💌 Aussie Startup & VC Summary | 7th June, 2025

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. 🚀 

👀 Headlines 👀 

☠️ StrongRoom AI collapses into liquidation after fraud claims and failed rescue bid, sparking fresh investor battle (AFR)

• Pharmaceutical startup StrongRoom AI is being liquidated after creditors rejected a proposed deed of company arrangement; its assets are now up for sale.

• A $3 million bid by Joe Zhou, backed by major investor EVP, had been accepted… until Intervalley Partners submitted a late counteroffer at a higher price.

• EVP froze StrongRoom’s assets and struck a deal with Zhou to fund operations, but now faces criticism from Intervalley, which alleges the administrators acted unfairly in EVP’s favour.

• The saga now heads for a short delay as Intervalley’s bid is considered, raising questions about transparency and governance in venture-backed startups. 

🙏 Should the Government do more business with startups? Over the past five years, the Commonwealth has spent an estimated $400 billion on total procurement, but startups have captured only $2.8 billion, less than one per cent. (Substack)

• According to a report released by Pinary Capital, despite Australia spending more per capita on procurement than the United States, Australian startups are far less likely than their US counterparts to count their federal Government as a customer.

• In contrast, around 24% of US unicorns have benefited from being government customers. 

• The Pinery Capital report has been developed by analysing over 80,000 AusTender responses. 

📋 Ed Husic blames Treasury's 'hard heads' for stifling Australia’s tech ambition, calls for dedicated AI Act (Innovation Aus)

• Former Industry Minister Ed Husic said Treasury officials lack belief in Australia as a “tech maker” and are content with the country remaining a “tech taker” by relying on foreign innovations.

• Husic argued for a standalone AI Act to boost public trust and avoid a fragmented system where only some businesses effectively adopt AI.

🖥️ Australia’s Universities Monash University and La Trobe bet big on supercomputers to secure AI sovereignty. (AFR)

• MAVERIC (Monash Advanced Environment for Research and Intelligent Computing) is a $60 million AI supercomputer launching in 2026, designed to dramatically accelerate scientific research in medicine, climate, and more.

• It will enable 4x faster AI training and 30x faster real-time performance than older systems, putting Australia among a select few nations with this level of AI research infrastructure.

• The system was funded from Monash’s $308 million operating surplus, driven by international student fees and research revenue.

• As an ex-Monash student myself, I’m proud to see that the Uni will finally have a computer for students to use that has some horsepower rather than the toasters we had in the engineering labs. 

• La Trobe has received $10M from the Victorian government to invest in an NVIDIA DGX H200 supercomputer that will be installed in the NEXTDC data centre. 

🔫 Breakthrough Victoria looks to shift priority into defence tech to align with new state economic priorities (Innovation Aus)

• Breakthrough Victoria’s CEO, Rod Birstow, confirms internal discussions with the government on expanding the mandate to include defence technologies.

• This follows Breakthrough Victoria faces funding uncertainty, with annual deployment possibly halving from $200M to $100M. 

• At the inaugural UNSW Founders Investor Summit, Bristow said the fund already invests in 'sovereign security adjacent' tech, but not directly in defence.

⚡️ Startup Retro ⚡️

Amber raises $45M for smart energy platform expansion into Europe

Founders: Dan Adams & Chris Thompson

Australian energy startup Amber has raised $45 million to expand its battery and electric vehicle (EV) automation technology into global markets, led by UK-based ETF Partners, with support from Square Peg, Rubio Impact Ventures, Breakthrough Victoria, and Gentrack.

Amber is leading the Australian market, with 40% of new automated home batteries now running on its platform. The system enables households to automate their energy usage based on real-time wholesale prices, charging when renewables are inexpensive and earning money by selling back to the grid during periods of peak demand. Amber is also developing vehicle-to-grid (V2G) capabilities, enabling EV owners to profit by discharging power back into the grid from their cars.

The fresh capital positions Amber to scale ahead of the Cheaper Home Batteries Program, a federal rebate launching on 1 July 2025, which is expected to accelerate residential battery adoption. Amber’s tech, built in Australia’s world-leading two-way energy grid, is now gaining traction in Europe. The company has signed deals with UK utilities E.ON and Ecotricity, and plans to roll out across the region.

Amber’s international strategy includes bundling its automation platform with Gentrack’s global utility CRM and billing tools, offering a turnkey solution to energy retailers.

Amber also provides customers with developer API access to their own power, allowing them to receive information such as the level of renewable energy mix, cost per kwh, and forecasted prices. This data can appear wherever the customer prefers via their custom API. 

Due Diligence: Amber Electric Announcement, Startup Daily

Extra: Here’s Square Peg’s investment notes from their $2.5M seed round back from April 7, 2022

Extra extra bonus: grab $120 off your power bill with Amber here

Superhero hits $150M valuation with $11M raise to focus on wealth management

Founder: John Winters

Sydney-based trading and superannuation platform Superhero has hit a $150 million valuation after raising $11 million in its second funding round this year. The capital injection follows a $3 million raise just four months ago and brings total funding since launch in 2018 to $70 million.

Superhero currently offers two distinct products: share trading and superannuation. The share trading platform enables customers to trade both Australian and US stocks with low fees, while the superannuation platform has over 400,000 customers with $3 billion in funds under management.

Backed by Perennial Private, Regal Funds, and early investors like Nick Molnar (Afterpay) and Larry Diamond (Zip), Superhero is now starting to shift gears, from brokerage and super admin into full-fledged wealth management. It plans to roll out managed funds, micro-investment products, and a portfolio construction tool to its members, with ambitions to bypass costly personal financial advice.

To drive this push, Superhero has made key hires: Raf Choudhury, ex-State Street head of Investment Strategy, joins as CIO; Nathan Dearinger, former Rest Super executive, becomes head of risk; while Simon Keast (ex-Zip) is now CFO, and Tim Johnson (ex-ING) is chief customer officer.

With projected FY26 revenue for Superhero expected to surpass this year’s $22 million, Superhero is positioning itself as a mass-market, tech-driven alternative in Australia’s evolving wealth sector.

Due Diligence: AFR

UpTick raises growth round for fire inspection software to expand in the US

Founders: Aidan Lister, Sean O’Connor and Kim Rockman 

Uptick, a Melbourne-based provider of job management software for fire, safety, security, and field service professionals, has secured a growth investment from PSG, a growth equity firm specialising in software and technology-enabled services. The investment amount remains undisclosed. Previous investors include EVP, Folklore Ventures and Larsen Ventures.

Founded in 2014 by CEO Aidan Lister, Uptick offers an end-to-end, cloud-based platform designed to streamline operations for service providers. The software facilitates efficient scheduling, compliance tracking, and invoicing, enabling businesses to manage fire safety installations, inspections, preventative maintenance, and building compliance more effectively.

Technicians benefit from a mobile app that provides real-time access to job details, asset information, and interactive floor plans, enhancing efficiency and reducing administrative tasks. Office staff can efficiently manage workflows, generate defect quotes, and produce service reports, while management gains insights through real-time dashboards and analytics.

Currently, Uptick's solutions are utilised to help protect over 1.6 million buildings across Australia, Canada, Ireland, New Zealand, the United Kingdom, and the United States. The recent investment from PSG is set to accelerate Uptick's product innovation and support its global expansion, with a particular focus on the North American market.

Due Diligence: FINSMES

InfinityStudio.AI raises seed round to implement AI into geotechnical engineering workflows

Founder: Dr Sjoerd van Ballegooy and Rekha Kharbanda

New Zealand-based startup InfinityStudio.AI has closed its Seed Round, securing backing to scale its AI platform. The round was led by Aspire NZ Seed Fund, with participation from existing investors Gavin Baird and Michael Harrod, and new backers Icehouse Ventures, K One W One, No Brand Holdings, and Exhort Ventures.

Founded in 2023 by geotechnical experts Dr Sjoerd van Ballegooy and Rekha Kharbanda, InfinityStudio.AI is transforming how critical infrastructure projects are analysed and delivered. Its platform Apeiron replaces outdated, spreadsheet-heavy engineering workflows with cloud-based automation tools that improve accuracy, streamline analysis, and support real-time collaboration.

Built by engineers for engineers, Apeiron integrates geotechnical design, analysis, and data management into a single platform, enabling users to reduce manual work, increase resilience, and make faster, more informed decisions. 

With this new funding, InfinityStudio.AI plans to scale operations, accelerate product development, and expand internationally. 

Due Diligence: LinkedIn

🚀 Wins 🚀 

⬆️ Upcover and Lawpath join forces to launch a bundled legal + insurance offering for Australian small businesses and startups, available online via both platforms. (Press Release)

• The focus of the partnership is on sole traders and early-stage startups, offering packages that combine public liability, professional indemnity, directors’ insurance, and legal documents such as shareholder agreements and employment contracts.

• Both partners are already fast-growing platforms:

  • Upcover (launched 2021) serves 60,000+ businesses, doubled revenue, halved costs in 2024, and raised $11M in Series A.

  • Lawpath (launched 2014) supports 500,000+ businesses and raised $10M from Westpac in 2024.

🐟 Not a win but… coral bleaching disaster uncovered at Hall Bank reef near Fremantle by Hydrus robot submarines, developed by Australian tech firm Advanced Navigation. (AuManufacturing)

• The Hydrus micro subs (7kg) created a 3D digital twin of the reef, capturing high-resolution images and structural data of bleached and fragmented coral ecosystems. The small subs have changed the game for ocean monitoring, offering low-cost, single-person deployment, no support vessels required.

• The joint mission was in partnership with O2 Marine, which used three Hydrus units to map multiple reef sections in coordinated patterns—far more efficient than traditional diving or ROV methods.

• Marine heatwaves drove sea temperatures up to 4°C above average in March, leading to simultaneous bleaching events at the Great Barrier Reef, Ningaloo, and now Hall Bank.

🚀 Accelerator News 🚀 

ON Accelerate, the CSIRO’s accelerator had its final showcase this Thursday. The three-month accelerator program focuses on helping research teams to validate and develop high-potential innovative ventures. Here are the startups that showcased:

3DCeraFlex:

• What they do: Develop flexible ceramic 3D printing technology capable of withstanding extreme conditions, tailored for aerospace, defence, and biomedical applications.

• Progress: Secured multiple pilot studies across key sectors, demonstrating the versatility and demand for their advanced ceramic solutions.

Ability Optics:

• What they do: Creates advanced optical imaging systems to accelerate drug discovery and enhance biomedical research.

• Progress: Advancing two breakthrough technologies into international markets and collaborating with a leading drug-imaging instrument manufacturer to integrate their innovation into a global sales offering

Amorfoil:

• What they do: Produces amorphous electrical steel foils aimed at improving efficiency in electric vehicle motors, transformers, and charging systems.

• Progress: Pivoted to address critical industry needs, leveraging expert support in commercialisation, intellectual property, and strategic partnerships through the accelerator program.

Elemental Therapeutics:

• What they do: Develops antibiotic-enhancing technologies to combat community-acquired bacterial pneumonia.

• Funding: Secured over $3 million in non-dilutive funding, including investment from CARB-X and a 2025 Australian Economic Accelerator (AEA) Ignite Grant of $480,390.

• Progress: Utilising funds to expand preclinical development and move towards market readiness; showcased at the 9th AMR Conference Startup Pitch Competition in Switzerland.

Enhanced Analgesics:

• What they do: Developing a non-opioid drug for chronic pain relief, offering 24–48 hours of effective pain management.

• Progress: Lodged a patent for their technology, aiming to provide alternatives to opioid-based treatments.

Epiblox:

• What they do: Focuses on treatments for severe childhood epilepsy caused by KCNT1 gene mutations, aiming to reduce seizures and improve survival rates.

• Progress: Secured a strategic partnership with a major pharmaceutical company, refining its R&D roadmap; now attracting strong interest from early-stage venture capital to advance their lead drug candidate.

Facet Amtech:

• What they do: Develops direct water-to-ammonia technology for low-cost, clean ammonia production, targeting applications in marine shipping, power generation, and industrial heat.

• Progress: Successfully spun out of the University of Newcastle; selected for the Investment NSW Going Global Program, CSIRO’s Kick-Start Program, and the Industry Growth Program to accelerate product development and commercial adoption.

I-VADE:

• What they do: Provides AI-integrated, virtual reality-enhanced training programs for aggression and violence de-escalation in healthcare settings.

• Funding: Accepted into the Microsoft for Startups Founders Hub and secured $499,660 in innovation funding from the Future Health Research & Innovation Fund (Department of Health WA).

• Progress: Scaling their solution to improve outcomes for both healthcare staff and patients.

ProSeek Bio:

• What they do: Develops next-generation diagnostic technology aimed at transforming the early detection and global diagnosis of ovarian cancer.

• Progress: Secured intellectual property rights and is advancing development towards industry adoption.

TopiCure:

• What they do: Creates innovative gel-based formulations to enhance transdermal delivery of active compounds, aiming to reduce side effects and improve patient compliance.

• Funding: Awarded a 2025 Australian Economic Accelerator (AEA) Ignite Grant of $499,398.

Viortec:

• What they do: Develops the SmartClamp, a medical device aimed at improving surgical outcomes.

• Progress: Engaged with investors, customers, and industry leaders to accelerate their development pipeline and finalise the commercialisation timeline of their first product.

📆 Notice Board 📆 

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🧠 KaaS (Knowledge as a Service)

Will’s Pick 💁‍♂️ Is Your AI Idea Any Good? A 5‑question Stress Test From a Serial Founder

• Great blog post for early-stage founders or anyone cooking up an AI idea at the application layer to give a quick sense check on what ingredients the idea needs to be investible and/or defensible.

• Question four, What's your unique data advantage? is the most fundemental to me when I think about how an AI startup can build a defensible moat or cornered resource.

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‘Til next time,

👋 Will