Energy storage solutions, carbon accounting platforms and technology that turns agricultural waste into activated carbon are among the local startups raising significant funding this week, highlighting the importance of energy-focused innovation across the country. It highlights that it is on the rise.
Take a look at five Australian and New Zealand startups that collectively raised more than $21 million this week.
Diversity Atlas: $6 million
The Diversity Atlas team. Source: Provided.
Melbourne-based data analytics startup Diversity Atlas has raised $6 million in new funding from Canadian funding platform Gener8 VC.
The funding is the first for Diversity Atlas, which was founded in 2019 and grew out of Cultural Fusion, a company founded by renowned diversity advocate Peter Moussaferiadis to provide educational and creative experiences. This will be an external investment.
Diversity Atlas provides companies with unique insights into diversity and employee engagement through a platform developed over seven years by a team of data engineers, anthropologists, and subject matter experts.
The platform’s dataset, which includes more than 45,000 human identity data points, is used in conjunction with the startup’s proprietary algorithms to track cultural diversity and sentiment within companies.
This provides company leaders with insights they can use to improve employee engagement, initiate organizational change, and achieve environmental, social, and governance (ESG) goals.
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MGA Thermal: $5.7 million
LR: MGA Thermal Executive Chairman and Chief Scientist Eric Kisi and CEO Mark Claudus.Source: Provided
New South Wales-based clean energy startup MGA Thermal also raised this week, securing $5.7 million to take its latest funding round to around $14 million as it prepares to enter the next phase of testing for its thermal storage system. did.
Existing investors Main Sequence and Melt Ventures once again supported the company and participated in the funding round along with new investor JEKARA.
To date, MGA Thermal has raised a total of $28.8 million in funding and grants. This includes $560,000 in seed funding from industry giant Shell as part of the GameChanger Startup Accelerator Fund in early 2023.
The startup was founded in 2019 by Dr. Erich Kisi and Dr. Alexander Post. The company is developing long-term thermal energy storage technology, which it says has important applications in mining, mineral processing and manufacturing.
The startup’s ultimate goal is to save 30 million tonnes of CO2 by 2030, the equivalent of more than 23 years of commercial airline flights between Sydney and Los Angeles.
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Sunday: $5.3 million
Sumday’s founders are Lindsay Ellis, Jessica Richmond, and Danny Hoare.Source: Provided
Tasmanian accounting startup Sumday has secured $5.3 million in seed funding in a round led by US-based VC fund Planeteer Capital and including existing investors Blackbird, Wedgetail and Canva co-founder Cameron Adams. .
Founded in 2022 by Jessica Richmond, Lindsay Ellis, and Danny Hoare, Sumday is used by accountants to improve their skills and perform greenhouse gas (GHG) accounting and reporting tasks through online courses.
In a statement, Blackbird partner Michael Tolo described the startup as “the only carbon accounting platform built first for accountants.”
“Very few companies can afford to hire sustainability consultants, but they all have accountants,” he said.
“As emissions reporting becomes mandatory, Sunday is uniquely positioned to be a global solution for thousands of businesses around the world. ”
This funding marks Samday’s first international investment from Planeteer’s funds. The New York-based company was founded by prominent climate technology investor Sophie Purdom, and the fund itself is backed by institutional investors and Silicon Valley executives, including Meta’s former chief technology officer Mike Schropfer. ing.
Sumday secured a $2 million pre-seed round in March 2023, and has now raised a total of $7.3 million.
Also in 2023, the startup announced a global partnership with Xero, which itself uses Sumday for GHG accounting.
“We are witnessing a world where accounting systems have transformed the global economy into a force for good,” Sumday CEO Jessica Richmond said in a statement earlier this week.
“To make that a reality, we are reimagining the role of accounting through practical education, transparency and trust around non-financial accounting data. It must be normal and affordable for every business. yeah.”
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Bigen: $2.6 million
Green tech startup Vigen plans to set up a large-scale manufacturing facility in Victoria over the next five years, creating up to 65 new jobs after completing a $2.6 million Series A round.
According to reports daily startup, $1 million of the funding came from the government-backed fund Breakthrough Victoria. Albert’s Impact Ventures, Investible, Artesian and Startmate also contributed.
Founded in 2018 by University of Adelaide researchers Dr Lewis Dunnigan and Dr Ben Morton, and now based in Melbourne, Bygen transforms agricultural waste from nut shells into activated carbon, which can then be used to filter environmental toxins. developed a method for use.
Following the opening of its production facility in Victoria, the startup plans to open similar facilities at other Australian locations and overseas locations.
Investible said in an investment note that the support for Bygen marks the 23rd investment from its climate tech fund.
Ben Lindsay, an investment manager at Investible, wrote that the startup is addressing an important global market.
“While there are many emerging solutions aimed at processing biomass waste, ranging from animal feed to biochar to anaerobic digestion, many of them lead to the creation of relatively low-value products and “We rely on the economic benefits associated with capturing CO2,” he said. .
“However, activated carbon (or charcoal), which has been treated to increase adsorption power by significantly increasing its internal porosity, has a much higher price per tonne and can be much more sustainable.”
VXT: $1.65 million
New Zealand telecoms startup VXT has reported that it has secured NZ$1.8 million (A$1.65 million) in pre-Series A funding. daily startup.
Founded in 2018 by Luke Campbell and Lucy Turner, the startup powers law firms with an AI-powered platform designed to save lawyers time, secure more billable time, and manage risk. is targeting.
The platform integrates with a variety of other practice management software, including Clio, MyCase, LEAP, and Smokeball.
Mr Campbell said: daily startup The company’s customer base increased five times in 2023. More than 200 legal teams reportedly use the platform, which had annual recurring revenue of NZ$1.3 million as of February.
Campbell said the startup also went through a major redevelopment project that changed more than half of its codebase.
“New platforms are preparing lawyers for an AI-enabled future, as software itself becomes increasingly capable of performing legal work. In that future, lawyers will be able to communicate more with clients. of your time and gain new business,” Campbell said.
The funding round was led by existing investor GD1, with additional investments from Startmate and Phase One. Silicon Valley entrepreneur J. Zach Stein also participated in the round.
