Perth-based listed investment fund, Biotech Capital Ltd, has invested $2 million in Crawley-based Sensear Pty Ltd, ahead of the launch of its hearing enhancement and protection products in Germany and the US.
Life sciences-focused Biotech Capital, managed by Harry Karelis’ Titan BioVentures Management Pty Ltd, will become the largest shareholder in Sensear following the placement, and will have board representation.
Last month, Biotech invested $800,000 in David McCauliffe’s Perth-based listed neurology research company, NeuroDiscovery Ltd, as part of its plans to raise $3.2 million to fund further human trials of its pain-treatment drugs.
NeuroDiscovery currently has a market capitalisation of $4.3 million.
Sensear is run by Justin Miller, co-founder of human resources software company, Empired.
The company said the $2 million investment was part of a $3 million raising undertaken by Sensear.
The technology was originally developed at the Western Australian Telecommunications Research Institute and is focused on speech recognition and enhancement in noisy environments – ear muffs and plugs will be the first commercial application.
The technology allows for users to hear speech and use their mobile phones without removing hearing protection.
In January, it was revealed the company had secured a $1 million AusIndustry Commercial Ready grant.
Biotech Capital’s investments have included Phylogica Ltd and Clinical Cell Culture Ltd. It sold its holding in CCC in February for $2.2 million, a loss of about $600,000.
Biotech Capital had net assets of around $41 million as at December 31 last year, and has a current market capitalisation of $32.5 million.
