This week’s funding roundup features four Australian companies led by quantum computing unicorn PsiQuantum’s massive Series E and including investments across social networking, accelerator programs, and sustainable construction.
X-Hemp raises $3.4 million Seed round
Sustainable building materials startup X-Hemp has raised $3.4 million in Seed funding after banking a final $1 million from strategic investment partner Danehill Group.
The Central Tasmanian construction tech business, based at Cressy, 30 minutes south of Launceston, was founded in 2020 by Andi Lucas. The company will use the cash for critical infrastructure, R&D and more hires to the existing eight-person, all-female team.
X-Hemp’s fibre processing factory makes a product called hempcrete, made from hemp fibres, lime, and water, as a concrete replacement. Used for walls, it’s non-combustible, termite-proof and mould-resistant, with construction costs comparable to a double-brick property.
PsiQuantum raises $1.5bn Series E
PsiQuantum, the US startup with Australian co-founders, has raised US$1 billion (A$1.5bn) in a round that’s more than doubled its valuation in four years to US$7bn (A$10.5bn).
The California startup, founded in Palo Alto in 2015 by expat Australian professors Jeremy O’Brien, Terry Rudolph, Mark Thompson and Dr Pete Shadbolt, hopes to build the “world’s first useful quantum computer”. Its technology uses photons as a representation of qubits instead of electrons.
PsiQuantum controversially landed $940 million (US$620m) in loans and equity from the federal and Queensland governments in April 2024 to build its first quantum computer in Brisbane, adjacent to the capital’s airport, by 2027.
Techstars Sydney backs 12 startups with $2.2 million
The Techstars Sydney Accelerator has invested US$1.44 million (A$2.2m) in 12 early-stage startups, announcing its class of 2025 today.
From surfing to strata management, music, marketing, finance and biotech, it’s a wide range of ideas and solutions to big problems. The founders include a former concert violinist, an early Airbnb employee, a PhD researcher in the top 2% of scientists globally, the person who launched Canva’s legal team, a globally-recognised crypto lawyer, and several second-time founders.
The 12 startups each received US$120,000 (A$180k) investment, and for seven of the 12 teams it’s their first funding. Techstars Sydney is backed by Investment NSW, a state government body.
Wable raises $1.5 million
Wable, a social networking app for neurodivergent people inspired by the ABC TV series Love on the Spectrum, has raised $1.5 million to expand in the US and UK.
The round was led by Paul Sharbanee from Taurus Capital. The app is designed to connect neurodivergent people for friendship, dating, jobs, and support, filling a gap left by other platforms that don’t adequately serve the needs of neurodivergent users, who represent up to one-in-five members of the population.
Alongside its global push, the funds will see Wable increase its headcount, invest in marketing, and roll out a number of new product features.
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