Seven Aussie startups that raised $274.7 million this week

The numbers in this week’s startup funding round-up are big, and the ambitions are even bigger.

Led by Heidi’s massive $140 million Series C raise, this week’s funding deals represent major milestones for the seven startups included as they pioneer new tech and enter new global markets.

Keep reading to learn more about Heidi, Amber, HEO Robotics, Kinoxis Therapeutics, OpenDebt, RentBetter and Medcast which collectively raised $274.7 million this week.

AI-powered healthcare platform Heidi has secured $475 million in new capital through a blockbuster fundraise that values the business at $1.26 billion.

The new funding comes in two parts, with its core $140 million Series C raise led by existing investor Blackbird, with contributions from Phoenix Court, Point72 Private Investments, and Headline.

An additional $335 million in non-equity growth funding comes from American venture capital firm General Catalyst through its Customer Value Fund.

Co-founded in 2021 by Dr Tom Kelly, Waleed Mussa, and Yu Liu, Heidi records appointments and produces structured documents for medical professionals to review.

With one of the most significant capital raises of any Australian venture this year, the newly minted unicorn plans to grow further beyond its existing transcription and case management tools.

The next step: scaling what Kelly described as a “fully-fledged AI partner”, capable of handling vital background work and allowing clinicians more time for face-to-face care.

Renewable energy supplier Amber Electric has raised $78.5 million in a Series E, nearly doubling its round size plan as it looks to expand globally.

The raise was led by 1GT, Morgan Stanley’s climate tech fund, with support from existing investors ETF Partners (Environmental Technologies Fund), state government backed Innovation Victoria and E.ON.

Amber has built Australia’s largest residential battery automation product, with around half the local market.

Co-founder and co-CEO Chris Thompson said they’ll use the funds to double down on expansion across Europe.

“We’ve built the winning energy automation platform in Australia, and this funding will enable us to extend our leadership across Europe,” he said.

“Our partnership with E.ON is already showing what’s possible, and we’re excited to build on that momentum with more partners across the region.”

Veteran satellite inspection startup HEO Robotics has raised a $37 million (US$25 million) Series B to expand its satellite imaging network into geostationary orbit.

The round was led by Beaten Zone Venture Partners, alongside the federal government’s National Reconstruction Fund Corporation (NRFC), which tipped in $10 million, Dcode Capital and existing investors Airtree and Salus Ventures.

The new funding follows an Airtree-led $12 million Series A in 2023. A 2021 Seed round, led by Winton Group founder David Harding and Y Combinator, raised $3 million

HEO uses cameras aboard other satellites, alongside its own sensors, to turn attention to other spacecraft, then photograph and assess their condition and behaviour. Its software plots what to photograph and and analyses the results.

The company, which emerged out of UNSW Founders in 2017, said it has access to more than 50 sensors in orbit and has deployed eight of its own.

Kinoxis Therapeutics: $6.75 million

Dementia treatment biotech Kinoxis Therapeutics has raised $6.75 million in equity funding alongside nailing a $2.5 million government grant from the federal government’s Medical Research Future Fund.

Deep tech VC Main Sequence led the round, chipping in $5 million as a new investor, with principal Elaine Stead appointed a director. The grant comes via the CUREator+ Dementia & Cognitive Decline program, delivered by Brandon BioCatalyst, ANDHealth and Dementia Australia.

The cash will go towards developing drugs for agitation associated with dementia.

The Sydney University spinout, founded in 2017, and now based in Melbourne, previously raised a $14.5 million Series B two years ago and a $5 million Series A2 in December 2020.

The cap table also includes Uniseed, UniSuper, Sydney Uni, Stoic VC, and US-based Avicella Capital, as well as several sophisticated investors.

The $9.25 million in new cash is for clinical trials and treatments for dementia-related agitation and pain.

Medical edtech Medcast landed $5.4 million to make AI clinical knowledge platform MedLuma the trusted AI copilot for Australian GPs.

Veteran Queensland medical software business Best Practice Software led the investment into the regional NSW medical education and training business.

Plans for the raise include adding to the headcount in the technology and clinical teams, and product development and integration with clinical software, including Best Practice’s practice management systems.

First founded in 2013 in Bowral by CEO Dr Stephen Barnett and chief product officer Justin Lewis, the startup has delivered clinical education and professional development to over 100,000 registered healthcare professionals.

Sydney startup RentBetter has landed $5 million from local VC EVP to build out an AI-powered self-management system.

RentBetter runs a platform allowing property owners advertise rentals, screen applicants against tenancy databases, sign leases, coordinate repairs and track income and expenses.

It previously raised $3.2 million, including a $1.9m Series A in January 2022.

The company was founded by its CEO Jeremy Goldschmidt, previously a management consultant for Boston Consulting Group, Capgemini, Blackdot and IBM.

Goldschmidt founded RentBetter in 2016 as a bit of a ‘side hustle’ while working at ANZ.

Sydney AI fintech OpenDebt has raised $2 million in a pre-Seed round as it looks to expland into the US market, where household debt in delinquency tops $1 trillion.

The raise was backed by Blackbird and early-stage VC Antler, and will be deployed on scaling the team and operations, as well as exploring US partnership opportunities.

Former Westpac data and AI executive Norman Yan, a 15-year banking veteran, founded OpenDebt with Jonas Tischer 12 months ago, taking a compliance and consumer-focused approach to debt recovery, involving AI agents in multichannel conversations.

The AI is designed to identify why an account is unpaid and respond accordingly, offering simpler ways for people ready to settle their account and for someone in financial hardship, specialist support. OpenDebt is already working with several local lenders and collection agencies.

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