Australian startups secured over $86 million in funding this week, spanning sectors from agtech and renewable energy to biotech and SaaS. Here’s the breakdown.
Number 8 Bio secures $11M Series A
Sydney-based Number 8 Bio has secured $11 million in Series A capital for its technology aimed at cutting methane emissions from livestock.
Icehouse Ventures, a New Zealand investment firm, spearheaded the round. Existing backer Main Sequence stayed in, while Japanese climate-focused investor One Innovators joined the cap table for the first time. The Japan connection makes strategic sense: it’s Australia’s second-biggest beef export market.
Main Sequence, backed by CSIRO, had previously led a $7 million Seed round last September, with Breakthrough Victoria and The March Group participating.
Founders Dr Tom Williams and Dr Alex Carpenter established Number 8 Bio in 2022, going through the UNSW SynBio 10X Accelerator that year and claiming the Positive Impact Award.
SunDrive adds another $25.3M from ARENA
Government renewable energy agency ARENA has poured $25.3 million more into Sydney’s SunDrive, backing the startup’s push to develop cheaper solar panels using copper instead of silver.
It’s ARENA’s second major backing of SunDrive, after putting in $11 million during 2023. Total government support now sits at nearly $40 million.
Vince Allen and David Hu kicked off SunDrive in a Wollongong garage back in 2015, chasing Allen’s vision of swapping costly silver for copper in solar cells. The change could slash production costs by roughly 30%.
Blackbird came in for SunDrive’s Seed in 2018, then a $5 million Series A two years later. A $21 million Series B followed in 2022, though last year brought tougher times that led to staff cuts.
Rage Biotech bags $29M Series A
Rage Biotech, working on treatments for chronic inflammatory diseases, has raised $29 million in Series A funding.
IP Group Australia and superannuation fund Hostplus jointly led the investment, with earlier supporters like Monash Ventures staying involved. The money will support first human clinical trials for Rage’s nasal therapy designed to treat inflammatory lung conditions.
The startup’s name comes from Receptor for Advanced Glycation End-products, a receptor that plays a role in inflammation linked to chronic lung diseases and other ailments.
Rage Biotech spun out from partnerships between IP Group Australia, three universities (Monash, Murdoch, and Western Australian), and two medical research institutes (Baker and Perron), all focused on inflammatory disorder treatments.
Victorian agtech Drone-Hand lands $720K pre-Seed
Drone-Hand, a Victoria-based agtech venture, has raised $720,000 in pre-Seed backing for its autonomous livestock management system.
American venture capital firm Radius Capital led the investment, with three local agribusiness investors providing additional support.
Edward Barraclough, who grew up on a mixed livestock farm in NSW, founded the Gippsland operation in 2023. The inspiration struck while observing his 80-year-old father working the property.
Great Question bags $19.9M (US 13M) Series A
Great Question, a San Francisco customer research platform co-founded by Australian Ned Dwyer in 2020, has closed a $19.9 million (US$13 million) Series A. It’s the largest funding round in the company’s history.
Inovia Capital, based in Canada, led the raise. Y Combinator, January Capital, and Character Capital also participated. The platform helps companies run, analyze, and share customer research insights.
The raise has prompted Dwyer to share reflections on navigating Silicon Valley’s fundraising scene as an Australian expat, and how conditions have evolved for founders making the move from Australia to America.
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