Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Grow Wellington welcomes Powerhouse Ventures to the region

Grow Wellington welcomes Powerhouse Ventures to the region


Early stage technology investment firm Powerhouse Ventures is teaming up with Kerasi Limited in Wellington this month to continue helping turn science-based research in the region into commercial reality.

Powerhouse, which was established in Christchurch in 2006, is merging with Kerasi, a commercialisation company based at the Gracefield innovation precinct in Lower Hutt. Kerasi, established in 2008, has worked successfully with universities and Crown Research Institutes (CRIs) in the area to help commercialise their intellectual property.

“This is great news for the region,” says Gerard Quinn, chief executive of Grow Wellington, the region’s economic development agency.

“Powerhouse has been a pioneer in New Zealand, driving investment in research-backed technology through its university partnerships, its use of annual seed funds and an incubation programme to grow international businesses.

“Powerhouse is well known, well respected and a very successful group of early-stage technology investors.”

Mr Quinn says Powerhouse is coming to Wellington because the region has a depth of early- and middle-stage scientific research capability.

“The Wellington region is host to three Crown Research Institutes as well as Crown agency Callaghan Innovation that aims to accelerate the commercialisation of innovation. What’s more, our universities and polytechnics are conducting cutting edge research. Victoria University, for example, ranks first or second in New Zealand for research in every science field at the university.”

Powerhouse uses private and public investment to develop new spin-out ventures sourced primarily from research partners such as universities and CRIs.

Melissa Yiannoutsos, Managing Director from Kerasi, says, “This merger brings science commercialisation and investment expertise of our two companies together to support the wider Wellington region. Merging with Powerhouse significantly expands our capability and provides access to capital from a company with a long track record in technology investment.”

Powerhouse has a portfolio of 15 active investments; these include a company making robots which inspect industrial surfaces such as food storage silos, a business designing and building small hydropower turbines and a tool for the agriculture industry to monitor field production and plan for harvest and processing.

Powerhouse CEO Dr Stephen Hampson sees the enormous potential of combining the groundbreaking technology being developed in the region with Powerhouse’s investment capabilities and early-stage technology business expertise.

"We are delighted that Powerhouse now has a presence in Wellington. The Kerasi team has tremendous ability and experience that complements Powerhouse's existing expertise right across New Zealand,” says Dr Hampson.

“Bringing our proven investment model directly to the Lower North Island will enable generators of research-backed technology to see their work turned into growing businesses with access to both capital and highly focused commercial and technical expertise. Together we are looking forward to an exciting time working in and around Wellington."

Stefan Korn, CEO of startup incubator Creative HQ, says that science commercialisation in the region will go from strength to strength with Powerhouse and Kerasi combining their considerable expertise to this area.

“It’s a win-win for Wellington and Creative HQ will support the firm by ensuring their services are connected to the local startup ecosystem.

“Powerhouse is well placed to invest in research and intellectual property from research institutions here, which leaves Creative HQ to focus on boosting tech startups,” says Mr Korn.

Creative HQ founded New Zealand’s first digital startup accelerator programme, the Lightning Lab, in 2012 – raising $3 million from the equity market following an intensive 12-week programme.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news