Australian and New Zealand startups raised more than A$1 billion across their ten largest rounds in roughly the first five months of 2026, on a rough currency conversion, led by AI infrastructure company Firmus’s US$505 million raise.
The biggest cheques went mostly to hard, physical industries rather than consumer apps: data centres, power grids, rockets, semiconductors, defence and construction. The period also produced two new unicorns in Gilmour Space and Neara.
Firmus (Sydney)
Firmus raised US$505 million led by Coatue, with Nvidia also investing, at a valuation of US$5.5 billion. The company builds AI infrastructure and data centres across Australia and has an ASX listing in its sights.
Gilmour Space (Gold Coast)
The rocket and satellite maker raised a $217 million Series E at a valuation above $1 billion, making it Australia’s first space unicorn.
Neara (Sydney)
Neara raised a $90 million Series D led by US growth investor TCV, valuing it at more than $1 billion. It builds AI models of power grids and other critical infrastructure.
AutoGrab (Melbourne)
AutoGrab raised an $80 million Series B at a $230 million valuation, co-led by the UK’s Octopus Ventures and New Zealand’s Movac. It sells AI and data tools to the automotive industry.
Ordermentum (Sydney)
Ordermentum raised $55 million from Five V Capital. Its platform connects hospitality venues with their suppliers for ordering and payments.
Splose (Adelaide)
Splose raised a $46 million Series A led by Spectrum Equity for its practice management software for allied health providers. It was the largest growth round ever for a South Australian software as a service business.
Syenta (Sydney)
Syenta raised a $37 million Series A co-led by Silicon Valley’s Playground Global. The ANU spinout is developing next generation chip packaging technology.
Arkeus (Melbourne)
Arkeus raised a $25 million Series A at a $100 million valuation. It builds AI-powered sensing for defence drones and already holds Pentagon contracts.
ProcurePro (Brisbane)
ProcurePro raised a $15 million Series B led by QIC Ventures. French construction group Bouygues invested through its venture arm in the construction procurement software company.
Marloo (Auckland)
Marloo raised a US$10 million (about A$14 million) seed round led by Blackbird. Its AI partner for financial advisers has more than 650 paying firms across six countries.
Jack’s take
The mix is what stands out to me. AI infrastructure, power grids, space, chips, defence and construction took most of the money, not consumer apps. The ecosystem is heating up in the places where Australia actually has depth.