Sydney venture fund EVP’s Federal Court battle to recover $10.4 million it invested in StrongRoom AI just weeks before it was placed in administration will potentially have new revelations next week when the company’s failure is examined in court by its liquidator. The legal action, begun in March this year, when EVP successfully applied to… Read more »
A business management platform purpose-built for mid-market mining and engineering services companies has raised $3.5 million in a Seed round led by Sydney VC EVP. The funding for SprintSuite is for expansion across Australia’s mining industry and international markets such as North America, as the company capitalises on the accelerating digital transformation in the mining… Read more »
StrongRoom AI will live on under new management with Queensland pharmacy entrepreneur Joe Zhou acquiring the Melbourne healthtech startup from the administrators in a deal finalised late on Thursday. The sale follows a last minute battle for control of the business last week when an early investor, InterValley, and one of the company’s cofounders, make… Read more »
EVP has added 20 more defendants, including earlier VC investors – taking the total to 32 – in its legal action to recover $10.4 million invested in StrongRoom AI. EVP has a freezing order over the company’s assets and during a case management hearing on Wednesday added the company’s other early investors, including Artesian Ventures,… Read more »
Termina, a software startup that helps small business get cheaper energy prices through collective buying, has raised $3 million in a pre-Series A. The round was led by Sydney VC EVP, via its Fund IV, with support from existing investors Archangel Ventures and Skalata. The five-year-old Melbourne startup plans to expand globally, with eyes on… Read more »
Ongoing legal action over the assets of failed medications management startup StrongRoom AI have led the company’s voluntary administrators to extend their control to the absolute limit. A case management hearing due today has been moved to June 4, extending Federal Court-imposed asset freeze on four StrongRoom directors and the administrator, initiated by VC investor… Read more »
The administrators of medication management startup StrongRoom AI have recommended putting the business in liquidation ahead of a 2nd creditor’s meeting on Tuesday. The decision comes a fortnight before the Federal Court is due to hold another hearing in the legal action by VC firm EVP to recover $10.4 million it invested in the business… Read more »
Max Mito, the cofounder and CEO of StrongRoomAI, has denied he admitted to fraud in a meeting with investors last month that led VC EVP to call in police and launch legal action to freeze the assets of Mito and several others. Mito’s counsel, Alexander Langshaw, told a Federal Court hearing in Sydney last Thursday… Read more »
In the high-stakes world of startup funding, where millions can be raised in a matter of weeks and valuations shift with a pitch deck, due diligence (DD) has long been the safety net that prevents bad bets. It’s a well-worn and trusted process, particularly in venture capital. So when an investor alleges fraud after a… 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 »
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 »
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 »
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 venture capital fund EVP has reportedly contacted police and is seeking to recoup the investment it made in StrongRoom AI, less than a fortnight after it announced leading a $17 million round into the Melbourne software startup. The AFR reported that EVP had called in legal and forensic accounting experts and was warning investors… Read more »
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