2025 MacDiarmid Institute affiliated start-ups - Annual Report 2025

20 June, 2026

37 start-up companies have been founded or led by MacDiarmid Institute research entrepreneurs and alumni since the Institute began in 2002. Three of these have been acquired by international companies. 24 of the pre-revenue companies continued to thrive in the tough 2025 operating and capital raising environment.

MacDiarmid Institute affiliated startups from 2000 to 2025

A strong IP development pipeline led to the formation of seven companies in 2025, founded by Institute alumni and researchers ranging from early-career scientists to Professors.

Ten of the companies raised a combined NZ $38.2 million capital investment during the year, with $17.2 million of this being from international investors.

Despite particularly challenging capital market conditions, this level of capital raising demonstrates the strong value proposition that advanced materials research in New Zealand offers to both the local economy and global markets.

In 2025, Institute affiliated start-up companies (n = 13) reported the following outcomes:

$18 million invested in research and development, with 33% of expenditure occurring offshore
166 full-time equivalent (FTE) employees, representing 23% growth over the year
33% of employees holding PhD-level qualifications, including founders
38 employees who are MacDiarmid Institute alumni
42 patent families underpinning their technologies, ranging from 1 to 12 per company
Two additional patents granted during the year

Fifteen companies have indicated the intention to raise capital in 2026, and of these:

Eight will be seed rounds
Seven are post-seed rounds
Twelve are at TRL three through to five
Three are at or above TRL7

Potential investors with an interest in deep tech and Cleantech are invited to contact our Commercial and Industry Engagement team for confidential introductions to companies aiming to raise capital.

Industry partnerships and commercial projects

The high risk associated with early-stage research on cutting edge technologies for commercial purposes can be mitigated by working with trusted scientists who understand the commercial perspective and metrics for success.

MacDiarmid Institute researchers located in five Universities undertook 34 commercial projects ranging from industry funded PhDs through to rapid turnaround technical feasibility and analytic projects. Clients ranged from New Zealand and internationally owned multinationals through to early-stage start-ups developing technology in the following industrial sectors:

Electricity and energy
Superconducting motors
Metals and minerals processing and recycling (including critical minerals)
Biophotonics
AI and machine learning
Surgical equipment manufacturing
Petrochemicals
Animal health
Dairy industry
Electronics equipment and advanced manufacturing
Marine coatings
Human health and fertility

These commercial projects were led by seventeen researchers, each of whom has established robust working relationships with the partner companies on which to build further enhancements to New Zealand's productivity.