New venture builder Illume Ventures launches with LaunchVic support to strengthen Victoria's deep-tech ecosystem

Illume Ventures was founded in 2026 by Ms. Laxmi Pun, former Investment Director at Breakthrough Victoria and former lead of the University of Melbourne's Accelerator Program. The venture was born from firsthand observation of the challenges researchers and deep-tech founders face in moving ideas from research to venture.

"Much of the early innovation journey is spent moving from one grant application to another, and many promising ideas fall away at this stage."

During her time at Breakthrough Victoria, Ms. Pun saw firsthand the gap between research and investor readiness, beginning with the disconnect between academic and investor language. She also observed that while universities are increasingly investing in research translation, founder capability building and venture creation, access to these resources remains uneven across the ecosystem.

"We don't have a talent problem, nor a capital problem. We are seeing a significant shift in the venture capital landscape, with more investors backing deep-tech. What is missing is the system that connects these two worlds," she said.

"Building deep-tech companies requires more than just an idea or a small team. It requires expertise across technology, regulation, commercialisation and investment. It also requires access to networks that are often difficult to navigate and unevenly distributed. While universities are playing an increasingly important role in supporting research translation, there are still many talented founders outside the university ecosystem who need access to the same opportunities."

"This is exactly what Illume Ventures is trying to solve. By working across universities and supporting founders both inside and outside the research sector, we can create pathways to expertise, networks and opportunities that have traditionally been available to only a few."

The launch comes at a time when Victoria is seeking to strengthen its position as a national AI and deep-tech hub. As governments and investors increasingly view artificial intelligence as a driver of productivity, investment and high-value jobs, there is growing demand for programs that help translate research and emerging technologies into venture-backed companies.

Future Frontier has been designed to bridge this gap. Delivered over 10 weeks, the program combines deep-tech commercialisation, venture building and AI frameworks to help founders validate opportunities, build investor readiness and accelerate their path to market. The program will culminate in a showcase connecting founders with investors, industry and ecosystem partners.

The program also benefits from relationships with leading global innovation networks, including SOSV, the US-based venture capital firm investing in frontier technologies, and Berkeley SkyDeck Fund, one of the world's leading university-backed startup funds. Eligible founders will have opportunities to connect with international investors and explore pathways into global markets.

According to Ms. Pun, whose mission has always been to create accessible opportunities for all, Future Frontier represents an opportunity to build globally connected deep-tech ventures from Australia.

In parallel, she also leads Illume Foundation, a social enterprise focused on creating pathways into startups, technology and venture capital for emerging talent, inspired by her own experience navigating the innovation ecosystem early in her career.

"With Illume Ventures and Illume Foundation, we're helping create the next generation of venture builders who will shape the technologies of the future."

"Victoria has a unique opportunity to lead in AI by connecting world-class research with real-world application," said Professor Shonali Krishnasamy, Director of the Monash AI Institute.

"This partnership enables us to support researchers and founders in translating cutting-edge AI into impactful and ethical solutions that can scale globally. By combining research excellence with entrepreneurial capability, we can help accelerate the development of technologies that deliver real-world impact."