Startups Archives - InnovationAus.com

Canva buys local GenAI startup Leonardo.AI

Brandon How — Tue, 30 Jul 2024 06:02:22 +0000

Leonardo.AI, the Australian developer of a rapidly growing generative AI art platform, will be acquired by graphic design giant Canva for an undisclosed sum. Although only launched in December 2022, the company raised $47 million in a funding round led by Sydney-based Blackbird Ventures. The platform boasts more than 19 million users and launched its first...

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No ‘measurable impact’: Female Founders grants grounded

Joseph Brookes — Mon, 29 Jul 2024 09:10:18 +0000

The federal government’s only program for female startup founders will not continue after internal analysis determined more than $35 million in direct grants and mentoring for almost one thousand entrepreneurs had no “measurable impact” on the wider startup ecosystem. The decision puts an early end to the Boosting Female Founders Initiative that was scheduled to...

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Biosecurity startup ExoFlare raises $5.3m

Brandon How — Wed, 17 Jul 2024 02:12:59 +0000

Biosecurity startup ExoFlare has closed a $5.3 million capital raise to develop its online platform for tracking threats in the agriculture and food supply chain. The seed raise was led by Sydney-based Salus Ventures and attracted funding from Woolworths’ venture capital fund W23, Orange-based agrifood investor Cultiv8, and CIA-founded In-Q-Tel. The biosecurity threat management platform...

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Qld looks to diversify its $130m VC push

Joseph Brookes — Mon, 15 Jul 2024 08:30:21 +0000

Up to 10 female venture capitalists will be trained up in a new state-backed initiative to widen the opportunities from Queensland’s $130 million startup funding drive. Brisbane based and Silicon Valley-linked 77 Partners will lead the new initiative, announced on Monday. The Queensland Investment Corporation (QIC) is backing the new program with the Queensland Venture...

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LaunchVic grants get pre-accelerators off the ground

Joseph Brookes — Thu, 11 Jul 2024 09:54:16 +0000

The Victorian government’s startup agency is backing seven pre-accelerator programs to be delivered by other organisations, with focus areas across AI, MedTech, First Nations founders and circular economy. LaunchVic on Thursday announced it had awarded seven grants for pre-accelerators from the round it opened in March, with each recipient getting up to $400,000 to run...

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NSW startup grants begin flowing after pause

Justin Hendry — Mon, 01 Jul 2024 10:22:36 +0000

Twenty startups will share in almost $1 million in funding under the first round of the NSW government’s re-launched MVP Ventures program, while a further 16 firms wait to receive the grants. But hundreds more companies have missed out altogether and will now have to reapply under the second intake, underscoring the demand for early-stage...

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Infinite recycling startup to scale up with $100m investment

Joseph Brookes — Thu, 27 Jun 2024 00:56:36 +0000

Australia’s infinite recycling startup Samsara Eco has added $100 million and a host of new investors to its Series A, bringing total funding to more than $160 million as it eyes new facilities in South East Asia to recycle millions of tonnes of plastic waste. The ANU spinout founded by Paul Riley on Thursday announced...

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WA awards $3.6m in commercialisation grants

Brandon How — Tue, 25 Jun 2024 03:31:26 +0000

The Western Australian government has awarded $3.56 million in funding from two key innovation commercialisation grants programs backed by the state’s New Industries Fund to nearly 50 companies. Companies to share in the funding include those that manufacture seaweed-based alternative to plastic products, patches for RNA therapeutics, and remote patient monitoring devices. WA Innovation minister...

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Diraq banks another $10m in Series A funding

Justin Hendry — Mon, 24 Jun 2024 21:46:46 +0000

Sydney quantum startup Diraq has chalked up another $10 million in funding through an expanded Series A as the company continues its efforts to develop the world’s first fully error-corrected quantum computer. The company announced the additional funding on Tuesday, taking the total Series A2 round led by Frech venture capital fund Quantonation from $23...

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ANU’s problem-solving spinout wins AI Sprint

Joseph Brookes — Thu, 20 Jun 2024 07:18:50 +0000

An ANU spinout that uses AI to breakdown complex business and policy problems beat out almost 200 other startups on Thursday to claim top prize at Australia’s inaugural AI Sprint awards, landing the company $300,000 in R&D support. Dragonfly Thinking won the top prize in recognition of its AI tools, which uses founder Professor Anthea...

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