Nanotechnology Victoria Limited was formed in September 2002 as a new venture between three major Victorian universities (Monash University, Swinburne University of Technology, RMIT University) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Nanotechnology Victoria is a Company incorporated in Victoria and limited by guarantee of its Members (initially Monash, Swinburne, and RMIT).

Nanotechnology Victoria was awarded A$12 million of Victorian Government funding for the period 2003-2005.This funding has been matched with commitments of $16 million from the universities and the CSIRO. The Membership Agreement of Nanotechnology Victoria allows for membership by other institutions, and participation by research organisations and commercial firms will be actively sought.