Firmus Technologies has become the latest Australian-founded startup to reach unicorn status, after the data centre infrastructure business raised $330 million in a round backed by US chip giant Nvidia.
Local investor Ellerston Capital has also backed the Singapore-based company, founded by Australian entrepreneurs Oliver Curtis, Tim Rosenfield and Jonathan Levee in 2019. The company is building a data centre in Tasmania.Existing investors Phil King’s Regal Funds Management, Archibald Capital and Tectonic Investment Management also chipped in. Melbourne billionaires Alex Waislitz and the Pratt family are also investors.
The investment gives Firmus a post-money valuation of $1.85 billion. Ellerston Capital investment director David Leslie will join the board.
Curtis, husband of expat Sydney publicist and influencer Roxy Jacenko, initially invested $250,000 in Firmus, which, by 2024, was worth $81 million. The current round is likely to put that figure closer to $500m.
The son mining and banking exec Nick Curtis, Oliver became infamous in 2016 when, as a 30-year-old stockbroker, he was sentenced to two years imprisonment for an insider trading scam with a close friend that netted them just $1.43 million. He served 12 months before being released in 2017, with his wife waiting for him with a private jet.
Curtis, Jacenko and their two children moved to Singapore in 2023.
Firmus initially focused on cooling systems for bitcoin mining in Tasmania, but now describes itself as “a leader in energy-efficient AI infrastructure”.
The funds will accelerate the development of Project Southgate, renewable energy-powered AI factory with 36,000 NVIDIA GPUs in northern Tasmania in a partnership with the state government
Rosenfield, co-CEO of Firmus with Curtis, said “the Firmus AI Factory is built for peak efficiency in every form — cost, energy, water, and space. With efficiency as our foundation, we’re working to change the conversation: giving Australians genuine agency over how AI becomes part of our country’s future.”
Curtis described Project Southgate as “the beginning of Australia’s AI factory” era.
“Building sovereign capability, creating new industries, and ensuring Australia plays a defining role in the global AI economy,” he said.
“This multibillion dollar investment into Tasmania will bring new skills, hundreds of local jobs, and the opportunity to repurpose industrial infrastructure into a globally relevant AI industry.”
Firmus already has a system working in Singapore and Project Southgate will be their largest system.
It will form part of the state’s AI Factory Zone, which was unveiled by the Tasmanian government in June.
Recently returned Tasmanian premier Jeremy Rockliff said the state is leading the way in sustainable infrastructure and sovereign capability using renewable energy.
“The establishment of the Green AI Factory Zone marks a new era of investment and innovation for Tasmania,” he said.
We are proud to support Firmus Technologies as it builds Australia’s first green AI factory right here in the North, delivering jobs, skills, and economic momentum for generations to come.”
The involvement of Nvidia, which has a market valuation of US$4.3 trillion and is the most valuable company in the world, is being seen as a coup for Firmus, which is planning to list publicly in 2026.
Firmus is among a select number of private Australian companies that are valued above $1 billion, including Canva, Rokt and Airwallex.
Its $330 million raise is one of the largest in Australia by a private technology company in 2025, beating the $232 million Series F by Airwallex in May.
Firmus is expected to continue raising capital ahead of a slated ASX listing in 2026.
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