Main Sequence, Australia’s leading deep tech venture firm, today announced the promotion of Dr Elaine Stead from Principal to Partner, as the firm builds out its leadership bench ahead of Fund 4.

The promotion comes on the back of a strong year for Main Sequence: two portfolio companies — Gilmour Space Technologies and Advanced Navigation — have reached unicorn status, and Atmosphere, the firm’s pre-seed program backing Australian scientists at the earliest stage, continues to grow, with CSIRO recently quadrupling its commitment to $20 million.

Main Sequence is also in market for its fourth fund, with a first close aimed for the end of the year. 

Since joining Main Sequence, Elaine has been central to leading the firm’s healthcare thesis, driving investment across the firm’s portfolio including Kinoxis Therapeutics (therapeutics for substance use and neuropsychiatric disorders such as dementia), Currus Biologics (CAR-T cell therapies for solid tumours), Macrobiome Therapeutics (immune-rebalancing therapeutics for inflammatory bowel disease), Xylo (next-generation neurotherapeutics), and Xoma Labs (non-invasive continuous glucose monitoring).

Elaine’s own path — a PhD in Biochemistry (Stem Cell Biology) and first-class honours in Biochemistry, Microbiology and Immunology, followed by founding her own company before moving into venture — gives her a vantage point few investors have: she’s sat on the lab bench, built the company, and sat across the boardroom table. It’s a perspective that shapes how she evaluates and backs the healthcare pipeline.

“Great returns come from staying ahead of where the science is going, which means always having the right expertise in the room,” said Bill Bartee, Managing Partner at Main Sequence. “We’ve backed that principle for years, and Elaine is exactly that in action for healthcare. Promoting her to Partner reflects the calibre of team we’re building for Fund 4 — real depth, in every area we’re committed to.”

“Australia has one of the best track records in the world for health and medical innovation. This country has repeatedly produced transformative science, and we have the clinical research environment to keep doing it,” said Elaine Stead, newly appointed Partner at Main Sequence. “What really drives me is watching that patience pay off; in the science and in the company builders willing to bet everything on it. I’m looking forward to bringing that same conviction to Fund 4, and to making sure the people backing that science are as varied as the science itself.”

Elaine joined Main Sequence as Principal in March 2024, bringing a background spanning biochemistry research, startup founding and more than a decade in venture capital.