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Funding highlights: PsiQuantum, Xefco, Matrak and more


Here’s a recap of recent funding developments from Australia, India, the US and beyond.

PsiQuantum Strikes $620m Deal with Australian Government

PsiQuantum, a front-runner in quantum computing, has secured a monumental $620 million deal with the Australian government. The partnership aims to establish the world’s first utility-scale quantum computer near Brisbane Airport in Australia. With a strategic investment totaling $940 million AUD from the Australian Commonwealth and Queensland Governments, PsiQuantum is on a mission to have the site operational by the end of 2027.

Co-founded by Australian-born Jeremy O’Brien and Terry Rudolph, PsiQuantum is poised to revolutionize computing, offering unprecedented data processing power that could propel advancements in medicine, AI, and sustainability.

CoreWeave, AI Startup Backed by Nvidia, Surges to $19b Valuation

CoreWeave, an AI startup backed by Nvidia Corp., has skyrocketed to a staggering $19 billion valuation following a $1.1 billion funding round. Led by investment firm Coatue and joined by Altimeter Capital and Lykos Global Management, this injection marks a significant leap from CoreWeave’s previous valuation of $7 billion.

Specializing in AI system deployment, CoreWeave rents out chips housed in data centers across the U.S., leveraging Nvidia’s technology to drive innovation in artificial intelligence.

Enviz: Australian Proptech Reinvents Itself, Raises $1.5m to Expand Globally

Enviz, formerly known as EnvisionVR, has undergone a transformation to better reflect its vision and capabilities in the architectural visualization industry. The Australian proptech startup, renowned for its virtual property experiences, has raised $1.5 million in funding led by investors Michael and Henry Holm from Balmain Private.

With a focus on scalability as a Software as a Service (SaaS) technology company, Enviz is poised to revolutionize property visualization and buyer engagement on a global scale.

Xefco Secures $10.5m to Revolutionize Textile Industry Emissions

Xefco, a sustainable manufacturing tech company, has raised $10.5 million in its latest funding round led by Main Sequence, a prominent Australian deep tech fund. This investment, supported by Breakthrough Victoria and Virescent Ventures, will fuel the commercialization of Xefco’s water-free textile finishing and dyeing solution, Ausora.

Co-founded by Tom Hussey and Brian Conolly, Xefco is at the forefront of reducing emissions in the fashion industry, with its innovative textile solutions already adopted by leading brands worldwide.

Matrak Raises $2.9m in Series A Round

Matrak, a Melbourne-based construction startup, has closed a Series A funding round of AUD 2.9 million led by G&M Capital and Our Innovation Fund. With a focus on enhancing construction supply chains through connected materials tracking, Matrak is expanding its global footprint, including the launch of Matrak China.

Launched in 2018, Matrak’s platform streamlines supply chain operations, leading to increased efficiency and reliability in construction projects.

Australian Space Machines Company Launches $8.5m Mission to Combat Space Debris

Space Machines Company, a leading Australian in-space servicing firm, has unveiled Space MAITRI (Mission for Australia-India’s Technology, Research and Innovation), a joint initiative aimed at managing space debris and fostering a sustainable space future. With an $8.5 million grant from the Australian Government, Space MAITRI will demonstrate space situational awareness and debris mitigation payloads, fostering collaboration between Australian and Indian space industries.

As satellites continue to proliferate, Space Machines Company is pioneering solutions to ensure a sustainable and scalable space economy.

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