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Funding roundup July 26 – July 30: Recapping a busy week for startups

Here are the key startup fundraising rounds from this week:

PsiQuantum closes $450 million Series D round to build Quantum computer

PsiQuantum has raised $450 million in Series D funding to build the first commercially viable quantum computer in the world.   

The round was led by BlackRock funds and accounts, with participation from Baillie Gifford and M12, Microsoft’s venture fund, as well as new investors Blackbird Ventures and Temasek. PsiQuantum has now raised a total of $665 million in funding to date.

Culture Amp raises US$100 million 

TDM Growth Partners and Sequoia Capital China led a $100 million Series F funding round for Australian HR IT firm Culture Amp.   

Culture Amp is the first company to use behavioural science and data analytics for an employee lifecycle. The funds will be used to help Culture Amp develop creative product offerings

IntelligenceBank secures US$37 million growth investment from Five Elms Capital

IntelligenceBank, a provider of asset management and marketing operations software, has received a US$37 million strategic growth investment from Five Elms Capital.   

IntelligenceBank uses a purpose-built platform to digitally change manual processes and poorly stacked systems, resulting in increased marketing productivity, faster time to market, and lower marketing compliance risks.

OneVentures lands 10x return on Employment Hero Series E 

OneVentures reported that it sold a 55 per cent ownership in Employment Hero as part of the company’s recent $140 million Series E funding round, resulting in a 10x return on its initial investment. 

With Employment Hero’s new valuation, OneVentures’ remaining stake in the company would be worth about $90 million. At Employment Hero’s new valuation, OneVentures’ holding in the company would be valued at around $90M.

To date, OneVentures’ Innovation & Growth Fund II has invested in seven companies, with two other investments demonstrating similar growth potential to Employment Hero. 

Australian fintech Spriggy raises $35 million in Series B

Family finance fintech startup, Spriggy raised $35 million in a Series B round led by NAB Ventures, with significant investments also made by Grok Ventures and Perennial Value Management.

Spriggy is on a mission to help families raise a generation of financially healthy young Australians, fit for a cashless future. 

The new capital will fund Spriggy’s ambitious growth program, tripling the team over the next year to solve more of the spending and saving challenges that parents navigate in raising financially healthy kids.

Tradeplus24 raises $25m equity, $200m debt to fund global growth

Credit Suisse-backed SME lending fintech Tradeplus24 has closed an oversubscribed $25 million pre-series B equity raise, led by a European family office with a proven track record of investing in high-growth startups such as Klarna, Delivery Hero, and Lyft.

Existing investors Credit Suisse, SIX Group, and Berliner Volksbank also joined the round, which complements over $200 million in total debt facilities secured across the group and which the group plans to increase to $400 million by the end of 2021.

The capital injection will be used to fund the rapid expansion of Tradeplus24’s Australian and European operations, including launching into the UK and the Netherlands later this year, and potential strategic acquisitions planned for later in 2021.

Tradeplus24 is anticipating opening a series B in early 2022, where it will consider admitting a strategic local Australian investor to complement its heavyweight international backers such as Credit Suisse, SIX Group, and Berliner Volksbank.

3D computer vision startup Visionary Machines raises $7.5 million seed round 

Sydney computer vision startup Visionary Machines has raised A$7.5 million in a seed round led by Folklore Ventures, with co-investment by Our Innovation Fund (OIF).

Existing backer Significant Capital Ventures reinvested, along with Thorney Investment Group and IQT International Australia, the Sydney-based of In-Q-Tel.

The funding allows the company to accelerate the development of its technology in a machine vision market expected to be worth US$21 billion by 2028.

Founded in 2019 by Australian computer vision technology experts Dr Rhys Newman and Dr Samson Lee, Visionary Machines is revolutionising 3D spatial sensing using camera arrays.

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