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Sydney, NSW
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EVP's Federal Court bid to claw back $10.4 million from collapsed healthtech StrongRoom AI continues, with liquidator examinations of former directors ahead; the rebooted business has since raised fresh funds under owner Joe Zhou.
Also AFR Technology·This Week in Australian Startups·Dealroom
Healthtech firm StrongRoom AI sold to pharmacy operator Joe Zhou for $3 million via administrators, while backer EVP litigates to recoup $10.4 million after the startup's collapse following a March raise.
The medication startup StrongRoom AI looks headed for liquidation, its administrators citing likely insolvency from October 2024, while EVP litigates to claw back its $10.4 million and the CEO faces fraud claims.
StrongRoomAI chief Max Mito denies EVP's fraud allegations in Federal Court; the startup is in administration ahead of a sale after the Sydney VC's $17m backing unravelled into litigation.
EVP alleges StrongRoom AI's CEO admitted fabricated revenue and debt figures after the Sydney VC invested $10.4m in a $17m raise; the Melbourne startup is now in administration with assets frozen.
Strong Room AI, a Melbourne medicines-management startup, is in voluntary administration weeks after a February raise; investor EVP's court action froze assets while administrators seek a buyer and creditors meet on April 8.