Cicada Innovations - Comprehensive Analysis Report

Summary

Cicada Innovations is Australia's leading deep technology incubator, established in Sydney in 2000. For 25 years, it has been instrumental in cultivating companies that address complex global challenges by integrating business, engineering, and science. The organization's core mission is to empower startups to grow, thereby positioning Australia as a leader in deep tech innovation and fostering a sustainable and prosperous future through R&D-driven businesses. Cicada Innovations aims to transform world-class Australian research and development into viable commercial enterprises, reducing the outflow of local R&D capabilities to overseas markets. The incubator has supported over 400 startups, helping them collectively raise more than $6 billion in funding, create thousands of jobs, and access global markets. It is estimated that for every public dollar invested to establish Cicada, more than $400 in economic activity has been generated, contributing over $8 billion in total economic impact to the Australian economy.

1. Strategic Focus & Objectives

Core Objectives

Cicada Innovations' main business objectives include building Australia's deep tech economy, advancing scientific discovery, and enabling innovators to establish impactful deep tech businesses. They aim to translate scientific and engineering breakthroughs into commercial applications that address global challenges.

Specialization Areas

Cicada Innovations specializes in fostering ventures rooted in scientific and engineering breakthroughs that require significant investment and specialized support. Their unique value proposition lies in providing purpose-built environments, cutting-edge labs, flexible spaces, mentors, and a network of ambitious peers tailored to the needs of deep tech startups. They offer full lifecycle support through programs such as "Foundations," "Elevate," and "Stride," which build skills, prepare for scaling, and assist in gaining market traction.

Specific areas of deep tech specialization include biotechnologies, advanced materials, synthetic biology, artificial intelligence (AI), quantum sensing, climate innovation, and emission-free aviation.

Target Markets

The primary market segments targeted by the ventures supported by Cicada Innovations span critical sectors such as medtech, energy, agriculture, advanced manufacturing, human health, food security, and space technology. Their market positioning strategy involves connecting entrepreneurs, policymakers, and researchers to drive R&D-driven businesses for a sustainable and prosperous future.

2. Financial Overview

Funding History

Cicada Innovations was initially established with approximately $20 million in public investment. This included about $11 million from the Commonwealth Government through the Building Better Cities program and around $9 million from the New South Wales (NSW) Government in land contributions and refurbishment of the National Innovation Centre. This initial investment has reportedly generated over $400 in economic activity for every public dollar invested.

Since its inception, Cicada Innovations has supported over 500 deep tech ventures that have collectively raised $6.5 billion in funding and achieved over $1.4 billion in exits. The incubator's total estimated contribution to the Australian economy exceeds $8 billion.

Cicada Innovations has a portfolio of 88 companies, including one unicorn (Bugcrowd) and 16 portfolio exits.

Detailed breakdown of notable investments in its portfolio:
Regrow (formerly FluroSat): Provides cloud-based crop management and analytics solutions. Founded in 2016, it has raised $60.7 million up to Series B.
Bugcrowd: A unicorn within Cicada Innovations' portfolio.
Morse Micro: Focuses on Wi-Fi HaLow technology. Founded in 2016, it has raised $149 million up to Series B, with its latest funding round being a Series B of $20.2 million in November 2022.
SpeeDx: Develops diagnostic solutions.
Propeller Aero: Offers drone data solutions for civil infrastructure and mining.
Elastagen: A medical device company acquired by Allergan in 2018.
Clarity Pharmaceuticals: Specializes in radiopharmaceuticals.
Tessara Therapeutics: A recent investment (December 2024) in the Discovery Tools (Healthcare) industry.
MP Space: Operates within the Commercial Products industry.
Quantum Motion: Focuses on the Hardware industry.
Lleaf: Received a $3.5 million Seed round on September 13, 2022, with participation from Alfa Ventures and UNSW Sydney.
Calumino: Founded in 2014, it has raised $10.3 million up to Series A, with its latest funding round being a Series A of $10.3 million in September 2022.

3. Product Pipeline

Cicada Innovations itself does not have a "product pipeline" in the traditional sense, as it is an incubator. Instead, its "product" is a suite of programs and facilities designed to support deep tech startups through their entire lifecycle.

Key Products/Services offered by Cicada Innovations:

Incubators: Provisions of purpose-built physical spaces equipped with specialized labs, prototyping facilities, and technical infrastructure. This includes the Cicada Incubator Eveleigh, the HealthTech Hub in Westmead, and the Jumar Bioincubator in Parkville, VIC, which is specialized for biotech startups.
Commercialization Training Programs: Programs designed to equip entrepreneurs with skills, tools, and connections to translate scientific breakthroughs into thriving businesses, covering the full venture lifecycle from idea stages to market traction. Examples include the Health Commercialisation Training Program and the GrowLab Agri-Food Accelerator.
National Space Industry Hub: A dedicated hub in partnership with the NSW Government, providing physical space, resources, mentoring, and industry connections for innovators in space, aerospace, and defense. The hub also facilitates access to defense-specific experts and networks for market entry.
Deep Tech Showcase (Cicada x Tech23): Australia's flagship platform for deep tech innovators, connecting visionary founders with investors and accelerating their journey from lab to market. The 2025 Tech23 cohort is addressing challenges in areas like cancer diagnostics, emission-free aviation, carbon-negative building materials, quantum sensing, and wearable medtech.
Full Lifecycle Support Programs: "Foundations" for skill-building, "Elevate" for scaling preparation, and "Stride" for gaining market traction.

4. Technology & Innovation

Cicada Innovations' innovation lies in its methodology for identifying, incubating, and accelerating science-led startups rather than in developing proprietary technologies. The organization provides state-of-the-art infrastructure to its residents.

Technology Stack

Cicada Innovations offers purpose-built environments with specialized labs, prototyping facilities, and the technical infrastructure essential for deep tech startups. This includes access to specialized equipment across its incubator sites in Eveleigh, Westmead, and Parkville, VIC.

Proprietary Developments

While Cicada Innovations itself does not develop proprietary technologies, it nurtures ventures that contribute to advancements in:
Biotechnologies: Supporting innovations in life sciences and health.
Advanced Materials: Fostering breakthroughs in material science.
Synthetic Biology: Advancing capabilities in designing and engineering biological systems.
AI and Quantum Sensing: Supporting applications of artificial intelligence and quantum technologies to solve global challenges.
Climate Innovation: Backing solutions for a sustainable future, including carbon-negative building materials and emission-free aviation.

Scientific Methodologies

Cicada Innovations emphasizes an R&D-driven approach, transforming world-class Australian research and development into commercial enterprises. Their programs provide commercialization training to translate scientific breakthroughs into thriving businesses, supporting the entire venture lifecycle.

5. Leadership & Management

Executive Team

Liza Noonan (CEO): Appointed CEO in November 2025. Ms. Noonan previously served as the executive director of innovation at Investment NSW. Her professional background includes senior roles at CSIRO, where she was Global Director and led the national ON Accelerator, overseeing ASEAN and global innovation partnerships. She also founded Springboard Australia, a startup accelerator for women-led high-growth companies. Ms. Noonan's focus includes scaling Cicada's support nationally and building partnerships in deep tech.
LinkedIn Profile: [https://www.linkedin.com/in/liza-noonan-99b35b11/](https://www.linkedin.com/in/liza-noonan-99b35b11/)
Dr. Katherine Woodthorpe AO (Chair): Serves as the Chair of Cicada Innovations. Dr. Woodthorpe emphasizes the critical need for Australia to continue building sovereign deep tech capability and commercialize science.
LinkedIn Profile: [https://www.linkedin.com/in/katherinewoodthorpe/](https://www.linkedin.com/in/katherinewoodthorpe/)
Sally-Ann Williams (Former CEO): Sally-Ann Williams previously held the position of CEO for six years, stepping down in June 2025. Under her leadership, Cicada Innovations expanded its national footprint, launched two new incubators, and established the National Space Industry Hub.

Recent Leadership Changes

Liza Noonan was appointed as the new CEO of Cicada Innovations in November 2025, succeeding Sally-Ann Williams. Ms. Williams departed after six years in the role. The transition involved Ingrid Marsh serving as Acting CEO during the interim period.

6. Talent and Growth Indicators

Cicada Innovations operates with a dedicated team. Recent data indicates the organization employs between 51-200 individuals. Its team includes 11 Partners, 3 Venture Partners, and 8 Principals, primarily based in Australia. In 2024, the team grew with 14 new members.

Company growth trajectory indicators:

Expanded Operations: All three of Cicada Innovations' sites—Eveleigh, Jumar in Melbourne, and the HealthTech Hub in Westmead—became fully operational in 2024.
Increased Residents: In 2024, these hubs housed 84 startups, including 40 new residents, indicating a growing community and demand for deep tech incubation.
Capital Raised by Residents: Startups within the Cicada community raised over $447 million in private capital and grants in 2024.
Job Creation: The resident startups also created 121 new jobs in 2024.
National Expansion: Cicada Innovations plans for national expansion to scale its support for deep tech innovators across Australia. Further plans for 2025 include a national roadshow for the Cicada x Tech23 event to various cities across Australia.
Economic Impact: An impact report from 2020 highlighted that renewed investment in the STEM sector presents an "unprecedented opportunity" for Australia. The report also noted that for every $1 generated by a deep tech company, more than $3 of value is created for other parties.

7. Social Media Presence and Engagement

Cicada Innovations maintains an active social media presence to connect with entrepreneurs, scientists, investors, and policymakers, and to champion Australia's deep tech ecosystem.

Digital Footprint

LinkedIn: The company actively uses LinkedIn to share updates on its programs, events, resident startup achievements, and broader deep tech industry news. The platform is used for thought leadership, emphasizing the success of its alumni and deep tech's importance to Australia's economic future.
LinkedIn Profile: [https://www.linkedin.com/company/cicada-innovations/](https://www.linkedin.com/company/cicada-innovations/)
YouTube: Cicada Innovations' YouTube channel features videos highlighting its role as Australia's flagship deep tech incubator. Content showcases facilities, commercialization programs, and interviews with innovators and team members, underscoring deep tech's impact on global problem-solving.
YouTube Channel: [https://www.youtube.com/user/CicadaInnovations](https://www.youtube.com/user/CicadaInnovations)

Brand Messaging and Positioning

Cicada Innovations consistently emphasizes its mission to build Australia's deep tech economy, leverage science and technology for global challenges, and create a smarter, more sustainable, and impactful future. They actively promote key events like Cicada × Tech23 and showcase the ventures they support.

8. Recognition and Awards

Industry Recognition

Cicada Innovations has received significant industry recognition, solidifying its position as a leading deep tech incubator.
Top Incubator in the World: The organization was twice named 'Top Incubator in the World' by the International Business Innovation Association (InBIA), a global peak industry association for entrepreneurship programs. This recognition was based on economic and social impact metrics, including startup entrants, successful exits, jobs created, patents filed, new products and services launched, and investment dollars received.

Notable Achievements

25-Year Legacy: In November 2025, Cicada Innovations celebrated its 25th anniversary, marking a quarter-century of impact on Australia's deep tech ecosystem.
Economic Impact: The incubator has contributed an estimated $8 billion to the Australian economy based on capital raised, high-skill job creation, and broader innovation spillovers.
Support for the Space Industry: Since its launch in 2021, the National Space Industry Hub, operated by Cicada Innovations, has supported over 80 startups, accelerated commercial readiness, and played a key role in building Australia's sovereign space capability. Space startups at the hub have raised over $56 million in funding and supported 160 high-value jobs.

9. Competitive Analysis

Cicada Innovations, as Australia's leading deep tech incubator, primarily operates in a competitive landscape that includes other incubators, accelerators, and innovation hubs globally and within Australia that focus on science and engineering-based startups.

Major Competitors

While direct equivalents in Australia with the same scale and 25-year track record are limited, an international example includes:
SGInnovate (Singapore): This deep tech incubator, mentioned as an equivalent to Cicada Innovations, has received significant government funding and incubated a substantial number of startups. SGInnovate received $50 million in government funding since 2016 and incubated 70 startups that collectively raised $558 million in private investment.

These competitors typically provide incubation programs, investment, and networking opportunities to deep tech ventures, all aimed at fostering technological breakthroughs and commercialization.

10. Market Analysis

Market Overview

The deep tech market in Australia, where Cicada Innovations is a key player, is characterized by its demand for significant, long-term investments and specialized support to translate scientific discoveries into commercial successes. The market is driven by the urgent need for sovereign technologies to address complex global challenges in human health, climate change, food security, and national security.

Growth Potential

Australia's strong research infrastructure and world-class universities present a substantial opportunity for growth in deep tech. Studies indicate that for every $1 generated by a deep tech company, more than $3 of value is created for other parties, including wider society, business customers, and other startups.