CSIRO and Main Sequence have unveiled an updated roadmap illustrating how synthetic biology (SynBio) could catalyse over $30 billion in revenue and generate 50,000 new jobs for Australia by 2040.
As the leading SynBio investor in Australia, Main Sequence has been instrumental in fostering the industry’s expansion, backing more than a dozen companies that have collectively secured over $100 million in funding. Among these successes are breakthrough ventures like Cauldron Ferm, which focuses on commercializing precision fermentation and recently raised $10.5 million in one of Australia’s largest female-led funding rounds. Another standout is Samsara Eco, which specializes in enabling infinite recycling and secured $56 million in funding in 2022, partnering with Lululemon for the launch of its inaugural product. Additionally, Eden Brew, dedicated to creating animal-free dairy, raised $25 million in 2023.
The Synthetic Biology National Progress Report is an update to the 2021 National Synthetic Biology Roadmap – which originally found the field would deliver an annual revenue of $27 billion and 44,000 jobs by 2040.
The roadmap presents a strategic and commercially oriented outlook on how synthetic biology could serve as the backbone of a robust Australian bioeconomy, potentially yielding up to $30 billion in annual revenue by 2040. Synthetic biology, an interdisciplinary field of science, leverages engineering methodologies and advanced genetic technologies to swiftly design and construct innovative biological solutions.
These solutions hold the promise of driving innovation across various sectors, from the development of novel medical products to the sustainable production of food, energy, medicines, chemicals, and materials. Furthermore, they can facilitate carbon emissions reduction and sequestration, thereby accelerating the global economy’s decarbonization efforts and fostering job creation.
Australia stands to capitalize on a significant domestic opportunity by cultivating a national synthetic biology capability, which could contribute to annual revenue of up to $30 billion and the creation of over 50,000 new jobs by 2040 across multiple sectors, with food and agriculture, as well as health and medicine, anticipated as the primary emerging markets for synthetic biology applications. Establishing such an ecosystem could also address uniquely Australian agricultural and environmental challenges, fortify domestic manufacturing capabilities to bolster supply chain resilience, and enhance the nation’s resilience against biological threats such as emerging infectious diseases or bioterrorism.
Realizing this potential necessitates positioning synthetic biology as a critical national capability that underpins a thriving Australian bioeconomy. This entails maintaining investments in synthetic biology research while intensifying support for addressing the ecosystem’s most pressing challenge: industrial translation and scale-up.
Since the roadmap’s publication in 2021, Australia has made significant strides in advancing its synthetic biology capabilities. The 2024 progress report showcases the evolution of Australia’s synthetic biology ecosystem from 2021 to 2023, highlighting major developments in both research and industry, and updating the roadmap’s market sizing analysis for 2040.
Gabrielle Munzer, Partner at Main Sequence Ventures, said that venture capital investment into cutting edge synthetic biology applications promises to deliver transformative benefits across a range of sectors.
“Synthetic biology has incredible potential to positively impact many global challenges, from food production to environmental sustainability,” Ms Munzer said.
“Main Sequence is invested in helping build the synbio ecosystem to responsibly drive this field forward. Since 2021, we have supported over a dozen pioneering companies that are engineering biology to tackle pressing needs like food scarcity, agriculture, and waste remediation.
“Together, these companies have raised over $100 million in funding and created 135 jobs to date.
“This is only the beginning and synbio remains a largely untapped opportunity. With the right partnerships across industry, government and academia, we can accelerate the development of synbio products and solutions to provide social, environmental; and economic benefits.”
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