G’day, and welcome to this week’s edition of Overnight Success! Your weekly download on all the important things that happened in the Aussie startup ecosystem. 🇦🇺 🚀 

Xmas Housekeeping 🧹 This will be our final newsletter of the year and we’ll be taking a short break over the holiday season, returning to your inboxes in mid-January.

Thank you so much to all of you who’ve read OS each week, replied with feedback and support, and encouraged friends and colleagues to subscribe. We appreciate you immensely 😍 .

A very special welcome to our new subscribers - if you’re new this week, you’re one of ~2,000 other startup-curious folk that have joined us in 2024 👋 . You’re in good company, that’s for sure!

👀 Headlines 👀 

🙅 Victoria’s $2B public venture fund Breakthrough Victoria’s attempt to have the unfair dismissal of Seer Medical founder thrown out has been rejected. (Information Age)

• Seer Medical co-founder Dr Dean Freestone launched a Federal Court action against Breakthrough Victoria, claiming that he was dismissed and that his shares were diluted as part of a rescue funding deal.

• The Federal Court has allowed the lawsuit against Breakthrough Victoria to proceed but has ordered the plaintiff to clarify certain claims.

• This follows the scrutiny that Breakthrough Victoria is under for its broader investment practices amidst a rising Victorian State Government debt.

🔋 Idemitsu, a Japanese mining company with operations in Australia, has acquired majority ownership (51%) of Queensland-based vanadium battery and integrated mining group, Vecco. (AFR)

• Idemitsu has spent more than $75 million on Vecco shares over 26 months as it pivots from coal towards critical minerals and energy storage.

• Vecco has begun producing vanadium electrolyte for vanadium-flow batteries and plans to start its own vanadium mining and extraction within a few years.

• These batteries are used for long-term, large-scale power storage, making them valuable for industries and facilities that require dependable and sustainable energy sources.

🌔 One small hop for Roo-ver, one giant leap for Australia: ELO2 consortium wins a $42 million contract to build Australia’s first lunar rover, “Roo-ver,” for a NASA-led Moon mission. (Innovation Aus)

• The rover will collect lunar soil and support long-term human presence on the Moon, potentially aiding future Mars missions.

• ELO2’s team includes robotics supplier EPE, Lunar Outpost Oceania, 11 universities, and mining giant BHP. 

• The selection follows an 18-month competitive process, with ELO2 beating out the AROSE consortium for the spot on the mission.

• Government and industry leaders highlight the project’s role in developing local robotics skills and retaining STEM talent in Australia.

🤝 Employment Hero purchased its co-founder Ben Thompson’s firm Employment Innovations for $43.4 million earlier this year. (AFR)

• Employment Innovations, according to disclosed regulatory filings, made a $1 million after-tax loss in the past financial year. Employment Innovations offers outsourced HR and payroll services.

• According to Employment Hero, the acquisition was made at arm’s length and on fair commercial terms.

• Employment Hero’s losses widened to $44.7 million in 2024 due to rapid hiring in UK expansion. Revenue grew 50% to $165.4 million, with headcount jumping 48% to 1198.

• Capital Brief has also recently reported about the 'vile workplace' and 'fear culture' at Employment Hero and the culture at the recent offsite. 

• In a similar vein, MinRes, the ASX-listed miner, has recently come under fire for a failure to disclose related-party transactions where executives were able to enrich themselves through the transaction.

🚭️ Albanese Government removes R&D tax breaks for gambling and tobacco companies, saving $10 million per year from 2026-27. (AFR)

• Major gambling firms, including Aristocrat and Tabcorp, previously claimed tens of millions in incentives for poker machines and betting product development.

• The wagering industry says it was blindsided by the decision as there was no consultation.

• The Government’s move aims to prevent taxpayer funds from subsidising activities that contribute to addiction and harm.

• OS shared the entire R&D incentive claimant list earlier this year, and the discussion kicked off in the AFR and the SMH.

• Our own Will Richards was quoted in the SMH here saying “If I was to redesign the system, I would want to ensure the development of gambling and wagering technology to be removed from eligibility, especially when they’re profitable businesses”.

❌ The ATO is also cracking down on fraudulent R&D tax claims. (Innovation Aus)

• A Sydney business has been ordered to pay more than $13 million for encouraging clients to lodge over-inflated, inaccurate or unsubstantiated claims for research and development tax breaks. (ATO)

• Another investigation by the ATO and the Department of Industry, Science and Resources – which jointly administer the RDTI scheme –  identified approximately 138 taxpayers associated with suspicious RDTI claims.

⚡️ Startup Retro ⚡️

Myriota secures $50M for low cost and low power IoT satellite network 

Founders: David Haley, Alex Grant | CEO: Ben Cade

South Australian IoT satellite connectivity provider Myriota has raised $50 million for its global ambitions and strengthening advanced manufacturing at home. Half of the fresh capital from the government-backed National Reconstruction Fund Corporation (NRFC) marks the fund’s maiden investment in the space industry and Myriota as its first South Australian beneficiary. Main Sequence and Inter Valley Ventures also contributed. The company’s last raise was its $28M Series B in 2020. 

Myriota specialises in delivering affordable, reliable, and low-power connectivity for Internet of Things (IoT) devices using a network of small satellites. Essentially, their products enable sensors, meters, and other remote devices to send data directly to satellites orbiting the Earth. This sidesteps traditional constraints like mobile coverage or costly ground infrastructure.

The core solution involves a combination of compact satellite terminals, secure data delivery protocols, and software tools to manage connectivity and data integration. These small, rugged, and energy-efficient terminals can be deployed virtually anywhere on the planet—from farmland and remote mines to offshore installations and environmental monitoring stations. Instead of relying on expensive, power-hungry communication setups, Myriota’s devices transmit tiny bursts of data directly to satellites whenever they pass overhead.

With the new cash, the company plans to scale its technology, boost Australian-based hardware manufacturing, and rapidly expand its Adelaide workforce—creating up to 100 high-skilled jobs.

Already present in the US, Canada, Switzerland, Peru, Argentina, Brazil, and the UK, the company plans to open a Mexico office in early 2025. 

Due Diligence: Space and Defence, Startup Daily 

JET Charge charges with $72M of fresh capital for EV charging infrastructure

Founders: Tim Washington and Ellen Liang

Melbourne-based EV charging startup JET Charge has locked in a massive $72 million injection to supercharge Australasia’s shift from EV pilots to large-scale charging infrastructure. The funding round was led by Mirova’s Energy Transition Fund 6, with continued backing from existing investors, including the Clean Energy Finance Corporation (managed by Virescent Ventures), RACV, and Kilara Capital.

JET Charge, founded in 2012 by Tim Washington and Ellen Liang, provides a “Charging as a Service” (CaaS) model designed to streamline infrastructure deployment and slash upfront capital barriers for businesses. The company’s in-house technologies, including CORE for on-site energy management, ChargeMate for at-home charging stations and PayMate for paywave billing terminals, let them deliver a seamless EV charging experience at scale, in both residential and commercial contexts.

So far, JET Charge has delivered over 20,000 chargers across Australia, blending hardware and software with hands-on operational expertise. That footprint extends beyond major cities, reaching remote communities and highways. With its recent investment, JET Charge aims to expand further into New Zealand and beyond.

Mirova’s big bet signals confidence in JET Charge’s role in decarbonising transport, accelerating the region’s net-zero ambitions. The deal underscores a growing appetite to push past the tipping point for EV adoption.

Due Diligence: JetCharge Press Release

8seats secures $2M Seed round for encrypted work messaging platform 

Founders: Iain McDonald and Sándor Moldán

Sydney based workplace messaging platform 8seats has snapped up a $2 million Seed round led by Black Nova, with backing from former Woolworths CEO Brad Banducci and noted tech entrepreneurs Mike Priddis and Greg Miller. The round also pulled in angel investors including TBWA’s Paul Bradbury, Prezzee’s Tony Karp, and Innovation Bay co-founder Ian Gardiner.

Founded by Iain McDonald—best known for creating digital agency Amnesia, later snapped up by Razorfish and Microsoft—8seats aims to streamline workplace messaging for both office-based and desk-less employees. The goal: replace personal chat apps and eliminate related data security risks. The platform wants to deliver a “smarter, simpler” way for teams to connect and collaborate, no matter their location.

Fresh funding will fuel the startup’s go-to-market push as it prepares for an official public launch in 2025. After a closed beta, 8seats is gearing up to go global, eyeing expansion into the US, UK, and Europe next year. The focus will be on disrupting the incumbents like Slack and delivering a modern, enterprise-grade messaging option that resonates from the front-line right up to the boardroom.

Due Diligence: Capital Brief

Vault Cloud lands $22.5M Series B for its secure cloud services for government and defence clients

CEO: Rupert Taylor-Price 

Australian secure cloud provider Vault Cloud has snagged $22.5 million from the National Reconstruction Fund Corporation (NRFC), bolstering its mission to deliver hyper-scale, sovereign cloud services to government and defence clients. This fresh capital injection is part of Vault’s Series B.

Founded in 2012, Vault Cloud’s infrastructure ensures sensitive government and defence data remains stored and protected on Australian soil, meeting the country’s strictest security and privacy standards - an essential requirement for national security and industrial ambitions. The company’s platform is built to support essential national projects and provide reliable, private, and scalable solutions. Organisations use Vault Cloud to reduce risks, streamline operations, and comply with Australian regulations, all while maintaining complete control over their digital information.

The company will use the funding to accelerate the development of new services like AUKUS cloud capabilities and AI-driven security tools. It was the first cloud provider cleared by the Australian Signals Directorate for such workloads. 

Due Diligence: SmartCompany, Business News Australia 

🤑 New Fund, Who’s This? 🤑 

Dare Capital, lead by a 21-year-old financial analyst, has secured a $10M debt warehouse to lend to DeepTech and biotech companies secured against their future R&D tax refunds. (AFR)

• Vincents and Sturt Capital have backed the fund which will look to expand its warehouse to up to $50 million.

• Dare Capital joins peers like Radium Capital, Kashcade, and Advanced as R&D tax incentives deliver about $3 billion annually.

👀 Vibe Check 👀 

Some light startup ecosystem reading for you as you cruise into the holiday season…

• The AFR scored a rare interview with Robyn Denholm - one of Australia’s most influential executives - to pen this fascinating long read, which tracks her rise to become the Chair of Tesla and scratches the surface on how she wrangles the personality that is Elon Musk.

• Startup Daily editor Simon Thomsen penned an opinion piece on why he believes the NSW Government is relocating the Sydney Startup Hub for all the wrong reasons.

📆 Notice Board 📆 

_SOUTHSTART - 4-7th March 2025 📍South Australia

• Tickets for the first big startup event of the year are already on sale, and the first speakers have been announced. 

• These tickets are known to sell out - especially for exclusive experiences - so get yours quick! 

• Get a sneaky 10% discount exclusive to OS readers using this link.

• Local tip from Gem 👉️ if you’re travelling from interstate of overseas, book your flights & accommodation as early as you can - “Mad March” in Adelaide is a real thing 👀.

Tropical Innovation Festival (TIF) - 23rd - 27th June📍Cairns

• Pre-launch tickets go on sale on Monday (23rd Dec) and the tickets are promised to be as cheap as they’ll get - below cost price! Check out the hilarious announcement of the festival’s return here.

• Re-fresh this website on Monday to get your tickets while they’re hot.

Would you like to promote an event or an opportunity? Enquire about a Notice Board promotion here.

🧠 KaaS (Knowledge as a Service)

Gem’s Pick 💁‍♀️ Superwhisper (App)

• Finally, there’s an app that can help make sense of my long rambling rants…! 👏 Superwhisper combines voice recognition with AI technology to help you capture your thoughts in real time and summarise them in the format you request/prompt.

• It’s available on mobile and desktop and the founder has recorded a bunch of instructional videos that highlight it’s flexibility. I’ll be diving in some more over the holidays to experiment - I’d love to hear from anyone trying it out too.

• Thanks to Will Mulholland for the tip on this one! 🙏 

Will’s Pick 💁‍♂️ AI is changing how we study bird migration by Christian Elliot

• Using machine learning trained on massive amounts of audio data to classify birds to species level, scientists have developed BirdVoxDetect to identify migrating birds by their brief nocturnal flight calls. The tech fills the gaps left by radar and GPS tagging, aiding in real-time monitoring of migrations and improving conservation efforts.

• I found this article super interesting as an example of AI and machine learning being used in a very specialised and niche format.

Have we missed something? Got some feedback? We love emails, so send one over!

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Merry Christmas and catch you in the new year!

👋 Will & Gem

🔨 Tool Box 🔧 

We’re often asked for recommendations for tools, agencies, and evening up-skilling opportunities. We’ve contacted a few of our favourite tools and people and secured some discounts for you! Our community.