media release
Multi-million Dollar Investment Gets On Track
Ground-breaking research which will save billions of dollars a year in the horse racing industry has been given the green light after receiving more than $6.5 million in investment.
Genetraks Pty Ltd is developing a new bioinformatics technology - combining biology with information technology - to better determine if a horse is fit to race.
"We are working with vets and trainers to enhance the diagnosis and monitoring of performance animals such as racehorses," Dr Roslyn Brandon Chief Executive Officer of Genetraks said today.
"Billions of dollars are lost by the global racing industry every year because owners and trainers are unable to assess accurately the fitness of a horse.
"We have estimated that if they were better able to manage this 'wastage' they would save thousands of dollars every year."
This latest round of investment follows the success of Genetraks to win a number of Federal Government grants.
"The investment recognises there is a need for this sort of technology development in the industry," Dr Brandon said.
"In the current economic climate many companies are finding it increasingly hard to attract this sort of capital.
"We are delighted that Technology Venture Partners, Nanyang Venture and Foundation Capital are prepared to back our work."
As well as the funding, Genetraks has been able to attract former CSIRO heavyweight Dr Mervyn Thomas to the team, and Dr Treve Williams, Senior Partner of the Randwick Equine Centre in Sydney, to the Board of Directors.
Genetraks is the newest company to move into the highly successful technology incubator, i.lab.
"Joining i.lab offers us greater flexibility and cost effectiveness, which is excellent for a company at our stage of development," Dr Brandon said.
"This is a very exciting time for us; we have a strong management team, three of the best venture capitalists in Australia and we are working at the cutting edge of science."
For more information contact Ann Lund at Media Affair on Phone 07 3300 0172, Mobile 0414 612 324. See also www.genetraks.com.