G’day and welcome to your weekly edition of Overnight Success - your download on all the important things that have happened in the Aussie startup ecosystem. 🚀
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👀 Headlines 👀
🚗 Used-car marketplace Carma hits the ASX debut at $369 million valuation but slides 7.4% on its first day of trade following a negative research note by JPMorgan. (AFR, Startup Daily)
The four-year-old digital dealership raised a total of $100 million when it listed, including a $30 million secondary sale. The cap table includes Tiger Global, which holds a 25.8% stake, with founders Lachlan MacGregor and Yosuke Hall also among the major holders, each retaining roughly ~15%.
The seed round, which was Australia’s largest at $28M in March of 2021, was led by Tiger Global. The Series A, a $52M injection in May of 2022, was co-led by General Catalyst Partners and Tiger Global. It also included Entrée Capital, Avenir Growth, Five V Capital, and the family office Terrace Tower Group.
Carma is betting big on scale, aiming to boost revenue from $69 million to $127.6 million by FY26, although losses will remain substantial at more than $107 million across the three-year period. The company is running at a $28.4M loss for FY26.
IPO funds go to inventory, reconditioning, and consumer car-buying expansion, as the startup looks to nationalise its operations from its Sydney hub.
🧑⚖️ Metigy founder pleads guilty to misleading investors and misuse of company funds (ASIC, AFR, Startup Daily)
Metigy cofounder and ex-CEO David Fairfull has pleaded guilty to misleading investors and dishonestly using his position, following an ASIC prosecution tied to falsified revenue claims and a $7.7 million personal loan taken from the company.
The collapsed AI marketing startup that SMEs to consolidate their digital marketing presence into one portal had raised $27.1 million and once touted a $1 billion valuation, but revenue was just $43,000; Fairfull admitted to fabricating bank statements and falsifying figures during multiple raises between 2018 and 2021.
Fairfull used company funds to buy two luxury properties, later sold by liquidators after Metigy fell into administration in 2022, triggering a court finding that investor documents were “a charade.”
🛑 The RBA held the cash rate at 3.60 per cent as inflation picked up more than expected in the September quarter. (RBA)
Underlying inflation is now at 3%and forecast to stay above target into 2026 before easing in 2027.
Domestic demand and the housing market are strengthening, labour conditions remain slightly tight, and uncertainty persists across both global and local economic settings. prompting the Board to maintain a cautious stance despite rate cuts earlier in the year.
😐 Several large startups were highlighted this week in the media as their losses mount up. Constantinople, Gilmour Space, Grow Inc and Safety Culture, plus the freshly IPO’d Carma, were all under the magnifying glass.
Banking-tech startup Constantinople is seeking fresh capital after losses doubled to $37 million, as revenue lifted to $14 million thanks largely to a $9.4 million R&D tax credit. (AFR)
Founded by former Westpac executives and backed by Airtree and Square Peg, the company has secured five long-term enterprise contracts, but recognises revenue only once the platforms go live, creating a steep investment–to–revenue timing gap. This is a similar story to the following companies, except possibly SafetyCulture.
Gilmour Space, Australia’s rocket company, is shaking the tin for a $150 million capital raise as last year's losses climb to $22.4 million, with the rocket startup leaning heavily on grants and R&D incentives after its first launch flew for 14 seconds before crashing. (AFR)
Grow Inc, a platform for the superfund industry, is seeking a $250 million valuation despite posting a $90 million loss and burning $5 million a month, with ASIC filings showing soaring employee, contractor and software costs as it races to onboard super fund clients. The company is currently being shopped around to potential buyers by Highbury Partnership. A KPMG report valued the startup at under $100 million due to high cash burn and headcount, but sources say multiple bidders – including Apex, SS&C and Bravura – have offered around $250 million, banking on revenue jumping to up to $90 million by FY26 and profitability by FY27. (AFR)
Safety Culture, the workplace operations platform valued at $2.5B, reported a loss of $49 million despite 20% revenue growth, driven by heavier US marketing spend and a wave of new executive hires, as CEO Kelly Vohs pitches AI as “rocket fuel” for the company’s next phase of product expansion.
These articles have all landed in the last week or so as their filings are available to download on ASIC.
☁️ Sharon AI has launched a pre-IPO raise via unsecured convertible notes, warming investors ahead of a planned Q1 2026 listing as it scales GPU-as-a-service infrastructure for Asian clients locked out of US chip supply.
Backed by partnerships with Nvidia, Cisco, Lenovo, and NextDC, the neo-cloud operator is expanding across Australia and the US, including a 1GW data centre JV and a newly live 1,000-GPU supercluster, expected to generate US$30 million annually at 70% margins.
The news also follows a crazy run-up in listed Neo Cloud businesses, including the Nasdaq-listed but Sydney-headquartered IREN, which signed a five-year USD9.7 billion contract with Microsoft to supply AI cloud capacity. (Capital Brief)
🔬 Radium Capital has crossed $1 billion in R&D loans, turning Australia’s 18-month R&D tax incentive wait into a cashflow engine for more than 1,000 companies, with repeat usage from up to 70% of clients as startups “spend it and respend it again.” (Capital Brief)
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⚡ Startup Retro ⚡
Synchron secures a $305M ($200M USD) Series D for a brain-computer interface
Founders: Tom Oxley, Nicholas Opie and Rahul Sharma
Synchron, the Melbourne-born brain–computer interface startup now backed by Bill Gates and Jeff Bezos, has secured $54 million from Australia’s National Reconstruction Fund Corporation. Investment is part of the $305 million Series D capital that will accelerate final US clinical trials and bring a commercial hub back to Australia.
Founded in 2012 by clinicians and scientists Tom Oxley, Nicholas Opie and Rahul Sharma, Synchron has emerged as one of the world’s most advanced BCI companies, leapfrogging Neuralink with a minimally invasive implant called the Stentrode. Inserted via the jugular vein rather than through the skull, the device enables people with severe paralysis to control digital devices with their thoughts, restoring communication and independence without open-brain surgery. Synchron is now collaborating with Apple, Amazon, Nvidia and OpenAI as it prepares for broader deployment.
The new funding will support the development of its first-generation system, scale manufacturing and integrate Australian clinical sites into upcoming FDA-approved trials. While the initial market focuses on 15 million people worldwide with severe motor impairment, Synchron is already exploring applications for cognitive decline and dementia.
You can see a head-to-head comparison between Nuralink and Synchron here.
Due diligence: The Australian, The Age, Forbes
Quantum Brilliance secures $31M of federal government support for a synthetic diamond plant for room-temperature quantum computing
Founders: Dr. Andrew Horsley, Dr. Marcus Doherty, and Mark Luo
Quantum Brilliance, the Canberra-born startup developing room-temperature quantum processors from synthetic diamonds, has opened what it claims is the world’s first commercial quantum diamond foundry in Melbourne. The Notting Hill facility will mass-produce lab-grown diamond substrates used to build compact quantum chips – the core of the company’s portable, cryogenics-free quantum systems.
The launch follows a wave of government backing, including more than $31 million across the Victorian government and the federal National Reconstruction Fund. The NRF and Breakthrough Victoria together contributed AU$23 million to Quantum Brilliance’s US$20 million Series A last year, while earlier state and federal injections came through Breakthrough Victoria and the Made in Victoria R&D fund. Venture support has also come from Main Sequence, Investible, Rampersand, Jelix Ventures, MA Financial, In-Q-Tel and the German government, which is partnering with the startup on a mobile quantum computer slated for 2027.
Founded in 2019 from ANU research, Quantum Brilliance is betting that diamond-based quantum processors operating at ambient temperatures will unlock practical, distributed quantum computing. The company already counts Oak Ridge National Laboratory among its partners and is expanding into Japan under a Tokyo government subsidy programme.
Due diligence: InnovationAus, Startup Daily
Brighte secures $40M to grow discounted loans to support the rollout of green consumer energy resources
CEO: Katherine McConnell
Brighte, the Sydney-based home energy fintech, has secured a $40 million commitment from the Clean Energy Finance Corporation (CEFC) as Australia experiences an unprecedented surge in household battery installations. The capital, deployed via the federal Household Energy Upgrades Fund, will allow Brighte to offer discounted green loans at 6.99%, down from 8.99%, to accelerate the rollout of up to AU$150 million in consumer energy upgrades.
Founded in 2015, Brighte finances solar, battery systems and home electrification projects through a national network of more than 2,500 installers. The company has facilitated over $2 billion in sustainable finance for 200,000 households and maintains sub-1% annualised loss rates, with its structured debt products earning AAA ratings from Moody’s.
CEO Katherine McConnell says the CEFC backing arrives at a pivotal moment: battery demand has exploded since the federal Cheaper Home Batteries Program launched in July, with installations running nearly five times higher than last year and 100,000 households adding storage in just four months. The rush is so intense that installation wait times now stretch into March, with installers planning to work through Christmas to meet demand. The rush also coincides with battery technology continuously getting more affordable.
Australians are increasingly turning their rooftops into income-generating assets as larger 25kWh–50kWh batteries help households capture their own excess solar rather than exporting it for a few cents.
Due diligence: Capital Brief
Nbryo lands a $10M Seed round to make high-quality bovine embryos accessible at scale
CEO: Paul Niven
Nbryo, a Queensland agtech startup building next-generation cattle breeding technology, has secured a AU$10 million Seed round to scale its bovine IVF platform. The round was co-led by Tenacious Ventures and New Zealand’s AgriZeroNZ, with participation from Queensland Investment Corporation (QIC), the Murdoch family, and Mandalay Venture Partners. The raise also triggered the conversion of AU$12.3 million in SAFEs, bringing total capital raised since 2024 to more than AU$22 million.
Founded to modernise livestock genetics, Nbryo is developing an in-vitro embryo production (IVP) platform designed to make high-quality bovine embryos accessible at scale. The company has also attracted AU$18 million in grant funding from the Gates Foundation, Meat & Livestock Australia, and state and federal programmes, backing its core R&D with global validation.
By scaling high-quality embryo production, farmers can boost yields and profitability without relying on elite genetics programmes. Downstream, processors and retailers benefit from more consistent meat and milk quality, stronger sustainability credentials, and a supply chain built around lower-emissions, high-performance herds.
The fresh capital will support the commercial rollout of Nbryo’s proprietary IVF system, the expansion of its IVF and embryo-transfer services, and the launch of new technologies, including an embryo multiplication platform and a next-generation embryo-transfer device slated for release in October 2026.
Due diligence: AgriInvestor, SmartCompany, Startup Daily
Lumonus secures $25M Series B to scale AI-powered radiation oncology workflow platform globally
CEO: Keith Hansen
Sydney-based Lumonus has secured a A$25 million Series B to scale its AI-powered radiation oncology workflow platform globally, following rapid clinical adoption across major health systems in the US, Europe and Australia. The round was led by Aviron Investment Management, with continued backing from Oncology Ventures.
Lumonus’ platform is designed to automate and streamline some of the most labour-intensive steps in cancer care. The company says its AI has already supported clinicians in consulting and prescribing more than 280,000 cancer treatments, while auto-generating over 75,000 treatment plans.
Lumonus is positioning itself as an AI-native replacement for fragmented legacy workflows in radiation oncology. Its flagship modules, Lumonus AI Physician and Lumonus AI Dosimetry, target bottlenecks in planning, reviewing and coordinating cancer treatment.
The new capital will be used to expand Lumonus’ US commercial organisation, deepen clinical success and informatics teams, and accelerate product development. The company will also broaden collaborations with health systems to leverage real-world evidence, improve quality measurement and deliver more personalised, data-driven oncology care. CEO Keith Hansen says the sector is at an “inflection point” — and that workflow transformation is now essential to meeting global demand.
Due Diligence: Company Announcement
HullBot shines with $16M Series A for autonomous boat hull cleaning robots
Founders: Tom Loefler, Karl Watfern
Sydney-based climate tech startup Hullbot has raised $16 million in Series A funding to scale its autonomous hull-cleaning robots, which the company says can slash ship fuel consumption by 10–26% by preventing biofouling. The round was led by US firm Regeneration VC, with participation from Climate Tech Partners, Katapult Ocean, Folklore, Trinity Ventures, Rypples, NewSouth Innovations and Bandera Capital.
Founded in 2014, Hullbot has quietly become one of Australia’s most commercially proven climate-tech robotics companies, completing more than 1,000 paid cleans for ferry operators and small cruise vessels worldwide and abating over 3,600 tonnes of CO₂. Its award-winning H6 robot autonomously removes algae, barnacles and marine growth before drag builds up, offering operators immediate fuel and emissions savings without taking vessels offline. The H6 robot looks similar to an automatic pool cleaning robot.
With the new funding, Hullbot plans to scale production of its Australian-built robots, expand internationally and develop larger platforms, including “BigBot,” a next-generation system designed to travel with vessels for continuous in-transit cleaning. The startup has been through Startmate, UNSW Founders’ defence accelerator and KPMG High Growth Ventures.
CEO Tom Loefler says riding the tailwind of shipping operators needing to meet rising regulatory pressure while delivering cost savings today. NRMA Marine, one of Hullbot’s major customers, reports strong returns from reduced fuel burn and lower emissions across its fleet.
Due diligence: StartupDaily, Forbes
Understanding Zoe raises $770K for personalised support for neurodivergent children and their carers
Founders: Laetitia Andrac and Johan Erchoff
Understanding Zoe, a Sydney-based startup building AI tools for neurodivergent children and their families, has raised AU$770,000 (US$500,000) from Singapore’s Verge HealthTech Fund to accelerate product development and expand into new markets.
Founded in 2024 by partners Laetitia Andrac and Johan Erchoff, the company emerged from their experience navigating their daughter’s autism diagnosis and the maze of clinical reports, therapy recommendations, and daily behavioural notes. Understanding Zoe’s solution is an AI-powered app that consolidates this fragmented information into a secure, centralised interface. Parents and carers can upload diagnoses, observations, and day-to-day updates through a chatbot, while the backend system analyses the data to spot patterns and generate practical guidance.
The platform can offer everything from book recommendations and sensory-friendly venues to strategies for managing overwhelm, and even prepares structured summaries for therapists, teachers, and caregivers. Professionals can also add their own insights, giving families a more complete view of what interventions are working.
Due diligence: SmartCompany
ActiveXchange raises seed round for community data intelligence platform
Founders: Alex Burrows
ActiveXchange, a data intelligence startup serving the sport, recreation and community sectors, has completed its seed round led by Mercia Ventures and XV Capital Advisory. The Sydney- and UK-based company aggregates fragmented datasets across operators, governments, brands and facilities, using AI and advanced analytics to generate marketing, planning and investment insights for more than 1,000 clients across Europe, North America and Australasia.
Its platform has become a de facto data infrastructure layer for the sector, enabling real-time decision-making and, more recently, new revenue streams through secure data-sharing partnerships.
The fresh capital will accelerate product development and expand ActiveXchange’s footprint across its core markets, with a focus on helping clients unlock greater commercial and community impact from their data, for example. The reporting on facilities can justify funding by demonstrating who a facility is reaching and being used by. The platform is used by the likes of Basketball Australia, Rebel, The City of Syndey and the NRL.
Due Diligence: Company Announcement
🥳 Wins 🥳
🛰️ Melbourne defence-tech startup Arkeus has secured a contract with the Australian Army to power its wide-area airborne surveillance program. (Capital Brief)
The Army selected Arkeus’ hyperspectral optical radar (HSOR) after a global competitive assessment of next-generation sensing technologies. Developed through successive Defence contracts, HSOR enhances tactical uncrewed aerial systems and improves reconnaissance, targeting and manoeuvre in degraded visual environments.
Arkeus, backed by Main Sequence, Salus Ventures and Beaten Zone Ventures, has already deployed its tech with the US Department of War.
📆 Notice Board 📆
🌏 Techstars Tech Central Sydney Accelerator Demo Day is bringing 2,500+ founders, investors, and innovators together for one epic night.
🚀 See 12 bold startups take the stage, Mon, 8 Dec 2025 | 6–8pm | Darling Harbour Theatre, ICC Sydney 👉 Register now
🚨What's cutting-edge in health AI innovation? What's happening on the global stage? And what's ahead of us?
Our friends at What The Health are bringing together leaders from across the Australian healthtech ecosystem for an evening of insightful discussion and premier networking. 📍 Google Office, Sydney, Wednesday, 19 November. | 5:30pm – 8pm | Register here.
The best place to find upcoming events to attend and promote any events you’re hosting is the ANZ Startup Events Calendar.
Would you like to promote an event or an opportunity? Enquire about a Notice Board promotion here.
🧠 KaaS (Knowledge as a Service)
Will’s Pick 💁 Trader Joe’s by Acquired (Podcast)
Found this episode by Acquired more interesting than usual. Mainly because it’s one of the new businesses they’ve covered that I’ve never interacted with before, so for me, it was learning from a quite different starting point.
Anyway, I spent some time reviewing the research that the Acquired team conducts for each episode, and they actually link to all their sources. Inside that, I found a really nice 5-minute video on the seven golden rules of Trader Joe’s.
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👋 Will