Key Takeaways
- • Dr Elaine Stead, a partner at Main Sequence, describes the path into venture capital drawing on research science, company founding and investing experience, and advises aspiring VCs not to wait until they tick every box.
- • Main Sequence, founded in 2017 by CSIRO, is described as Asia-Pacific's largest specialist deep tech VC firm with over $1 billion under management and is working to close a $400 million fourth fund before year-end.
- • Portfolio companies Gilmour Space Technologies and Advanced Navigation reached unicorn status this year, and CSIRO quadrupled its backing of Main Sequence's early-stage program, increasing funding for Atmosphere to $20 million.
- • Stead highlights Currus Biologics, whose lead therapy CUR-001 received FDA IND clearance ahead of schedule with no questions, with first patients with advanced solid tumours expected to be dosed in early 2027.
- • Stead's stated 12-to-24-month priorities are building the healthcare portfolio, closing Fund 4 and supporting company builders.
Summary
In an interview with Women's Agenda, Dr Elaine Stead, who joined Main Sequence in 2024 and is now a partner, outlined her career and her view of what it takes to succeed in venture capital. Stead, who completed a PhD in biochemistry and launched her first medical startup in 2005, said her experience as a scientist, founder and investor gives her perspective across the table. Main Sequence was founded in 2017 by CSIRO to bridge the so-called valley of death between lab research and commercial markets, and the firm now manages over $1 billion. Two portfolio companies, Gilmour Space Technologies and Advanced Navigation, reached unicorn status this year, and CSIRO has quadrupled its backing of the firm's early-stage deep tech program, increasing funding for Atmosphere to $20 million. The team is working to close $400 million for its fourth fund before the end of the year.
Stead described her priorities for the next 12 to 24 months as deepening the healthcare portfolio, bringing in next-generation leaders for Fund 4, and continuing to back company builders. She cited Currus Biologics as the venture she is most excited about. According to Stead, the FDA cleared the company's IND for CUR-001, a lead therapy designed to help CAR-T cells multiply, persist and reach solid tumours, with the review coming in ahead of schedule and without questions. First patients with advanced solid tumours are expected to be dosed in early 2027. Stead also pointed to healthcare investments led by women, including Natasha Bian at Xoma Labs, which is developing non-invasive glucose monitoring, and Sam Cobb at Currus. She also highlighted Macrobiome in Far North Queensland, led by Alex Loukas and Paulo Giacomin, which is developing treatments for autoimmune disease.
On career advice, Stead urged aspiring investors not to wait until they meet every requirement, noting that her firm's investors come from technical, operational, company-building and financial backgrounds. She recommended seeking sponsors who will advocate for them in addition to mentors, and building a public voice by asking difficult diligence questions. Stead framed the role as one that requires doing the right thing for the company even when uncomfortable, and described partnership as a decade-long commitment to founders, limited partners and colleagues.
Stead described her priorities for the next 12 to 24 months as deepening the healthcare portfolio, bringing in next-generation leaders for Fund 4, and continuing to back company builders. She cited Currus Biologics as the venture she is most excited about. According to Stead, the FDA cleared the company's IND for CUR-001, a lead therapy designed to help CAR-T cells multiply, persist and reach solid tumours, with the review coming in ahead of schedule and without questions. First patients with advanced solid tumours are expected to be dosed in early 2027. Stead also pointed to healthcare investments led by women, including Natasha Bian at Xoma Labs, which is developing non-invasive glucose monitoring, and Sam Cobb at Currus. She also highlighted Macrobiome in Far North Queensland, led by Alex Loukas and Paulo Giacomin, which is developing treatments for autoimmune disease.
On career advice, Stead urged aspiring investors not to wait until they meet every requirement, noting that her firm's investors come from technical, operational, company-building and financial backgrounds. She recommended seeking sponsors who will advocate for them in addition to mentors, and building a public voice by asking difficult diligence questions. Stead framed the role as one that requires doing the right thing for the company even when uncomfortable, and described partnership as a decade-long commitment to founders, limited partners and colleagues.
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