LR: Phonely founders Nisal Ranasinghe and Will Bodewes. Source: Y Combinator
Australian startups raising funding this week include a telemedicine operator, an AI-powered receptionist for businesses and a fashion tech platform.
Keep reading to learn more about three local startups that collectively raised more than $20 million this week.
Updoc: $20 million
The Updoc Team. Source: LinkedIn/Updoc.
Telemedicine startup Updoc has secured $20 million in its first external investment from Australian Securities Exchange-listed capital fund Bailador Technology Investments.
Founded in 2021 by founders and co-CEOs Dylan Coyne and Clifton Hodgkinson, Updoc has served more than 200,000 customers to date through its digital platform that connects patients with registered healthcare professionals.
Patients can book appointments to access medical advice, online prescriptions, specialist and pathology referrals and medical letters, either as standalone sessions or through a monthly subscription.
Updoc, which received the Rising Star award in the 2023 Deloitte Fast 50 with a growth rate of 15,924%, plans to use the funds to accelerate product development and international expansion.
“Bailador believes in the potential of our platform to support healthcare delivery, reduce costs and improve access to care.
“This is a significant issue for consumers,” founders Coyne and Hodgkinson said in a statement on Tuesday.
“This is just the beginning for Updoc.”
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Phone: $749,720
Phonely founders Will Bodewes and Nisal Ranasinghe. Source: Y Combinator
An artificial intelligence startup founded by two University of Melbourne doctoral students has received $500,000 ($749,720) in investment from Y Combinator as part of the Silicon Valley accelerator’s summer 2024 cohort.
according to business news australiaAI receptionist startup Phonely is one of less than 20 Australian startups to have made it through the prestigious Y Combinator program.
The startup was founded just eight months ago, in 2023, by University of Melbourne researchers Will Bodewes and Nisar Ranasinghe, who wanted to find a way to help businesses provide accurate, technology-driven customer support over the phone.
On LinkedIn, Y Combinator described Phonely as “a free, human-like AI receptionist that can answer questions, schedule appointments, and transfer calls.”
The startup, which can reportedly answer up to one million calls at a time in multiple languages, also recently won the People’s Choice Award at the Startup Victoria AI pitch event.
“Ultimately, our goal isn’t to replace receptionists, but to help businesses provide better support to their customers — and ensure that we all never have to wait again,” Bodewes said. business news australia.
Citizen Wolf: $381,894.80
Citizen Wolf store in Sydney. Source: Citizen Wolf.
Citizen Wolf, a Sydney-based fashion label founded by Zoltan Chaki and Eric Hu, has raised more than $380,000 from 228 investors through equity crowdfunding platform Virtual.
To date, the brand has raised over $1 million from 500 investors to further its mission of “making the fashion industry shit-free” by eliminating mass production. A certified B Corp, Citizen Wolf regularly challenges and changes the narrative surrounding Black Friday by encouraging bargain-crazed shoppers to ignore the never-ending sales and take part in “Black Friday.”
The brand has also introduced new AI-powered Magic Fit technology that “creates a 3D digital twin online using only your height, weight and age to ensure a perfect fit,” according to virtual campaign details.
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