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- 💌 Aussie Start-up & Venture Capital Summary! 24th of December
💌 Aussie Start-up & Venture Capital Summary! 24th of December
All the Aussie startup & news from this week in one place - you’re welcome.
G'day and welcome to Overnight Success, the newsletter that makes the best Australian start-up Christmas Gravy. A warm welcome to the 14 new subscribers that have joined since last week! You've just joined 889 other legends learning about Aussie start-ups.
Thanks for 2022
This year has been an epic test. The Overnight Success newsletter kicked off with a slightly different name and three subscribers. The thesis initially was the Australian start-up ecosystem needed more coverage to get more participants, capital and founders involved; looking at the growth of the newsletter as an MVP for this thesis. There is a growing appetite for understanding what's happening across Australian start-ups. In particular, we try to give earlier-stage ventures the same coverage as larger players. Providing the news is only step one; going deeper into the context of the start-up, investors and participants is key to our mission.
To enter 2023 with almost 900 of you subscribed - Australia's best investors, founders and operators - is a big tick of approval. The newsletter will continue, and we're building a few exciting products to double down on our thesis. To hint at a few, watch this space for the new website and home of Aussie start-up news content, a partnership with Australia's newest start-up-focused co-working space and a new logo.
If you're aligned with our mission and want to get involved with the next phase of Overnight Success as a partner, sponsor or something else! Please reach out.
Headlines:
👩⚕️Square Peg portfolio company DoctorAnywhere finishes the year on a high
The Singapore-based company announced they’ve acquired Singapore-listed Asian Healthcare Specialists and also raised an additional US$38.8m “Series C1” funding round to accelerate growth and partly fund the acquisition. (Doctor Anywhere)
☀️ Innovation Bay Heads ‘up North’
Approaching its 20th anniversary in 2023, the longest-running community for technology startups, scale-ups and investors in Australia and New Zealand is launching in QLD. (Startup Daily)
Check out the Notice Board for the juicy details of their first event in Brissy!
🙈Prop-tech startup Willow fires 22% of its team to cut costs
Start-up Retro: Australia's start-up raises with a smidge of context + a lightning round-up.
Notice Board: Signposting key events and opportunities.
Accredited Tweeters: Snippets from Twitter.
(KaaS) Knowledge as a Service: Articles to make you smarter. Or to share with co-workers to make them think you’re smart.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/34ecf955-db2b-4bc8-bf3e-adb32e7044a7/OS_-_Weekly_LinkedIn_Post_-_1200_x_1200_px__2_.png)
⚡️Christmas Lightning Round-up⚡️
Cloud Gaming platform, Radian Arc, closes Series A with funding from AMD Ventures
Radian Arc, the cloud infrastructure provider allows for cloud gaming via 5G networks. The Perth-based company offers a low-latency digital infrastructure that sits inside telecommunications services. This allows for a distributed GPU network so consumers and enterprises can complete high computing tasks remotely. The company makes money as an Infastruture-as-a-Service model with revenue-sharing models in place for service providers.
💰: Led by CPS Capital with participation from AMD Ventures (NASDAQ: AMD) and TEC
Due Diligence: (LinkedIn Post)
Healthtech company Vively raises a $1.5M pre-Seed to help users understand their blood sugar levels
Vively has developed a constant glucose monitoring arm patch to measure the effects of diet and lifestyle. The software and wearable solution help users understand how their body reacts to food, exercise, stress and sleep to improve their health in real-time. Vively has found product market fit with almost 100% month-on-month growth and over $1M in annual revenue.
💰: Led by Archangel Ventures
Due Diligence: (Startup Daily)
Fintech compliance start-up, Aerotruth raises a $1.3M Seed Round
Aerotruth has built a new way for financial service institutions to manage and onboard their fintech and banking partners. The platform takes the pain out of extensive compliance approvals that can take months to complete. Aerotruth already has 40 companies in 25 countries on the platform and will use the new capital to improve its product offering.
💰: Led by Archangel Ventures with investment from Black Sheep Capital, Change Com, Cut Through Angels, Spring Captial and Unlock Capital
Due Diligence: (Startup Daily)
Aravax lands a $20M Series B to build a rapid peanut immunotherapy
The clinical-stage biotech company, Aravax, is building the first safe and convenient disease-modifying treatment for peanut allergies. Their proprietary technology hopes to reset the immune system to tolerate allergens. The first phases have been completed, and the company is launching phase 2 in 2023. Peanut allergies affect 1-2% of the global population, who are generally underserved by solutions.
💰: Investment from Brandon Capital and Tenmile
Due Diligence: (Press Release)
Katonic.ai locks in a $1.6M pre-Series A
The Australian Enterprise Machine Learning Operations (MLOps) platform (try saying that five times), has raised a $1.6M pre-Series A. Artesian led the round with investment from Boab AI. The software is an end-to-end MLOps platform and allows businesses to leverage data science over their large datasets. In short, the platform allows internal data science teams to accelerate their experimentation and deliver new models to production.
💰: Led by Artesian
Due Diligence: (Press Release)
Potiki, a pet insurance start-up, has landed $1M in pre-Seed funding
The pet-focused insurance start-up, Potiki, offers insurance for procedures that many other insurance companies do not cover. Some of these surgeries may be required for 'designer dogs'. Examples include cruciate ligament surgeries, hip joint surgeries and dental. The platform offers several cover levels, including platinum, gold, silver and bronze. Presently, the Potiki covers both cats and dogs. Apparently, only 13% of Australian pets are covered, and Potiki believes there is plenty of opportunity to grow.
If you're a founder or investor who has just closed a round, please reach out!
Notice Board
Innovation Bay’s first Investor Day event in the Sunshine State
_SOUTHSTART Odyssey tickets are now on sale
After a successful Startup Week program in November _SOUTHSTART has launched tickets to their flagship annual event in March 2023. Learn more & get tickets.
Accredited Tweeters
It's finished.
We completed our 6-part audio documentary.
3000 production hours.
3000 pages of transcript.
150 interviews.1 incredible story. Decades in the making.
The History of the Australian Startup Ecosystem.
— DayOne.fm - Where the story begins (@WelcometoDayOne)
9:10 PM • Dec 19, 2022
Every month, we curate a list of content we found helpful, inspiring and practical for founders and operators for the “Must-reads” section of AirMail 📧✈️
1/ Here are the greatest hits (based on your clicks) of 2022:
— AirTree (@airtreevc)
10:19 PM • Dec 18, 2022
Important anthropological fact in #startupaus that you’ll never see listed in commissioned ecosystem reports.
Syd startup people gather at Reuben Hills, Surry Hills
Melb startup people gather at Cherry Tree Hotel, Cremorne
Fun fact- Reuben Hills is a very Melbourne-esque cafe!
— Gaz Williams (@gwilliamsALTS)
6:40 AM • Dec 21, 2022
Want to understand what an investor sees in a company? Check out VCinsights, which aggregates VC investment momos from around the world.
(KaaS) Knowledge as a Service
Narratives and why many got it wrong on FTX, Twitter and Crypto by Ben Thompson.
A reflective piece on how narratives can lead people, investors and users astray.
Why Your Team Needs a Weekly Metrics Review by Julie Zhuo
Blog post on why a short reflection on what metrics your company cares about could need a refresh as the business matures.
What is the best thing you read or published this week? Reply to this email to be featured.
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