Funding Roundup: Australia’s startups shine with new investments

Australia’s startup scene is charging into 2025 with fresh funding bolstering innovation across a wide range of industries. Here’s a look at some of the most exciting funding news this week:

DeteQt secures $750,000 in pre-seed funding

Quantum sensing startup DeteQt, cofounded by two University of Sydney professors, has raised $750,000 in pre-Seed funding. The round was supported by Main Sequence Ventures, backed by CSIRO, and US deep tech investor ATP Fund. DeteQt, founded by Jim Rabeau and Omid Kavehei, leverages their expertise in diamond-based quantum sensing and semiconductor design. Rabeau, with a background in leadership roles at Microsoft and CSIRO, has also expanded the team with COO Rupal Ismin, leading to the startup’s spinout from the University of Sydney Nano Institute.

PsiQuantum seeks additional $1.2 billion in funding

PsiQuantum, the US-based quantum computing startup, is in the process of raising at least $750 million (A$1.19 billion) to continue its mission of building the world’s first practical quantum computer. The company, valued at $6 billion (A$9.5 billion), is backed by $940 million in Australian and Queensland government funding. PsiQuantum, founded in 2015 by Australian professors Jeremy O’Brien, Terry Rudolph, Mark Thompson, and Pete Shadbolt, uses photons as qubits in its groundbreaking quantum computing technology.

Iceberg Quantum raises $2 million in pre-seed funding

Iceberg Quantum, a quantum computing startup cofounded by three former PhD students from the University of Sydney, has raised $2 million in a pre-Seed round. The funding will be used to develop fault-tolerant quantum computing architectures. The round was led by Blackbird, with support from UK-based LocalGlobe. Iceberg Quantum, co-founded by Dr. Felix Thomsen, Larry Cohen, and Sam Smith, is also collaborating with PsiQuantum to advance their technology. The team, led by Prof. Stephen Bartlett from the University of Sydney, aims to improve quantum computing’s robustness with enhanced error correction techniques.

Carma secures $30 million convertible note

Carma, Australia’s leading fully digital pre-owned car platform, has raised AUD$30 million in a convertible note funding round. Led by Regal Funds Management and Tiger Global, with participation from existing investors such as General Catalyst and Five V, the funding highlights continued confidence in Carma’s mission to transform the pre-owned car buying and selling experience in Australia.

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