🇦🇺 This Week in Australian Startups #111, 6th April 2025
I’m back after taking last week off to celebrate Eid, which is the end of Ramadan. On a personal note - this is first year in Australia that I’ve spoken to so many people, particularly in tech, who are aware of what it is. It’s been a nice feeling to not have to explain the same thing every year. Representation of course matters, but being a good ally is in many ways just as if not more important to minority groups - especially those who continue to be marginalised by mainstream media.
If we're already connected on LinkedIn you may have seen my update a few weeks ago that I've joined Rippling to lead the Account Management team in APAC. I'll be sharing a more detailed update in the coming weeks about why I joined. The main update for today is that I'll be travelling to San Francisco today to spend the week at Rippling HQ, so there will be no newsletter next week - 20th April will be the next edition.
The biggest news story in this last fortnight has been without a doubt the saga surrounding StrongRoom AI and EVP - if you haven’t already caught up on it, here’s the best summaries and insights I’ve read;
Unspoken: What Does the EVP × StrongRoom AI News Mean for Founders? (The Aussie Startup Capital Nerd)
'Wilful fraud': The search for StrongRoom AI's missing millions (Capital Brief)
From a Moroccan villa to the courtroom: how StrongRoom AI’s good times went bad (AFR)
Top News
Australian writers seek government help in legal battle with Meta (The Australian)
Leonardo.Ai shrugs off threat from ChatGPT’s new image tools (Capital Brief)
Australia's top VCs aren't just investing in AI — they're using it for (almost) everything (Capital Brief)
Canva shocks employees with AI-related job cuts (AFR)
Data analytics startup WhyHive is shutting down 2 years after raising $600,000 (Startup Daily)
NSW Blueprint is a good start, but more work required (InnovationAus)
Portable gets $1.1m grant for tech tool to stop worker underpayments (SmartCompany)
Australia should hold its nerve against Facebook despite tariff threat (The Australian)
Boston’s PSG Equity is in advanced discussions to acquire Uptick, a software provider to the building compliance industry, focused on fire safety and heating, ventilation and air-conditioning (HVAC) (AFR)
Fat Zebra buys SecurePay from Australia Post (Capital Brief)
WhyHive, the ‘Canva for data’, shutting down after pre-seed round (SmartCompany)
CBA opens tech hub in Seattle to boost AI skills (The Australian)
Harrison.ai revenue hit $4.75m ahead of $178m raise (Capital Brief)
Westpac to pour $600m into UNITE tech overhaul in FY25 (Capital Brief)
Domain suitor CoStar lifts takeover bid by $145m after negotiations with Nine (BNA)
AustralianSuper sells $580m stake in WiseTech, takes swipe at board (AFR)
High-profile drone delivery start-up Swoop’s assets sold (AFR)
PsiQuantum targets $9.5b valuation, handing Labor a potential windfall (AFR)
Blackbird Ventures kicks off process to raise sixth fund (Capital Brief)
Koala schedules non-deal roadshow for IPO; $100m raising tipped (AFR)
R&D tax incentive payments to fall by $650 million (InnovationAus)
Powerhouse Ventures seeds new fund with $20m in assets to target space, AI and quantum computing (BNA)
VentureCrowd notches 137 per cent return on CriticalArc sale to Five V Capital (BNA)
Three young venture capitalists get creative to break through (AFR)
Funding Rounds
This Week $26m - 31st March to 6th April 2025
QuintessenceLabs, cybersecurity startup that develops quantum-enhanced data protection solutions, has raised $20m in a Seed round from National Reconstruction Fund, Main Sequence Ventures, Telus and InterValley Ventures (InnovationAus | Startup Daily)
Flagship, a digital visual merchandising platform that allows physical stores to access real-time data on inventory levels, product views, and conversion rates, has raised $6m in a Seed round from Coreline, Veridical Ventures, Tidal Ventures and Macdoch Ventures (SmartCompany | The Australian | BNA)
Sorata, an AI-powered market intelligence provider of public ownership data on AXS-listed companes, has raised an undisclosed amount from Angel Investors (AFR)
H3D, a cutting-edge tech company that is reinventing custom-fit devices using AI and automation, has raised an undisclosed amount from Swinburne University of Technology (Swinburne)
Last Week $494.75m - 25th April to 30th March 2025
Protecht, an enterprise risk management software that helps manage risks and monitor compliance, has raised $445m ($280m USD) in a round from PSG Equity (AFR | BNA | Capital Brief)
Iceberg Quantum, a startup designing the architecture and blueprints for fault-tolerant quantum computers, has raised $2m in a Pre-Seed round from Blackbird and LocalGlobe (BNA | The Australian | Startup Daily)
Carma, an online used car marketplace, has raised $30m from Regal Funds Management, Tiger Global, General Catalyst and Five V Capital (BNA | Capital Brief | AFR)
Project Manda, an AI-powered platform that provides coaching, feedback, and follow-ups to make meetings more productive and reduce admin, has raised $2m in a Pre-Seed round from Tech Labs Capital, Black Sheep Capital and Angel Investors (SmartCompany)
DeteQt, a startup developing highly sensitive, portable, and scalable quantum magnetometers that integrate nitrogen-vacancy diamond technology with traditional silicon chip fabrication, has raised $750k in a Pre-Seed round from Main Sequence Ventures and ATP Fund (Startup Daily | InnovationAus)
Gaia Project Australia, an AgTech that makes modular cultivation systems to enhance food security and sustainability, has raised $1m in a Seed round from La Trobe University and Breakthrough Victoria (InnovationAus | BNA)
MOOD.ai, which is building an intuitive workplace wellbeing app that prioritises privacy and psychological safety, has raised an undisclosed amount in a Pre-Seed round (Direct)
Pluralis Research, a startup developing 'Protocol Learning', a framework that enables multiple contributors to train large-scale AI models collaboratively over open-source, permissionless networks, has raised $12m in a Seed round from USV, CoinFund, Topology, Variant, Eden Block, Bodhi Ventures and Angel Investors (SmartCompany)
Hachiko, a startup developing a battery optimisation and portfolio management platform , has raised $1m in a Pre-Seed round from Twynam Ventures (SmartCompany)
EntroMat, who is developing advanced metal powders that can be used in industries such as aerospace, mining, energy and medtech, has raised $1m in a undisclosed round from Breakthrough Victoria, Swinburne University of Technology (BNA | SmartCompany)
Global IT Factory, an EdTech startup that makes curriculum management software for educational institutions, has raised an undisclosed amount from Microequities Asset Management (Tech in Asia)
Southern Launch, a startup that provides comprehensive launch and re-entry services for space missions with two spaceports in South Australia, has raised an undisclosed amount from Angel Investors (Space Connect)
AutoSettle, Australia’s first virtual settlement exchange for vehicles, has raised an undisclosed amount from IronArch (Direct)