According to The Australian Financial Review, a start-up that is developing laser eyes to help driverless cars see better, an eBay-style online marketplace that allows customers to donate their sales to charities and an online service to help sports fans find local games while travelling are among 22 recipients of $7.6 million in fresh funding from the federal government's Entrepreneurs Programme.
The funding will come as the latest round of Accelerating Commercialisation grants, which are an ongoing AusIndustry managed programme, that formed part of the Turnbull government's industry policy outlined in the National Innovation and Science Agenda at the end of 2015.
The start-ups that receive grants are at at an early stage, with a developed product and at the point of looking to expand and begin servicing customers. The latest round takes the number of organisations receiving commercialisation funding to 168, with a total of $85.7 million invested to date.
A key proviso of the grant is that the company must match the amount it receives.
Sydney-based Baraja has secured a $1 million grant in order to assist its growth in developing 3D "laser eyes" for self-driving cars. The lidar technology helps cars navigate complex urban environments by using light in the form of a pulsed laser to measure distances.
Minister for Industry, Innovation and Science, Greg Hunt told The Australian Financial Review the financial backing of start-ups was in recognition of their potential future role in growing the broader economy.
He said the government had committed more than $10 billion this year in innovation, science and research.
"This program is focused on supporting entrepreneurs to commercialise their new products and services, so that their businesses can grow and they can hire more people in better paying jobs," Mr Hunt said.
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