
#465: Lessons from running a $250M healthtech & biotech fund, with Steve Burnell from Tenmile
Steve Burnell is managing director of Tenmile, the health technology and biotech investment business Andrew and Nicola Forrest's Tattarang set up with a 250 million dollar allocation. He is also a PhD marine ecologist who spent his twenties putting satellite trackers on right whales and making natural history documentaries, then spent fourteen years in big pharma, latterly running digital pathology and clinical decision support businesses for Roche. He and Dr James Somauroo spend a long stretch on antimicrobial resistance, which Steve calls contrarian, and for good reason. Antibiotics have been the place capital goes to die, and big pharma has largely walked away. He explains why Tenmile went in anyway, across a vaccine company, a gram negative antibiotic and a point of care test that tells a GP whether an infection is bacterial or viral. The most useful part for founders is on money. Steve is candid that he became a digital health sceptic after being the digital health guy in 1998, and he names a miss, Heidi Health, an Australian company Tenmile passed on. His line on it is "who looks like the idiot now". There is also his advice on leadership, which starts from never having felt unworthy, why he thinks the best uses of AI in hospitals are the unglamorous ones, the regulatory absurdity of proving an algorithm against two pathologists who cannot agree with each other, and what Australia's R and D tax incentive is worth to a company on the register. Steve Burnell on LinkedIn: https://www.linkedin.com/in/steveburnell Tenmile: https://www.tenmile.com Apply to be a guest: https://thehealthtechpodcast.com Produced by SomX


