Forbes Australia

‘Confidence evaporated’: Explaining Firmus’ $44 billion IPO flop

Firmus withdrew its ASX listing after weak investor demand. The explainer covers the data centre developer's history, its Nvidia and Blackstone backing, prior raises, and why the float collapsed.

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Firmus absorbed 70% Australian startup funding before attempted IPO

Australia's record Q3 2026 startup funding quarter was dominated by Firmus's huge raise; the data centre company later withdrew its ASX listing plans, while AdvanCell, Cover Genius and Heidi posted large rounds.

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‘Confidence evaporated’: Firmus $44 billion IPO collapse explained

Firmus, the Nvidia-backed data centre developer, pulled its planned ASX listing after weak investor demand and will instead seek private capital. Explaining its background, backers, valuation history and why the float failed.

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Explaining Firmus and its $44 billion IPO collapse

Firmus, a Nvidia-backed data centre developer, abandoned its ASX float after weak demand; the article recalls its earlier private funding rounds and examines why investors balked at the valuation.

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Square Peg raises over $1 billion for new funds amid AI bonanza

Venture firm Square Peg has confirmed two funds holding more than $1 billion between them, alongside a look back at its biggest bets, sell-downs and the acquisitions that delivered windfalls.

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Diraq scores $73 million in US defence race against quantum heavyweights

Sydney quantum computing company Diraq has reached the final stage of a US defence quantum program, securing US$51 million with more possible, joining Microsoft and PsiQuantum among firms advancing toward utility-scale machines.

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Quantum startup Diraq lands $73 million as it pushes through US defence program

Sydney quantum company Diraq has reached the last stage of a US defence quantum program, securing US$51 million with more possible, alongside mentions of PsiQuantum, IonQ and Quantinuum milestones.

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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.

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This former OpenAI exec is trying to cure chronic diseases, including her own

Profile of Fidji Simo, who left OpenAI to cofound ChronicleBio, which has raised $20 million to use AI and biological data to subtype chronic illnesses like POTS and long COVID and rescue shelved drugs.

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.

Australia’s youngest billionaire Ed Craven places his next big venture bet

Billionaire Ed Craven backs Maincode's new venture arm, which takes half of each startup's equity in exchange for funding, salaries and AI access, aiming to build sovereign Australian AI companies across several industries.

$790 million medtech Harrison.ai reveals revenue surge after restructure culling 15% of staff

Radiology AI firm Harrison.ai has restructured, shedding 34 local roles, while contracted revenue has grown fourfold to $40 million; founders insist research stays in Australia as they expand in the US.

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Heidi hits $1.2 billion valuation with $470 million in fresh funding

Heidi raised US$100m in a Blackbird-led Series C plus US$240m in customer-acquisition finance from General Catalyst, reaching a $1.26 billion valuation as Australia's fourth billion-dollar startup of the year.

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NRF backs space startup HEO after US$100 million-plus contract

HEO, which builds cameras to monitor satellites, has secured a Series B with Beaten Zone Venture Partners leading and the national reconstruction fund among nine backers, on the back of a nine-figure US contract.

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NRF backs space startup HEO after US$100 million-plus contract

Satellite-monitoring camera maker HEO has landed a $37 million Series B, with the federal reconstruction fund contributing $10 million, and will grow its team while pushing more cameras into geostationary orbit.

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Amber electrified with $78.5m Series E

Melbourne-based battery software firm Amber has landed a Series E led by Morgan Stanley's 1GT climate fund, with earlier backers returning, to fuel its overseas expansion.

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Canva valuation marked down by US titans T. Rowe Price and Franklin Templeton

Filings show T. Rowe Price, Franklin Templeton and Blackbird have cut their Canva stake valuations, as the design company trims growth forecasts and builds a foundation model ahead of a planned Nasdaq listing.

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Main Sequence targets $400 million for new fund amid deep tech boom

Deep-tech investor Main Sequence is seeking $400 million for a fourth fund, with $75 million already committed by the federal government, after two portfolio companies reached unicorn status this year.

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Meta offered this Australian $1.5 billion. Now he's joining Anthropic.

Australian AI engineer Andrew Tulloch, a Thinking Machines Lab co-founder, is leaving Meta for Anthropic after turning down a reported Meta package worth as much as US$1.5 billion.

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'OpenAI can't mark its own homework': Optus ex-CEO says rogue AI is an inevitability

Former Optus CEO Kelly Bayer Rosmarin warns rogue AI agents in enterprises are inevitable and discusses Aigentsphere, her AI-monitoring startup, which raised a $4 million seed round from Main Sequence in April.

Australian AI lab caps $10 million pre-seed raise to run in global AI race

Forbes Australia reports three researchers have closed a $10m pre-seed round with Main Sequence for Metacognition, whose software adds memory and guardrails so companies can deploy AI without unsafe behaviour.

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OpenAI inks deal with $14 billion Australian data centre player Firmus

OpenAI has signed up as a customer for two Malaysian AI data centres from Firmus, an Australian group that last month drew US$2 billion from Nvidia, Blackstone, Coatue and Jane Street.

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He's quietly invested in Australia's biggest space tech startups. Now he's moving to launch a $150m fund

Profiles space investor Will Scully-Power, whose Pine Gap firm backs Australian space startups and plans a larger US fund with partners; defence VC Beaten Zone has also wrapped up a $26 million fund.

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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.

Brandon Capital's $60m taypayer-funded biotech bets

Brandon Capital is welcoming a $60 million commitment of public money via the NRF, earmarked for the firm's life-science investing.

Brandon Capital's $60m taypayer-funded biotech bets

Brandon Capital has put roughly $60 million of National Reconstruction Fund money into ten biotech companies and warns R&D tax changes would hurt deep tech; portfolio company Myricx Bio went to Novartis.

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Diraq pushing its quantum computer to the cloud amid commercialisation race

Sydney quantum computing company Diraq will station an eight-qubit prototype machine inside an Equinix facility from October, a step toward moving the technology from lab to market.

Blackbird closes record $1 billion fund, but turns ‘cautious’ on AI

Blackbird has banked a record $1.05 billion sixth fund with global institutional and local super backing, while partner Samantha Wong flags caution on AI and a tilt toward deep tech.

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The 8 Australian startups on Forbes Asia's 100 To Watch list

Eight Australian companies make Forbes Asia's annual 100 To Watch list; the piece profiles each and recaps recent raises across climate tech, health and software.

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Canva bet millions on data centre play Sharon AI before becoming its 'major customer'

Filings show Canva backed Sharon AI's US$103 million December 2025 raise with Regal, Ellerston, Digital Alpha and others; the Sydney compute provider has since floated on Nasdaq and raised US$2.15 billion more.

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Xero board bumps CEO's pay to $25.8 million – but mandates skin in the game

Forbes Australia reports Xero's board lifted CEO Sukhinder Singh Cassidy's potential pay to US$18.5 million, mostly equity vesting over three years, and now requires her to hold shares worth five times her salary.

Canva founder says AI costs down 90% after skyrocketing bills delayed product rollout

At a Sydney event, Canva's co-founder explained how soaring compute bills forced a delay to its AI relaunch, and how homegrown models cut serving costs; he also recalls early government backing.

VinoMofo rejects most wine it tastes. It's the key to its success

Forbes Australia profile of wine e-tailer Vinomofo: CEO Justin Dry on its 95% rejection rate, $90m annual turnover, a shelved 2021 float, and its whisky side business.

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Australia’s ADHD system made him ‘snap’. Now he’s raised millions to build a new one

Zac Altman’s ADHD telehealth startup Kantoko has secured $3.5 million in a Side Stage Ventures-led seed round, with Andrew Forrest’s Tenmile and Go1’s founders investing; the article also recalls his earlier ventures’ sales.

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Me&u takes on American Express and DoorDash as it eyes first profitable year

Me&u launches a new AI-powered reservations platform to compete with Resy and SevenRooms, targeting profitability in 2026 after merging with Mr Yum.

SafetyCulture has a new name – and an insurance bet to match

SafetyCulture, an Australian unicorn selling workplace-safety software, has rebranded as Mitti. Luke Anear, who founded it, is chief executive again, and insurance plus AI now anchor its growth plans.

SafetyCulture has a new name – and an insurance bet to match

Forbes Australia reports the workplace-safety unicorn's new name and its expanding insurance arm, with founder Luke Anear back as chief executive.

Neara joins the billion-dollar club with $90 million Series D

Australian grid digital-twin startup Neara raised a $90 million Series D led by TCV, reaching unicorn status amid rising data centre power demand.

Adelaide's splose raises $46 million Series A led by Spectrum Equity

Adelaide practice-management software company splose closed a $46 million Series A, the largest ever for a South Australian SaaS firm, led by Spectrum Equity.

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UpGuard raises $105 million Series C led by Springcoast Partners

Cybersecurity company UpGuard secured a $105 million Series C round to fund M&A, product expansion and global scaling, led by a US firm.

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Advanced Navigation raises $158 million Series C led by Airtree Ventures

Sydney/Perth navigation-tech firm Advanced Navigation raised $158 million in a Series C round to fund acquisitions, US manufacturing expansion, and sales growth, reaching unicorn status.

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His self-driving car startup hit $300m before crashing. Now he’s back for round two.

Cibby Pulikkaseril secured seed funding for Zabidou, a manufacturing quality assurance startup, following the collapse of his previous venture Baraja.

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His self-driving car startup hit $300m before crashing. Now he's back for round two.

Deep tech founder Cibby Pulikkaseril has banked a $3.5m seed for Zabidou, whose lasers inspect factory output, with Black Nova, Main Sequence and Antler backing; his earlier LiDAR venture Baraja folded.

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The spark behind the charge: how Tim Washington built Australia's EV infrastructure giant

Profile of JET Charge co-founder Tim Washington, tracing the EV charging firm's growth and recalling its 2020 institutional round and $72 million Series C led by Mirova.

Rocket Lab alum raises $10.5m to build 'anti-gravity chamber' for space manufacturing

A maker of satellites for in-orbit drugs and materials production has landed an outsized pre-seed round led by New Zealand's GD1, with Airtree and other venture firms taking part.

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AI made founding a startup easier than ever – but VC data shows funding is getting harder

Cut Through Venture's Q2 2026 report shows early-stage deal numbers at historic lows, though quarterly capital reached $1.7 billion, driven by two large rounds by Firmus and Airwallex.

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Xero executive quietly departs amid SaaSpocalypse slump

Xero's chief people officer Jeff Ryan left the ASX-listed software firm in early July, with its people function reporting interim to CFO Claire Bramley, as the company's shares slide on AI disruption fears.

Brisbane biotech AdvanCell just raised a record $450 million

Brisbane radiopharmaceutical developer AdvanCell has closed an oversubscribed Series D round, led by Ally Bridge Group and Alpha Wave with several institutional investors returning, to fund late-stage prostate cancer trials and US manufacturing.

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Australia doesn’t need copyright change to win data centre billions, AI boss says

The head of neo-cloud firm Sharon AI argues no copyright change is needed to attract data centre investment; the piece recalls its Nasdaq listing raise and a large new financing.

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Brandon Capital scores its biggest return ever with $2.1bn biotech acquisition

Novartis is acquiring London biotech Myricx Bio for US$1.1 billion upfront plus milestone payments, handing Melbourne venture firm Brandon Capital a record return on the startup it seeded in 2019.

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Samsara Eco kicks off $100m raise to recycle critical minerals

Samsara Eco, the enzyme-driven recycler behind fabric deals with major apparel brands, is seeking a Series B to move into rare earth recovery, with its founder pointing to a matching sum raised previously.

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Mako shark-inspired startup hunts down $28m to make aviation more efficient

Sydney aviation startup Mako has announced a $28 million Series A with Virescent Ventures, Grok Ventures, Skip Capital and IAG investing, funding A320 testing, industry rollout and team growth.

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IREN co-founders score $1.14 billion pay packet amid AI bonanza

IREN's board has signed off on long-term share awards worth roughly US$788 million for co-founder chief executives Daniel and Will Roberts, as the Sydney-based green data centre operator capitalises on AI demand.

Advanced Navigation rides deep tech boom with first US manufacturing hub

Advanced Navigation will open an Alabama plant, its first American factory, using money from its March Series C, and is weighing US and European acquisitions plus a possible future listing.

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Amal Clooney on empowering female entrepreneurs and CWI's global impact

Forbes Australia interviews Amal Clooney at the Cartier Women's Initiative 2026 celebration in Bangkok, where she mentored female founder fellows, including three Australian award winners, and discussed her justice foundation's legal-aid work.

Fintech unicorn Zeller’s latest product is also its AI guinea pig

Zeller has launched point-of-sale software it will improve rapidly using AI, says founder Ben Pfisterer; the piece recalls the payments firm's $100m Series B and flags a future raise for overseas growth.

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100k conversations and counting: Ovum earns $4m seed growing 30% month-on-month

Women's health AI app Ovum announced a $4 million seed round led by Admiralty Capital with Antler, Giant Leap, LaunchVic and others, 16 months after its pre-seed, citing rapid user growth and health partnerships.

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CEO shakeup at Vow amid restructure at lab-grown meat startup

Lab-grown meat firm Vow has a new CEO, with its founding chief executive moving to a director role and launching a spin-off; the Blackbird-backed startup also recently cut staff.

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‘Radical reshaping’: $3.5b unicorn Immutable scraps crypto gaming teams

Immutable is winding down in-house game development to focus on AI marketing software for publishers, with the co-founder saying its 2022 raise still gives it years of runway.

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Everlab valued at "almost $500 million" - forbes.com.au

Melbourne preventive-health startup Everlab has banked $65 million at close to a half-billion-dollar valuation, backed by Airtree, Left Lane, Plural, b2venture and angels including Pat Cummins; the piece profiles co-founder Marc Hermann.

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