Five Aussie startups that raised $58.5 million this week
Quantum computing startups were once again in the mix of funding news this week, with five Aussie companies raising a combined $58.5 million.
Quantum computing startups were once again in the news this week, with Silicon Quantum Computing leading the funding charge with a massive $50.4 million raise.
Sydney-based Q-CTRL, which last week was among a number of startups to secure grant funding from the NSW government, is also in the mix this week with an addition to its Series B round, bringing the weekly total to $58.5 million.
It rounds out what has turned out to be a bumper month for startup funding; by our count 26 startups have raised a combined $311.7 million in July, with two weeks of more than $100 million bolstering this figure.
It compares to June 2023, when we reported on 25 startups having raised a combined $198.7 million.
Here’s a quick look at the startups that announced new funding this week.
Silicon Quantum Computing: $50.4 million
While Silicon Quantum Computing had previously aimed to raise as much as $130 million for its Series A, founder Professor Michelle Simmons described the startup’s $50.4 million round as being “just the right amount of capital to keep us going without having to give too much of the company away”.
The new funding comes from CBA, the UNSW, Telstra and the federal government, and brings the company’s valuation to $195.3 million — more than double the $82.8 million it was sitting at last year.
Simmons, a Scientia Professor at UNSW and former Australian of the year, founded Silicon Quantum Computing in 2017, raising $83 million in seed funding from the same investors that year.
According to the company, the latest capital raise will help it build out its team, as well as manufacturing capabilities in Australia for its ‘full stack’ quantum computer.
Q-CTRL: $3.8 million
Fresh from securing $2.3 million in grant funding from the NSW government’s Quantum Computing Commercialisation Fund, Sydney-based Q-CTRL has added $3.8 million (US$2.6 million) to its Series B round, reports Startup Daily.
Founded by Sydney University Professor Michael J Biercuk in 2017, Q-CTRL has now raised a total of $80 million (US$54 million) for its Series B, which includes a first tranche of $35 million in 2021 and another $39 million in February 2023.
The startup’s Series A raise, of $22 million, was completed in 2019 and its roster of investors now includes Salesforce Ventures, Airbus Ventures, Main Sequence, former Wallabies captain John Eales and Morpheus Ventures.
Cartelux: $3 million
A Sunshine Coast adtech platform that aims to simplify advertising has raised $3 million in post-seed funding from VC firm TEN13 and the government-owned Queensland Investment Corporation (QIC).
Cartelux, which was founded by CEO Joshua Williams in 2020, plans to use the new funding to further develop its software for the advertising industry and expand into new categories.
The startup’s automated marketing platform is designed to be used by global brands that have a network of retail stores or franchises that need localised and targeted marketing campaigns. Among the startup’s current clients are automotive brands Ford, BMW, Nissan, Toyota, Renault, Honda and Mini.
“We are excited to team up with TEN13, QIC and additional investors like Tractor Ventures to form a leading global SaaS business founded in Australia,” said Williams in a statement this week.
“This team also gives us an experienced and professional starting point for future funding rounds.”
Koodaideri Innovation and Technology (KIT): $952,000
Perth-based Koodaideri Innovation and Technology (KIT) also has new funds at its disposal, thanks to a $952,000 grant from the Western Australian Investment Attraction Fund.
As reported by the Australian Financial Review, KIT was founded by Indigenous entrepreneur Shane Lewis, who previously worked at Rio Tinto and saw first-hand the potential dangers involved when mining maintenance is performed live.
The grant from the WA government will help KIT roll out its HydraTune technology, which allows technicians to adjust and maintain machinery remotely via an app, using a wireless hydraulic tuning system.
The WA Investment Fund has so far distributed $148.4 million in grants to 40 recipients in a bid to diversify the state’s economy.
Gecko: $350,000
The founders of rental software platform Gecko say they are planning to expand into new categories in the near future, after raising $350,000 in pre-seed funding, reports Startup Daily.
The NSW government-based Techstars program led the round, which also included US-based Goodwater Capital and Launch House.
Founded by Ben Kennedy, Lal Birch and Cody Fisher-Peel, Gecko aims to simplify the process of renting equipment for events, as well as improve the profitability of rental companies, 120 of which are already using the platform.
Gecko is also one of the 12 startups that are participating in the inaugural Techstars Tech Central accelerator program.
Super excited to announce https://t.co/EelKmRJ8Vj raises $350k pre-seed round led by Techstars powered by NSW govt! 🦎
Lal, Cody and the team are super excited to take Gecko to the next level with one of the world's best accelerator programs! 🔥
LFG 🚀 pic.twitter.com/lm5nPFFG1k
— Ben Kennedy 🦎 (@bentkennedy) July 20, 2023
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