Heidi Leads Seven Aussie Startups to $274.7 Million in Weekly Funding

Seven Australian startups raised $274.7 million this week, with AI healthcare platform Heidi accounting for $140 million of the total and joining the unicorn ranks at a $1.26 billion valuation.

Heidi secured $475 million in new capital overall, split between the Series C equity round and $335 million in non-equity growth funding from American venture capital firm General Catalyst through its Customer Value Fund. Blackbird, an existing investor, led the $140 million Series C, with contributions from Phoenix Court, Point72 Private Investments and Headline.

Co-founded in 2021 by Dr Tom Kelly, Waleed Mussa and Yu Liu, Heidi records appointments and produces structured documents for medical professionals to review. The company plans to grow beyond its transcription and case management tools. Co-founder Kelly described the next step as a "fully-fledged AI partner" capable of handling vital background work and allowing clinicians more time for face-to-face care.

Amber Electric: $78.5 million

Renewable energy supplier Amber Electric raised $78.5 million in a Series E, nearly doubling its planned round size as it pushes into global markets. 1GT, Morgan Stanley's climate tech fund, led the raise, with support from existing investors ETF Partners (Environmental Technologies Fund), state government-backed Innovation Victoria and E.ON.

Amber has built Australia's largest residential battery automation product, with around half the local market. Co-founder and co-CEO Chris Thompson said the funds will accelerate expansion across Europe.

"We've built the winning energy automation platform in Australia, and this funding will enable us to extend our leadership across Europe," Thompson said. "Our partnership with E.ON is already showing what's possible, and we're excited to build on that momentum with more partners across the region."

HEO Robotics: $37 million

Satellite inspection startup HEO Robotics raised $37 million (US$25 million) in a Series B to expand its satellite imaging network into geostationary orbit. Beaten Zone Venture Partners led the round, alongside the federal government's National Reconstruction Fund Corporation (NRFC), which contributed $10 million, Dcode Capital and existing investors Airtree and Salus Ventures.

The company, which emerged from UNSW Founders in 2017, uses cameras aboard other satellites, alongside its own sensors, to photograph and assess the condition and behaviour of other spacecraft. Its software plots what to photograph and analyses the results. HEO said it has access to more than 50 sensors in orbit and has deployed eight of its own. The Series B follows an Airtree-led $12 million Series A in 2023 and a $3 million Seed round in 2021 led by Winton Group founder David Harding and Y Combinator.

Kinoxis Therapeutics: $6.75 million

Dementia treatment biotech Kinoxis Therapeutics raised $6.75 million in equity funding plus a $2.5 million grant from the federal government's Medical Research Future Fund, delivered via the CUREator+ Dementia & Cognitive Decline program run by Brandon BioCatalyst, ANDHealth and Dementia Australia. Deep tech VC Main Sequence led the round with $5 million as a new investor, with principal Elaine Stead appointed a director.

The Sydney University spinout, founded in 2017 and now based in Melbourne, will direct the $9.25 million in new cash toward clinical trials and treatments for dementia-related agitation and pain. Kinoxis previously raised a $14.5 million Series B two years ago and a $5 million Series A2 in December 2020. Its cap table also includes Uniseed, UniSuper, Sydney Uni, Stoic VC and US-based Avicella Capital.

Medcast: $5.4 million

Medical edtech Medcast landed $5.4 million to develop MedLuma, an AI clinical knowledge platform positioned as a trusted copilot for Australian GPs. Queensland medical software business Best Practice Software led the investment in the regional NSW company. The funds will add headcount in technology and clinical teams and support product development and integration with clinical software, including Best Practice's practice management systems.

Founded in 2013 in Bowral by CEO Dr Stephen Barnett and chief product officer Justin Lewis, Medcast has delivered clinical education and professional development to more than 100,000 registered healthcare professionals.

RentBetter: $5 million

Sydney proptech RentBetter raised $5 million from local VC EVP to build out an AI-powered self-management system. Its platform lets property owners advertise rentals, screen applicants against tenancy databases, sign leases, coordinate repairs and track income and expenses. The company previously raised $3.2 million, including a $1.9 million Series A in January 2022.

Founder and CEO Jeremy Goldschmidt, a former management consultant for Boston Consulting Group, Capgemini, Blackdot and IBM, started RentBetter in 2016 as a side hustle while working at ANZ.

OpenDebt: $2 million

Sydney AI fintech OpenDebt raised $2 million in a pre-Seed round backed by Blackbird and early-stage VC Antler. The company will use the funds to scale its team and operations and explore US partnership opportunities, targeting a market where household debt in delinquency tops $1 trillion.

Former Westpac data and AI executive Norman Yan, a 15-year banking veteran, founded OpenDebt with Jonas Tischer 12 months ago. The startup deploys AI agents in multichannel conversations to identify why an account is unpaid and respond accordingly — offering simpler settlement paths for willing customers and specialist support for people in financial hardship. OpenDebt already works with several local lenders and collection agencies.

The breadth of this week's deals — from a newly minted health AI unicorn to a pre-seed debt recovery fintech — signals that Australian venture capital remains active across every stage, with AI as the common thread.