More than 50 high-potential companies have been supported to raise more than $391 million in capital since the launch of the MedTech Initiative and the aligned Global Accelerator delivered by Brisbane Economic Development Agency (BEDA)  in partnership with Life Science Nation.

The MedTech Initiative focuses on supporting innovators to fast-track global commercialisation, by advancing connections with international partners for collaboration, investment and distribution deals.

Among the 2025 cohort was Proseek Bio, a local startup working to solve one of women’s health’s most persistent and devastating diagnostic gaps.

A first of its kind

Around 2,000 cases of ovarian cancer will be diagnosed in Australia this year. The current diagnostic standard means that thousands of women have to go through invasive diagnostic procedures .

Proseek Bio exists to change this by providing women and clinicians clearer answers before surgery, reduce unnecessary procedures and create a scalable accurate diagnostic platform that can reach patients around the world.

Proseek Bio is doing this by translating cutting-edge glycoprotein biomarker research to a world-first scalable clinical glycoproteomics test.

“Around 80% of surgeries performed on women suspected to have ovarian cysts are found to be unnecessary because pre-surgery screening lacks accurate biomarkers,” Proseek Bio Founder and CEO Associate Professor Michelle Hill said.

“That means thousands of women may be subject to unnecessary diagnostic surgery procedures.

“We’re developing a blood biomarker-based test designed to help clinicians better distinguish between benign ovarian cysts and ovarian cancer before women undergo invasive diagnostic surgery. Our work has the potential to lift health outcomes for women across the world.”

A Brisbane launchpad for a global ambition

Proseek Bio’s growth comes as global investors increasingly look to Brisbane for the next wave of health innovation.

Health is Brisbane’s fastest-growing industry, forecast to grow by 36% by 2031, presenting life-saving technological advancements not only for domestic but international communities. The city is backed by an $18 billion health infrastructure pipeline and is home to one of the largest interconnected health precincts in the Southern Hemisphere.

For Proseek Bio, BEDA’s support helped to build momentum at a critical stage.

“The support from BEDA has helped us connect into the broader life sciences and MedTech ecosystem, across the world. It has opened doors to international programs, investor conversations and export pathways that are important for a company like ours to make genuine impact,” Hill said.

Practically, this has been felt in the oversubscribed seed round where ProSeek Bio raised $1.5 million. This financial backing allowing the team to accelerate the process of commercialisation of their patented test.

Building a diagnostic test that can scale

Unlike competitors developing centralised tests that must be run in a single proprietary lab, Proseek Bio’s model is to manufacture diagnostic test kits that can be used by existing clinical laboratories.

“We’re developing diagnostic kits that clinical laboratories can use in their own workflows. Not only does that make our work and the impact of early diagnosis scalable, but accessible,” Hill said.

“Research only fulfils its promise when it reaches the people it was designed to help. As a startup, Proseek Bio bridges that gap in academia to generate real and tangible impact.”

Global recognition for Brisbane-born technology

Proseek Bio was incorporated in September 2023. Less than three years later, the company has grown to a team of nine. Already, Proseek Bio’s momentum is being recognised internationally.

In 2026, the company was selected for the BioTools Innovator Accelerator, a globally competitive program for life science tools and diagnostics startups. Chosen from nearly 550 applicants, Proseek Bio was one of just 30 companies selected globally, placing it among the top 5% of applicants.

This follows Proseek Bio’s global pitching success in San Francisco through BEDA’s MedTech Global Accelerator pathway, where the company placed in a competitive international innovation challenge.

BEDA CEO Anthony Ryan said that Proseek Bio is an outstanding example of the real impact being facilitated through Brisbane’s investment in the health and MedTech sector.

“Proseek Bio is one of a stable of innovative MedTech companies in Brisbane with the potential to solve global health challenges. By connecting founders with international investors, commercial pathways and the right networks, the city is helping homegrown innovation scale from local research into global impact,” Ryan said.

While Proseek Bio’s first focus is ovarian cancer, its platform has potential future applications across other under-served areas of women’s health, such as endometriosis and autoimmune conditions.

“Eventually, we hope to become exporters of Australian technology. But we also want to keep the IP here and build the manufacturing capability here. That matters for Brisbane and Australia, and it matters for the patients we’re trying to reach globally,” Hill said.

Australian-owned manufacturing ambition is central to the company’s long-term strategy, exporting Australian-developed diagnostic technology while keeping intellectual property, manufacturing capability and high-value jobs in Australia.

Brisbane’s health sector currently contributes $22 billion to the economy and supports more than 226,000 jobs. With the projected growth of this sector and the attraction of investment in local MedTech innovation the city will continue to emerge as a significant global life sciences powerhouse.