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Whos Paying Whom in AI Booms Circular Money Machine

Analysis of circular financing among AI companies, using Nvidia's investments in OpenAI, Anthropic, CoreWeave and Australian data centre builder Firmus to question how much of the AI boom reflects genuine demand.

Also Rampersand·Dealroom·Cut Through Venture·Startup Daily·SmartCompany·SmartCompany·Forbes Australia·Business News Australia·Forbes Australia·Forbes Australia

OpenAI projected to bring in $20bn less in revenue than expected

OpenAI now expects roughly $50bn in annual revenue, well short of what it told investors earlier; the report also recalls its huge March fundraiser, Anthropic's raise, and SoftBank's bond sale and AI spending.

Also cnbc.com·tech-insider.org

Figure's Brett Adcock sold investors a humanoid future. Now he has to build it.

Profile of Brett Adcock probing Figure's $39 billion valuation, narrow robot deployments, disputed claims involving BMW and OpenAI, and his habit of raising vast sums for ventures like Hark before products ship.

Also Crunchbase News

Top OpenAI boss on hack apology tour 'can't explain' Australian AI distrust

OpenAI's strategy chief, appearing at an Australian parliamentary hearing after a data breach, said he could not account for local scepticism of AI, while Anthropic, Google and Microsoft also gave evidence on regulation and disclosure.

Evan Spiegel’s ill-fated $3 billion plan to put Snapchat on your face

Profile of Snap's CEO and his costly, long-running bet on AR smartglasses, the spurned Facebook takeover offer, Meta's dominance in AI eyewear, and activist investors pushing for change.

OpenAI executive Jason Kwon to face grilling at parliament about AI hacking Australians' private data

A federal parliamentary inquiry will question OpenAI, Anthropic, Microsoft and Google this week, with its chair warning OpenAI must explain an incident where its AI agent accessed Services Australia Medicare data.

From prison to billionaire data centre operator, the incredible story of Oliver Curtis

Analysis tracing Oliver Curtis from an insider trading prison term to his central role in Firmus's planned $7.2 billion Australian sharemarket listing, with Blackstone and Nvidia among its existing backers.

Canva takes the fight to Microsoft and Google for enterprise subscribers

Canva is pushing productivity tools like Docs and Sheets to win enterprise subscribers from Microsoft and Google, while slowing its AI rollout to control costs and trimming its revenue growth forecast.

The food brands AI will favour

FoodNavigator interview with Bramble Intelligence's Chris Mitchell on how AI shopping agents will reshape brand loyalty, category fortunes, and what food makers must do to stay visible to algorithms and shoppers.

Veridooh appoints former IPG CEO David Bell to advisory council

Australian adtech firm Veridooh adds ex-Interpublic chief executive David Bell to its advisory council; the write-up also covers his career and Veridooh's 2022 Series A raise.

Also Startup Daily·Startup Daily

Bower raises $2M to bring ambient intelligence to the research lab

Bower, an Australian startup, has closed a $2 million pre-seed round led by TEN13 with Admiralty Capital Group, Edale Capital and angel backers, funding ambient AI that captures laboratory work as structured research records.

AgriFood Signals: Ranch tech startup Ranchbot nets $15m, Target hires chief AI officer, plant cell culture megadeal

AgFunderNews roundup of agrifood funding raises, executive appointments, shutdowns and partnerships, including Ranchbot's Series B, ClimateAi and Cultimate shutting down, and Novonesis seeking sole control of MicroBioGen.

Our Investment in Bower | The AI Research Partner for Scientists

Ten13 led Bower's A$2m pre-seed round for a voice-first AI assistant that helps scientists capture lab observations hands-free, founded by a four-person team with backgrounds at Microsoft, Google and Atlassian.

Also Startup Daily

🇦🇺 This Week in Australian Startups #173, 9th August 2026

Weekly roundup: Firmus completes its $2.85b round; Procore acquires DroneDeploy; Atlassian rebounds while Canva cuts guidance; plus fresh raises for Zabidou, BioScout, Vexev, Enrola, Spacetalk and others.

Also Dealroom·RenewEconomy·RenewEconomy

Unlockd cofounder Matt Berriman calls time on his US legal fight over Google killing his startup

Unlockd cofounder Matt Berriman has ended his eight-year US antitrust fight against Google after the appeal failed, closing the chapter on the adtech firm that raised over $60 million before Google's 2018 ban.

Also SmartCompany

Unlockd founder calls it quits on eight-year Google fight

Matt Berriman has abandoned his eight-year legal action against Google after a US appeals court dismissed Unlockd's antitrust appeal, per an investor note obtained by the Financial Review.

Meet our Winter 26 Accelerator cohort

Startmate unveils its incoming Winter '26 accelerator intake, profiling AI, aerospace, legal tech, construction and healthcare startups founded across Australian cities, with others based in San Francisco and Christchurch.

Queensland startup uses AI to give cancer patients their voices back

Queensland medtech Laronix has built AI that recreates patients' own voices from brief recordings; the profile recalls its 2023 seed round, earlier federal grants and a 2025 non-dilutive award.

Also Startup Daily

Square Peg's H1 2026 investor letter: portfolio up 30%, US$1bn in realisations

Square Peg reports 30% portfolio growth, US$1bn+ cumulative realisations, US$138m returned this half, closes two new funds, and outlines an AI disruption framework.

ANNA Money Expands SME Platform with Payments and Tax Automation Tools

ANNA's Australian operation obtained its financial services licence and rolled out Apple Pay, Google Pay and Mastercard checkout alongside ASIC and ATO integrations, letting small firms manage payments and tax in one place.

Q-Day: why quantum readiness can't wait, with Vikram Sharma, QuintessenceLabs

Allens' Cyber Brief podcast hosts QuintessenceLabs founder and CEO Vikram Sharma discussing quantum computing threats to encryption, harvest-now-decrypt-later attacks, and the governance steps boards should take toward post-quantum readiness.

Our Investment in Flyweel - Building the Financial Layer Beneath Ad Spend

Ten13's post explains why it led Flyweel's pre-seed round with QIC, Antler and angel investors, backing a platform bringing real-time financial visibility and funding to advertising spend.

Sierra Raises $950M at $15B, Locking 40% of the Fortune 50 Into Its Agent Platform Before the Labs Go Direct

Analysis of Sierra's $950 million raise at a $15 billion valuation with Tiger Global and GV at the lead, weighing its revenue multiple, Fortune 50 customer lock-in, and competition from OpenAI and Anthropic's ventures.

Seven ANZ startups that raised $71.8 million this week

Weekly roundup covering seven raises across the Tasman: Phonely's Series A, Pay.com.au's private placement, and rounds for Atomic Tessellator, Caruso, Deteqt, Clean Slate Clinic and Earthletica, worth roughly $72 million combined.

Also crane.vc

Google Just Raised $85 Billion — The Biggest Stock Sale Ever

Markets newsletter reports Google's equity offering with a completed first tranche, SpaceX and Anthropic IPO filings, xAI's earlier merger into SpaceX, fast-food bankruptcies blamed on GLP-1 drugs, and a live tour wrap-up.

Also The Guardian Australia - Technology

Lightspeed $9B Raise: $4.5B Flagship, AI Focus

Analysis of Lightspeed Venture Partners' 2026 close of three funds totalling nine billion dollars, its backer base, AI allocation, portfolio outcomes and comparisons with other big venture firms.

DataMasque raises $5.6 million to tackle one of AI's biggest enterprise hurdles

DataMasque, whose platform masks customer data for AI use, has collected $5.6 million from Wavemaker Partners, OIF Ventures and Icehouse Ventures, with Wavemaker leading.

Also SmartCompany·Startup Daily

Palmer Luckey: From Oculus Founder to Anduril Defense Tech Leader

Profile of Palmer Luckey tracing his Oculus VR venture, its multibillion-dollar Facebook acquisition, his co-founding of defense tech firm Anduril Industries, and his gaming hardware venture ModRetro.

Bret Taylor's Sierra raises nearly $1 billion months after last capital push

Sierra, the enterprise AI agent firm started by Bret Taylor and Clay Bavor, has banked a $950 million Series E with Tiger Global and Google Ventures at the helm, plus Benchmark, Sequoia and Greenoaks.

Also TechCrunch Venture·aivy.com.au·cmswire.com·theaiworld.org·faq.com.tw·groundy.com

Clem Delangue: Open Source AI & the Future of Builders

Turing Post interviews Hugging Face's co-founder and CEO on open-source AI, arguing open models empower a far larger builder community, discussing robotics hardware sales, cybersecurity arguments, and lobbying against open source in the US.

Canva CTO to step down after 12 years amid AI push and IPO plans

Canva's long-serving technology chief is leaving mid-year, his deputy taking a restructured technology leadership role, as the design platform expands its AI features and works toward a planned 2027 public listing.

Three ANZ startups that raised $61.4 million this week

Weekly roundup of three Series A raises: chipmaker Syenta (US$26m), insights platform Ideally and battery recycler Renewable Metals, detailing leads, amounts and each company's earlier funding.

Also Startup Daily

Ideally raises $13.4m to disrupt slow-moving research industry

Research platform Ideally has secured a Series A round with Shearwater Capital leading, earmarked for US expansion, and unveiled a new product, Ideally Canvas.

Also SmartCompany·Startup Daily

The same mission. A different mountain

Blackbird partner Rick Baker recalls backing Canva's founders in 2013 and argues its 2026 AI launch extends that founding purpose to a new frontier.

Also Blackbird Ventures portfolio·Startup Daily·Startup Daily

Canva paints itself as an AI work platform with Simtheory, Ortto acquisitions

Canva has bought Sydney AI startup Simtheory and marketing automation firm Ortto, its fifth and sixth acquisitions in ten months, as it repositions from design tool to AI workplace platform; no prices disclosed.

Also Startup Daily·Startup Daily·This Week in Australian Startups

Tradie AI receptionist startup banks $900,000 in pre-Seed

Sydney AI receptionist startup Chime Labs has closed a pre-seed round led by 500 Global with angel backing, to broaden its product for trades businesses and grow headcount.

Also Forbes Australia·SmartCompany·Startup Daily

Capital returns but discipline and liquidity remain key

A retrospective on 2025 Australian venture activity: large raises at Firmus, Heidi Health, Airwallex and others, deep tech momentum, and Folklore's own backing of Hullbot and Sphere.

Also RenewEconomy·RenewEconomy·Startup Daily

Michelle Toscan appointed APAC head at Advanced Navigation

Advanced Navigation has hired Michelle Toscan to lead its Asia-Pacific operations, tasking her with defence and government engagement as the navigation systems maker supplies primes including Rheinmetall and Boeing.

Our Investment in Atrium - Building the AI Chief of Staff for every professional

Ten13 announces its pre-seed investment in Atrium, an AI assistant for managing professional relationships, with AirTree Ventures also taking part, and explains the market case and the founders' backgrounds.

Also SmartCompany·Startup Daily

Cheque-in: 6 startups kicked off December raising $24.2 million this week

Six Australian startups, including Bodd, Hachiko and Cor, collectively secured about $24 million in fresh backing, while seaweed peer Sea Forest floated on the ASX and jumped in early trade.