We’ve rounded up the top funding wins that are fuelling the growth of Australian businesses.
Harrison.ai Secures AU$179 Million in Series C Funding
Harrison.ai, an Australian healthcare technology company, has raised AU$179 million (US$112 million) in Series C funding to fuel its international expansion. The capital will support further product development in radiology and pathology and help the company extend its reach into key global markets, including the US, UK, EMEA, and APAC.
This round is one of the largest Series C raises in Australia and one of the top raises in the medical AI sector worldwide over the past year. The funding was co-led by Aware Super, ECP, and Horizons Ventures, with participation from new investors such as the National Reconstruction Fund, Ord Minnett, Wollemi Capital Group, and existing investors like Blackbird Ventures and Alpha JWC Ventures. Harrison.ai has raised more than US$240 million (AU$387 million) in total to date.
Allegro Energy Wins AU$1.85 Million Federal Grant to Scale Battery Technology
Allegro Energy, a Newcastle-based startup focused on renewable energy storage, has secured a AU$1.85 million federal government grant. The grant will help the company scale its water-based Redox Flow Batteries (RFB), which are safe, recyclable, and cost-effective solutions for long-term energy storage.
The grant is part of the $400 million Industry Growth Program supporting early-stage tech businesses. Allegro Energy recently raised $17.5 million in Series A funding and also received a 5% equity stake from Origin Energy to support pilot projects.
AdvanCell Raises US$112 Million (AU$178 Million) in Series C to Advance Cancer Therapeutics
AdvanCell, a clinical-stage startup focused on cancer therapeutics, has secured US$112 million (AU$178 million) in Series C funding to further develop its innovative treatments. The round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis, with participation from existing investors including Morningside and new backers like Tenmile.
Founded in 2019, AdvanCell previously received a $2.1 million grant from the NSW Health Medical Devices Fund and raised AU$18 million in a Series B round in 2022.
Factor House Raises AU$5 Million in Seed Funding
Melbourne-based startup Factor House has raised AU$5 million in Seed funding to expand its real-time data management platform, Factor Platform. The funding, provided by Blackbird, OIF, Flying Fox, and the Alice Anderson Fund, will be used to accelerate product development, as well as support sales and marketing initiatives.
Factor House, which has been bootstrapping since 2019, now aims to position itself as a global leader in real-time data management solutions.
UpCover Raises AU$19 Million in Series A, Including AU$8 Million in Debt
UpCover, an insurance broking platform for small businesses, has raised AU$19 million in a Series A round, which includes AU$8 million in debt financing. The round was led by RealVC, with participation from Antler Elevate’s Global Fund, Betterlabs, and other investors. The raise gives UpCover a AU$45 million valuation.
The new funds will help UpCover continue to grow its platform and expand its services for small businesses seeking affordable and efficient insurance solutions.
Rosterfy Secures AU$5.5 Million to Expand Volunteer Management Platform
Rosterfy, a platform for managing volunteers and workforce operations, has raised AU$5.5 million from OIF Ventures. This funding follows a previous $3 million investment from Bailador Technology Investments, which led to a 14% increase in the valuation of Bailador’s existing stake in Rosterfy, now worth AU$17.1 million.
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