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 👀
🚀 Blackbird targets $700M+ sixth fund as Australian VC momentum builds (AFR)
Founded in 2012 by Niki Scevak and Rick Baker, Blackbird Ventures, backer of Canva, SafetyCulture, and Airwallex, is preparing a first close of its sixth fund at over $700M by late September, with further closes through year-end.
The raise follows its record $1B fifth fund in 2022, split into a $284M core fund, $668M follow-on fund, and $NZ75M ($68M) NZ allocation; ~43% was deployed by mid-2023, indicating a faster-than-typical investment pace.
Portfolio spans 150+ ANZ startups, with four unicorns and 23 valued above $100M, including Fleet Space, Gilmour Space, Halter, Heidi Health, Eucalyptus, PsiQuantum, and Lorikeet.
Funding base includes major super funds like AustralianSuper, Hostplus, HESTA, the Future Fund, and tech leaders like Mike Cannon-Brookes; announcement comes a week after Airtree closed its $650M fifth
🎰 Gambling giants push to rejoin R&D tax scheme after $60M+ in past claims (InnovationAus)
Responsible Wagering Australia (RWA), representing firms like Sportsbet and bet365, is lobbying for the gambling sector’s reinstatement to the Research & Development Tax Incentive (RDTI), after being excluded by the Albanese government in Dec 2024.
The ban followed transparency data showing major claims: Tabcorp ($40M in 2021–22), Aristocrat ($22M+), and other multi-million-dollar filings; Treasurer Jim Chalmers called the claims “problematic” before moving to block both gambling and tobacco sectors.
RWA argues the exclusion politicises the tax system, undermines confidence, and risks future-facing jobs in analytics, AI, software engineering, and cybersecurity.
⚖️ Daniel Petre warns AI firms need legal oversight as tech leaders push deregulation (AFR)
Veteran VC and ex-Microsoft exec Daniel Petre says big tech can’t be trusted to self-regulate AI, citing social media’s harm as evidence; calls for targeted laws on data privacy, copyright, and transparency in AI model training.
His stance contrasts with Atlassian’s Scott Farquhar, Aconex & Firmable co-founder Leigh Jasper, and SimConverse founder Aiden Roberts, who argue that overregulation would stifle productivity, job creation, and Australia’s ability to build sovereign AI capacity.
Petre warns against extremes, urging a balance between innovation and safeguards, with fairer distribution of AI’s economic benefits to maintain social stability.
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⚡ Startup Retro ⚡
Cuttable tops up seed round to $10M to automate ad creation for DTC brands
Founder: Sam Kroonenburg, Jack White, Ed Ring
Melbourne-based AI ad-generation platform Cuttable has raised an additional $4.5 million, bringing its total seed round to $10 million. The round was led by existing investor Square Peg, with participation from returning backer Rampersand and new investor Brand Fund, the venture arm of Previously Unavailable.
Founded in 2024 by Sam Kroonenburg (founder of A Cloud Guru, acquired for $2 billion), Jack White (founder of Sunday Gravy), and Ed Ring (former Swisse marketer), Cuttable is building an “AI creative agency” that generates hundreds of on-brand ad variations in minutes for platforms like Facebook and Instagram. The platform targets direct-to-consumer (DTC) brands struggling to produce the volume of creative assets required for modern performance marketing.
Since its official launch three weeks ago, Cuttable has onboarded brands including Kogan, Wesfarmers, Medibank, DiDi, Frank Body, St. Ali Coffee, Mihan Aromatics, and Hunter Lab. During a 2024 R&D phase, the platform produced over 10,000 ads for early customers. The AI system, trained by senior advertising strategists, runs without human involvement, delivering speed and scale at lower costs.
The fresh funding will be used to expand into the US market, advance AI development, and accelerate the onboarding of new e-commerce clients. The team includes hires from global agencies such as McCann, Ogilvy, and TBWA, as well as tech firms like Atlassian. Helen Crossley, former Global Head of Marketing Science at Meta, has joined as an advisor.
Due Diligence: Overnight Success, AFR, SmartCompany
NRN raises $17M Series A with $50M of debt to scale virtual power plants from household renewables
Founder: Alan Hunter
Renewable energy platform National Renewable Network (NRN) has secured $17 million in Series A funding to accelerate the rollout of its national virtual power plant (VPP) platform. The round was led by existing investors Investible and Virescent Ventures, with Ecotone Partners joining via its new $25 million Planet Fund. The raise was supplemented by $50 million in debt financing from Infradebt, backed by Mike Cannon-Brookes, bringing total new funding to $67.2 million.
Founded in 2021 by Alan Hunter (cofounder of rideshare car subscription service Splend), NRN enables energy retailers such as Alinta Energy to offer households solar and battery systems with no upfront costs, repayments, or maintenance fees. Retailers can then build their own distributed renewable energy portfolios and white-label them as VPP plans, avoiding capital-intensive infrastructure builds while retaining customer ownership.
NRN’s platform integrates technology, data, capital, compliance, and market access to deliver a turnkey solution for both households and energy retailers. The company currently manages $12 million in renewable energy assets and nearly 10 megawatt hours of installed battery capacity, with plans to deploy a further 40 megawatt hours over the next year.
The new funding will be used to expand NRN’s platform nationally and grow its renewable asset base. This marks Investible’s third investment in NRN since its seed round in March 2024. “In just over 18 months, NRN has grown its network by more than 505% by solving one of the toughest challenges in energy: making clean energy accessible and affordable for households,” said Ben Lindsay, Investment Principal at Investible.
Due Diligence: SmartCompany, Startup Daily, AFR
Syenta raises $8.8M pre-Series A to commercialise AI-focused semiconductor packaging technology
Founders: Dr Jekaterina Viktorova, Professor Luke Connal
Canberra-based semiconductor technology startup Syenta has secured $8.8 million in pre-Series A funding to bring its Localised Electrochemical Manufacturing (LEM) process to market. The round was led by Investible with participation from existing investors Blackbird Ventures, Jelix Ventures, and Brindabella Capital, alongside new backers In-Q-Tel, SGInnovate, OIF, Salus, and Wollemi Capital Group.
Founded in 2020 as an Australian National University (ANU) spin-out by Dr Jekaterina Viktorova and Professor Luke Connal, Syenta has developed a lithography-free method for producing micron-scale, high-density interconnects in advanced semiconductor packaging. The technology allows memory and processors to be placed closer together, enabling faster, more efficient data exchange, addressing the “memory wall” bottleneck that limits AI and high-performance computing.
Syenta previously raised $3.7 million in a Blackbird-led Seed round in 2022 and participated in Applied Materials’ ASTRA accelerator, gaining access to major global foundries, materials suppliers, and semiconductor leaders.
The new funding will be used to commercialise LEM for global semiconductor manufacturing, with applications in next-generation AI infrastructure and HPC chips.
Due Diligence: Forbes
Zetifi secures $5M government grant to commercialise smart antenna platform globally
Founder: Dan Winson
Regional NSW communications startup Zetifi has secured a $5 million grant from the Australian Government's Industry Growth Program as part of a $10 million expansion plan to bring its smart antenna platform to global markets.
The technology transforms traditional antennas from passive hardware into intelligent devices through RF engineering, embedded systems, and cloud connectivity. This enables real-time telemetry, remote diagnostics, enhanced mobile coverage, and duress alerts for lone workers - particularly valuable for vehicles operating in Australia's remote environments.
Unlike conventional antennas, Zetifi's solution uses advanced signal processing to dynamically adjust transmission and reception patterns, improving coverage whilst reducing interference and boosting data throughput.
Founded by Dan Winson, the company collaborates with global partners Nextivity, Icom, and Telstra to develop applications across public safety, enterprise connectivity, and regional mobility. Telstra, which led Zetifi's $12 million Series A in 2022, is working on projects that leverage network data to optimise mobile coverage in isolated areas.
The platform integrates with third-party systems to deliver intelligent connectivity decision-making, network optimisation in hard-to-reach locations, and safety features including GNSS-based tracking and automated WHS check-ins. The grant funding will accelerate commercialisation and international deployment, expanding use cases across both terrestrial and satellite networks through strategic partnerships.
Due Diligence: Startup Daily
SprintSuite raises $3.5M Seed round to digitise mining services operations
Founder: Fredy Galindo Jr.
Perth-based business management platform SprintSuite has raised $3.5 million in Seed funding to expand its footprint in Australia’s mining industry and enter international markets such as North America. The round was led by EVP.
Founded by Fredy Galindo Jr., SprintSuite is purpose-built for mid-market mining and engineering services companies delivering multi-million-dollar projects in asset maintenance, repair, and fabrication. Clients include Rio Tinto, Woodside Energy, and BHP. The platform replaces manual spreadsheets and generic software with tools designed for industry-specific challenges such as FIFO workforce scheduling, subcontractor coordination, complex logistics, and strict health and safety compliance.
Used by around 80 mining and engineering service companies, SprintSuite has doubled its revenue over the past 12 months through mostly organic, referral-driven growth. With more than 2,600 potential customers in Australia and over 32,000 in global markets, the company sees opportunities to introduce advanced capabilities, including AI scheduling, predictive maintenance, and deeper financial integrations as digital adoption grows.
Due Diligence: Startup Daily
Bitwise Agronomy raises $1M to for AI crop forecasting for global berry growers
Founder: Fiona Turner
Tasmanian agtech Bitwise Agronomy has secured $1 million to accelerate the global rollout of its GreenView AI-powered crop analysis platform. The round was led by Melbourne Angels, with participation from existing investors Jelix Ventures and Sprint Ventures.
Founded by farmer and CEO Fiona Turner, Bitwise Agronomy uses object detection AI trained on berry data from farms worldwide and more than 200 ripening curves across 60+ berry varieties.
Its GreenView system analyses GoPro footage captured during regular farm work, usually on the back of an ATV, to deliver forecasting accuracy of up to 90%, an improvement from traditional methods of 50%, up to 12 weeks ahead of harvest.
The platform processes footage within 12–24 hours to provide interactive yield data, helping growers optimise labour allocation, reduce wastage, and cut costs. Additional features include advanced quality assessments and berry sizing, supporting genetics, breeding programmes, and post-harvest operations, all through portable, field-based tools.
The new capital will support expansion into the UK, Europe, and South America, alongside further product development.
Due Diligence: Business News Australia
💸 Wins💸
🏆 54 finalists named for 2025 Startup Daily Best in Tech Awards, winners revealed Sept 25 (Startup Daily)
A record 273 entries across 14 categories saw Lenexa Medical stand out as a triple finalist (Best Sustainability Startup, Most Innovative Startup, AI Gamechanger) and its cofounder, Will Yang, shortlisted for Best Technical Leader. Lenexa is a device in hospitals that provides clinicians with non-subjective, personalised data to monitor patient position and posture to minimise bedsores.
Most competitive categories included Startup of the Year (50 entries), Best New Idea (40), and Most Innovative (40); AI Gamechanger entries doubled to 23, reflecting rapid growth in the number of AI companies.
Winners will be announced at a gala dinner at Sydney’s Ivy Ballroom on 25 Sept. Find out more here.
🎥 Creatify acquires Aussie-founded Gala Labs to boost AI-driven ad strategy (SmartCompany)
Peggy helps marketers analyse Facebook ad performance and competitors in plain English, bypassing complex dashboards.
Acquisition follows Creatify’s $23.6m Series A led by Kindred Ventures and WndrCo, founded by DreamWorks’ Jeffrey Katzenberg.
Founders Tanmay Jain (ex-Atlassian, Canva, Amazon) and Jake Bloom (ex-Atlassian, Facebook) will support the transition before moving on.
💳 Airwallex hits US$900m revenue and doubles down on AI finance tools (Capital Brief)
Fintech giant Airwallex reached US$900m annualised revenue in July, up 89% YoY, alongside US$200b in annualised transaction volume (+92%).
Growth driven by 13,372 new clients in Q2 and a 30% drop in customer acquisition costs.
🚀 NSW govt injects $400k into 13 innovation events statewide (InnovationAus)
The third round of the Fostering Innovation Sponsorship program will fund 13 initiatives, each receiving up to $40k for costs like venues, speakers, and marketing.
Recipients include
Australian Fashion Council, Greenhouse (Innovillage), Hunter Innovation Festival, InnovationAus.com, Invest Rural (Go Remote), Remarkable (Cerebral Palsy Alliance), Salus VC, Scale Investors, Shoshanna Group, Tech Ready Women, University of Technology Sydney, UNSW Founders, and Western Sydney Tech Innovators.
Events span pitch nights, hackathons, and summits, covering themes from clean energy and deep tech sovereignty to disability tech, gender funding gaps, and rural investment.
💰 New Fund, Who’s This? 💰
🌏 Ecotone Partners makes first close of $25m for Planet Fund to bridge climate tech’s “Missing Middle” with both debt and equity investments (Overnight Success)
Australia’s first combined debt-and-equity climate tech fund targets capital-intensive companies with proven, deployable hardware overlooked by traditional VC and private equity.
Backers include Wollemi Capital Group (Tesla chair Robyn Denholm), Tripple, Understorey Ventures, Argus Advisory clients, John McKinnon, and LaunchVic’s VC Support Fund.
The fund is a bit different to a traditional VC fund. It offers an open-ended structure that gives investors half-yearly redemptions after 3 years, an annual cash yield, and double-digit IRR potential.
First deal: equity + debt investment in National Renewable Network, installing solar and batteries in homes via energy retailer partnerships with no upfront cost to residents.
🪶 Blackbird nears $700m+ first close for sixth VC fund (AFR)
Australia’s largest VC firm is targeting $700m+ in commitments for its sixth fund, with first close expected late September and additional closes through year-end. But what has Blackbird’s journey been so far? Let’s have a look.
Fund # | Closed | Size | Notes |
|---|---|---|---|
I | First close 14 Mar 2013; final close later 2013 | $29m | First close announced at A$30m; ultimately raised A$29m from 97 individual investors. (Blackbird) |
II | 14 Sep 2015 | $200m | First fund to bring in major super funds (Hostplus, First State/Aware). (Blackbird) |
III | 2 Apr 2018 | $261m | Led by Hostplus; also added Future Fund and others. (Blackbird) |
IV | 4 Aug 2020 | $500m | Backed by Future Fund, AustralianSuper, HESTA, Aware, Telstra Super, etc. (Blackbird) |
V | Announced 2 Nov 2022; reported final close 3 Nov 2022 | $1.0b headline (A$284m core, A$668m follow-on, NZ$75m NZ fund) | Australia/NZ’s largest VC fund at launch. (Forbes Australia, Private Equity International) |
IVI | Expected Close September 2025 | $700M |
Opinion 💭
🏛️ I wrote an opinion piece in Capital Brief about how Breakthrough Victoria’s $2 billion taxpayer-funded fund has no clear mission or measurable objectives, making it impossible to know if it’s delivering value. (My LinkedIn post with no paywall).
In short, I’m concerned that the lack of a definable mandate is cause for concern.
Its scattergun investment style, jumping from small startup cheques to multimillion-dollar balloon companies and fund-of-fund deals, shows no consistent strategy, leaving it unclear whether the goal is to grow the ecosystem or chase financial returns.
Trying to do both at once risks doing neither well, especially when the state is carrying $170 billion in debt and every dollar should be tied to a defined purpose and timeline.
I’m calling for clear objectives, a sharper mandate, and structural protections — without them, Breakthrough Victoria risks becoming an expensive, aimless experiment at a time when young Victorians deserve a bold but well-defined, consistent innovation strategy.
🔬 Australia is a world leader in research, but far too many breakthroughs stall before they ever reach the people, industries or policies they could transform. In this piece, Tennille Eyre, Program Director of CSIRO’s ON Innovation Program, shares her front-line perspective on why translation is the missing link. (Innovation Aus)
Eyre argues that Australia excels at research but struggles to consistently turn ideas into tangible outcomes, with gaps in how discoveries move from labs to real-world applications.
Systemic barriers and a fragmented support landscape hinder progress, with unclear pathways, inconsistent handovers between programs, and limited cultural acceptance of career breaks for commercial or policy-driven projects.
Innovation must be defined more broadly than just tech startups, recognising the value of policy tools, social enterprises, and humanities-driven projects alongside high-growth ventures.
Building a more inclusive, connected ecosystem, one that supports underrepresented groups, shares knowledge openly, and invests for the long term, is essential to unlock Australia’s full innovation potential.
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📆 Notice Board 📆
🐦⬛ Have a startup idea and want to get it off the ground? Blackbird Giants Cohort 10, 29th Sept - 21st Nov 2025!
Giants is a free eight-week 1-1 mentoring program designed for ambitious founders at the ideation stage. We connect you with Blackbird portfolio founders and operators, run live content sessions and host exclusive community events to supercharge your founding journey.
📊 Got 20 minutes to shape the future of Australia’s startup ecosystem? The 2025 Startup Muster survey closes Monday!
Your input helps guide policy, funding, and support for founders nationwide. Fill it in 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 💁 AI is creating new billionaires at a record pace, by Robert Frank at CNBC
This is mind-blowing. I thought crypto was big. According to this article, the AI boom is producing new billionaires faster than any prior tech wave, fuelled by massive fundraising rounds for companies like Anthropic, OpenAI, Safe Superintelligence and Anysphere.
There are now 498 AI unicorns worth a combined $2.7 trillion, with many centred in the Bay Area, making San Francisco home to more billionaires than New York.
Of course, most of this is on paper with the wealth tied up in private companies, but secondary share sales, acquisitions, and corporate investments are providing some early cash-outs.
The author's prediction? AI entrepreneurs may initially reinvest within their networks before turning to professional management, potentially using AI to disrupt the wealth management industry itself - lol.
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‘Til next time,
👋 Will