Victorian solar and thermal storage scaleup RayGen has finally completed its Series D raise after 12 months, tapping out with $127 million in total. The total comes 12 months after the Series D kicked off with a $51 million announcement – $20m from Breakthrough Victoria and a $31m follow-on and lead investment from NYSE-listed SLB.… Read more »
Student-founded and focused NextGen Ventures has secured $1.5 million in commitments as it looks to raise $2.5 million VC fund, with Blackbird founding partners Niki Scevak and Rick Baker among those chipping in. The fund is the brainchild of Monash University alumni Mitchell Hughes, 23, and former University of Melbourne biomedicine student Jerry X’Lingson, 22,… Read more »
Qantas and European plane manufacturer Airbus have jointly committed to invest AUD$15 million into local VC Climate Tech Partners (CTP), in the hope it will accelerate the development of sustainable aviation fuel (SAF) and other aviation decarbonisation solutions. Qantas is using the Airbus A350-1000 for its “Project Sunrise”, with plans to launch non-stop flights to… Read more »
Back on February 13, Startup Daily announced news that battery storage tech startup Allegro Energy had bagged a $1.85 million federal government grant. The Newcastle-based startup was one of five early stage tech companies funded under the $400 million Industry Growth Program, and the money is for the mass production of their water-based Redox Flow Batteries… Read more »
The CEO and cofounder of StrongRoom AI allegedly conceded to EVP investor Misha Saul that the company’s revenue and debt figures were “wilful fraud”. Details of an extraordinary conversation and confession by CEO Max Mito were outlined in submissions in Federal Court legal action by the Sydney VC, after it successfully applied to freeze the… Read more »
A Sydney startup tackling visual merchandising for retailer has raised $6 million (US$3.75m) in a second Seed round as it looks to ramp up its presence across the Pacific amid rapid growth in the US market. US VCs Coreline and Veridical Ventures led the round for Flagship, with support from Tidal Ventures, and Macdoch Ventures, for… Read more »
Creditors of Strong Room AI will get a chance to stare at the financial entrails of the drugs managements startup next week, when administrators for the business hold its first creditor’s meeting on April 8. A battle for whatever funds remain in the Melbourne startup, just weeks after it raised $17 million, will unfold in… Read more »
The founders of data analytics startup WhyHive are swarming at the end of the month, shutting down on April 28. The Melbourne startup, which described itself as “like Canva, but for data”, let users can upload surveys, sales, product reviews or spreadsheets and other data sources to the WhyHive app and create a quick and… Read more »
A UK investor with close ties to one of the defendants in legal action against besieged medtech startup StrongRoom AI has come out swinging against Sydney VC EVP, which is fighting to get its $10.4 million investment back. Aaron Michelin, a director of Tyson & Blake – named after founder Chris Tornblom’s dogs – has… Read more »
The NSW Innovation Blueprint finally dropped on Monday – 18 months after innovation, science and technology minister Anoulack Chanthivong first announced it in September 2023. And if you’re wondering if it was worth the wait, the feeling is ¯\_(ツ)_/¯ The Minns government needs to get cracking, and quickly. It has lost ground to make up… Read more »
EVP has lodged legal action in the Federal Court of Australia in a bid to recoup the $10.44 million it invested in Melbourne startup StrongRoom AI. The Sydney venture capital firm headed to court in Brisbane on Monday afternoon to seek an urgent order freezing assets worth up to $10,440,969 million against 13 defendants, including… Read more »
Financiers for Melbourne startup Strongroom AI have forced the company into administration, amid concerns about the company’s accounts. The move comes after the lead investor, EVP called in police on Monday after asking for its money back following a $17 million raise in early March. The request was declined by StrongRoom. On Friday morning, new… Read more »
Sydney business journalism disruptor ausbiz has forged a strategic equity partnership with Western Australian tech veteran Marketech. The partnership, structured as an ‘equity for content and promotion’ deal, is similar to the equity agreements struck by ASX-listed Airtasker with Channel Four in the UK, and other media companies. Perth-based Marketech is the 20-year-old tech innovator… Read more »
A high-tech spinout from Swinburne University of Technology has raised $1 million to produce aerospace materials made from recycled industrial feedstocks. The raise for EntroMat, was backed by the state government’s VC fund, Breakthrough Victoria, and Swinburne University of Technology, which kicked in $500,000 each as part of Breakthrough Victoria’s University Innovation Program (UIP),. The… Read more »
Australian Super has sold holding in logistics software giant WiseTech Global in recent weeks as founder Richard White returned to the business as chairman. The superannuation fund had more than 2.2% of WiseTech (ASX: WTC) shares and had backed the business since its 2016 float. But governance concerns amid board resignations and White’s elevation to… Read more »
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