector (historical)

Monique ConheadyDirector (historical)

Rod BristowChief Executive Officer (historical)

Rosemary PeaveyGeneral Counsel and Company Secretary (historical)

Investments

$100M2025-06-02	Infleqtion	S32, Glynn Capital, SAIC Capital, Section 32, Global Frontier Investments, Maverick Ventures, Counterpoint Global, In-Q-Tel, Erik Thoresen, LCP Quantum Partners, Breakthrough Victoria
$20M2025-01-15	Quantum Brilliance	Cloudberry Ventures, Breakthrough Victoria
A$5M2024-05-16	Neo-Bionica	Breakthrough Victoria
$18M2023-02-15	Quantum Brilliance	Breakthrough Victoria
$109M2022-11-01	Infleqtion	BOKA Group, LCP Quantum Partners, Global Frontier Investments, Maverick Ventures, In-Q-Tel, Sumitomo Corporation of Americas, Foundry Group, Breakthrough Victoria
A$54M2022-11-01	Samsara Eco	DCVC, Breakthrough Victoria
$—Unknown date	WorldView	Breakthrough Victoria
$—Unknown date	Type One Energy	Breakthrough Victoria
$—Unknown date	Infleqtion	Global Frontier Investments, Maverick Ventures, LCP Quantum Partners, Breakthrough Victoria

Funds1

Team

Operations and support

Co-investing

Investments