The Australian startups that raised funding this week are tackling big problems — from how to get businesses paid faster, to monitoring satellites in space, managing digital compliance and helping people speak after a laryngectomy.
Learn more about four local startups that raised a total of $38.4 million this week.
Professional services platform Ignition plans to ramp up its growth plans, thanks to a new $23.2 million (US$15 million) growth capital facility from its partner CIBC Innovation Banking.
Founded in 2013 and previously known as Practice Ignition, the startup offers businesses an all-in-one platform to help them get paid faster and operate more efficiently. It raised $5 million in Series A funding in 2017 and $26 million in Series B in 2019, and now boasts a global user base of more than 6,500 accounting and professional services businesses using its platform.
CEO Guy Pearson said in a statement that the incremental financing will allow Ignition to continue serving its customers by investing in its platform, go-to-market and customers success functions.
“The CIBC Innovation Banking team has demonstrated their understanding of the opportunities, challenges and financing goals of a scaleup during its growth lifecycle,” he said.
The funding also follows the company’s recent release of its ‘Instant Bill’ features, which allows for easy billing of ad hoc or out-of-scope work, and its ‘Service Edits’ feature, which allows existing client agreements to be adjusted once a proposal has been accepted.
Sydney-based startup HEO Robotics has locked in $12 million in Series A funding to meet increasing demand from companies looking for help with monitoring foreign satellites that are flying close to their own machines.
HEO Robotics previously raised $3 million in seed funding in 2021, from Y Combinator, YouTube co-founder Jawed Karim, and family and friends, and didn’t expect to be fundraising again so soon. However, the Australian Financial Review reports that the startup uncovered an opportunity to scale faster than expected and needed the funds to do so.
Founded in 2016 by CEO William Crowe and CTO Dr Hiranya Jayakody, HEO Robotics specialises in installing cameras on satellites to monitor other satellites, as opposed to taking images of the earth. This helps maintain the satellites and minimise collisions. The startup’s platform can be used in commercial, governmental and military settings.
The latest funding round was led by AirTree Ventures and also included backing from Salus Ventures.
Modibodi founder Kristy Chong is among the investors that have backed medtech startup Laronix this week as part of a $2 million seed funding round.
Founded in 2020 by Dr Farzaneh Ahmadi, Laronix is pioneering a device that helps people speak again after they’ve had their larynx removed. The wearable electronic voice prosthesis, which has received approval from the FDA and the TGA, monitors the wearer’s respiration signals when they are trying to talk and then produces a voice using AI.
As reported by the AFR, the funding round was led by Scale Investors, with Chong also participating alongside Dr Elaine Saunders and Dr Peter Blamey, co-founders of hearing aid company Blamey Saunders.
Also securing funding this week was Canberra-based digital compliance startup Haast, which now has $1.2 million in pre-seed funding to continue building out its AI-powered platform.
According to The Australian, the oversubscribed funding round was led by Aura Ventures and also included Black Sheep Capital and Campus Plus founder Nick McNaughton alongside other angel investors.
The startup was founded by Jason Watling, Kunal Vankadara and Liam King, who are working to help companies with their compliance across their digital footprints.
Earlier this year, Haast was one of seven Canberra businesses to share in $238,000 in grant funding in the April 2023 round of the Australian Capital Territory’s Innovation Connect grant program.
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Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
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