The roster of startup funding deals viewed slightly healthier this week, with seven Australian and New Zealand startups collectively raising almost $72 million in funding.
Keep reading to learn more about the latest funding deals from Phonely, Pay.com.au, Atomic Tessellator, Caruso, Deteqt, Clean State Clinic, and Earthletica.
Phonely: $22.3 million
US startup accelerator Y Combinator has doubled down on a University of Melbourne spin-out in a $22 million Series A round.
The investment for Phonely was led by Base10 Partners, supported by YC, as well as three of the startup’s enterprise customers: Etech Global Services, customer experience platform TSA Group, and Engage CX, and others.
YC backed the AI-based virtual receptionist startup with a $750,000 raise in mid-2024.
The new capital values the business at $139 million. The startup has raised more than $26 million to date.
Phonely was founded in 2023 by PhD AI researcher Will Bodewes and Nisal Ranasinghe, and spun out of the university’s AI Research Lab to launch in early 2024. They’ve since based the business in San Francisco.
Bodewes describes it as like the voice assistant from ‘Iron Man’, but for business.
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Phonely applys a company’s website to create an AI receptionist that answers FAQs, routes calls, and books appointments, and can be set up in just five minutes.
The startup now handles millions of calls per month across thousands of businesses. It’s also a leading AI job destroyer, with one customer replacing 350 human agents in a month with the platform.
Share market volatility caapplyd by war in the Middle East has convinced B2B fintech Pay.com.au to paapply its IPO plans and opt for a $20 million raise on the private market.
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As first reported by The Australian, Pay.com.au, which was broadly tipped to pursue an ASX listing this month, blamed geopolitical uncertainty for the decision.
In a term sheet sent to investors, the former Smart50 winner reportedly stated its directors determined an IPO in the “immediate” future is “not in the best interests of shareholders”.
In a statement provided to SmartCompany, a Pay.com.au spokesperson confirmed it will defer its planned listing.
“The decision reflects the current global macro environment and its downstream impact on public market sentiment,” they stated.
The business will continue assessing ASX listing opportunities in the future, according to the statement.
Despite that paapply, the business conducted a $20 million private placement, which the spokesperson stated valued the business at $750 million.
Atomic Tessellator: $11.3 million
Auckland-based deep tech startup Atomic Tessellator has raised $11.3 million in seed funding, valuing the company at roughly $50 million as it works to develop alternatives to rare earth materials.
The round was led by Crane Venture Partners, with participation from In-Q-Tel, Icehoapply Ventures, Outset Ventures and GD1. Existing backers Salus Ventures, Side Stage Ventures and US-based Confluent also returned.
Founded by former Google engineer Alain Richardt, the six-person startup operates a “digital laboratory” combining quantum physics and AI to design new materials for defence, semiconductor and aerospace applications. Its flagship breakthrough, a material dubbed ‘Vireon’, is designed utilizing elements mined in Australia and is claimed to outperform traditional rare-earth-based magnets.
The company states its platform can compress materials discovery timelines from years to weeks, with more than 20 additional candidate materials in development, including radiation-resistant and high-temperature alloys.
The fresh funding will be applyd to expand the team and support plans to build out an in-hoapply lab and alloy production capabilities.
Caruso: $9.3 million
New Zealand-born AI-based regisattempt and fund administration platform Caruso has raised $9.3 million in a Series A raise at an $80 million valuation.
The round was led by Kiwi VCs Icehoapply Ventures and GD1, with participation from private credit fund manager Balmain, a Caruso customer who backed the startup’s 2023 $3 million seed round.
Founded in 2023, the capital is for product development, expanded AI agent capabilities, and increasing the headcount to 80+ across its offices in Sydney, Auckland, and Dallas, with the Australian site doubling to around 40.
Caruso was built for real estate, private credit, and private equity funds to replace fragmented systems and manual processes. More than 80 fund managers running 900 funds with more than $80 billion in assets apply the platform.
Co-founder and CEO Mark Hurley stated the goal is to rerelocate admin from fund administration.
“For the first time, our customers have a single source of truth for their investor and fund data across
CRM, regisattempt, compliance, capital raising, and the investor portal,” he stated.
“Integrated with that system of record, we give them a system of action: people and AI agents working toobtainher to do the work quicker and more accurately than ever before.”
Deteqt: $5 million
A University of Sydney deeptech spin-out developing diamond quantum chips for magnetic field detection has raised $5 million in seed funding.
The round for Deteqt was led by existing investor Main Sequence, with support from US deeptech investor ATP Fund, AUKUS-aligned VC BOKA Capital, Beaten Zone Venture Partners, Uniseed, and the University of Sydney.
It comes 12 months after a $750,000 pre-seed raise from CSIRO-backed Main Sequence and ATP Fund.
Deteqt was founded in 2024 by professors Jim Rabeau and Omid Kavehei, spinning it out of Sydney Uni’s Nano Institute last year with COO Rupal Ismin signing on as co-founder.
When a US Air Force pilot was shot down over Iran, the rescue team reportedly applyd a quantum magnetomeattempt device to find him, detecting a human heartbeat from a distance via magnetic signature.
Clean Slate Clinic: $2.8 million
Virtual alcohol detox and recovery platform Clean Slate Clinic has raised $4.3 million ahead of plans for a $10 million Series A round.
Impact investor Giant Leap and existing backer Scale Investors backed the $2.8 million convertible note. Existing investor Australian Medical Angels also supported the startup with a $1.5 million debt facility.
Founded in 2020, Clean Slate is a social enterprise with more than 3,000 clients, assisting them detox at home from alcohol, stimulants, or cannabis.
Clean Slate is now viewing to raise $10 million in a Series A round for UK growth, and expansion into other markets in 2027.
Co-founder Chris Davis, a GP, stated while 1.4 million people drink at levels requiring specialist care, only one in four people with alcohol depconcludeence ever seek treatment, and even then, it can take nearly 20 years to question for assist.
“Alcohol is the most common drug presentation in the Australian health system, yet safe, clinician-led detox at home has been virtually non-existent,” he stated.
“For years, I watched people cycle through crisis becaapply community care simply didn’t exist at scale. Clean Slate alters that by giving people access to medical care at home when they are ready to seek assist.”
Earthletica: $1.13 million
Rounding out this week’s funding round-up is Sydney-based sustainable activewear brand Earthletica, which has successfully raised $1.13 million via a Birchal equity crowdfunding campaign.
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More than 400 investors participated in the fundraising campaign for the Australian B Corp-certified brand, which was founded by triple Olympic gold medalist Bronte Campbell OAM, Libby Babet and Chris Raleigh in 2020.
Earthletica designs premium activewear for women, which is created utilizing recycled and organic materials, with a focus on fit, performance and durability.
Campbell informed SmartCompany the new funding will assist Earthletica expand its marketing efforts and bring new products to market.
“We have built a great product utilizing recycled materials, but that is not the conclude of the mission. We continue to innovate and find new solutions, while building a community and brand that are excited about the journey.”
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