Startups are driving innovation across Australia and New Zealand, and the latest funding announcements showcase the diverse and ambitious tech ecosystem powering the region.
Here are the top funding highlights of the week:
Ovum raises $1.7 million to launch AI-powered health assistant for women
Ovum, a women’s health app, has secured $1.7 million to further its mission of creating the first personalized AI-driven health assistant for women, set to launch in 2025.
The funding round was led by Giant Leap, with support from Antler, Wollemi Capital, Nakatomi Venture Studio, Alice Anderson Fund, Dr. Nick Engerer, and Tim and Casey Cosh.
Ovum’s platform serves as a centralized hub for medical data, integrating blood tests, imaging reports, letters, and referrals. It allows users to track health issues and monitor their cycle while providing an interactive feature for questions. The company is also developing a women-specific AI dataset to address the gender bias in the global AI landscape.
Legal tech startup Ivo raises $25.5 million
Ivo, an AI-powered contract review platform, has raised $25.5 million (US$16 million) in Series A funding, led by West Coast VC Costanoa Ventures and other firms.
Founded by Min-Kyu Jung, a former corporate lawyer who switched careers to solve the inefficiencies in contract review, Ivo is now used by over 150 corporate legal teams globally.
Jung, now based in San Francisco, rebranded the startup from Latch to Ivo in 2024. The Series A also saw contributions from Blackbird, Kiwi funds GD1 and Phase One Ventures, along with existing investors Fika Ventures and Uncork Capital.
A tough year for Australian startups
According to the State of Startup Funding Report 2024, over half (55%) of venture funds reported at least one startup failure in their portfolios last year, marking a 25% increase from 2023.
The report highlights the ongoing challenges in the startup ecosystem, with many funds facing increased risks despite continuing investments. Additionally, funding for women-led startups remained a concern, showing little improvement from previous years.
Lorikeet AI customer support startup raises $14 million
Sydney-based Lorikeet has raised another US$9 million (A$14 million), four months after its $7.3 million Seed round. The latest funding round, led by Blackbird, boosts the company’s valuation to $100 million.
Lorikeet, founded in mid-2023 by ex-Stripe executive Steve Hind and former Google AI engineer Jamie Hall, specializes in AI-driven customer support. The latest investment round also saw participation from Square Peg and Skip Capital.
Lighter Capital secures $30 million for startups with vic government backing
Lighter Capital has raised another $30 million in funding, which will be used to provide non-dilutive financing to startups. This new fund, backed by the Victorian government and iPartners, follows an initial $30 million fund launched in 2021.
Since its launch in Australia, Lighter Capital has offered over $350 million in non-dilutive capital across 1,000 deals. The firm specializes in revenue-based financing and has supported more than 500 startups globally.
Westpac invests $10m in Lawpath for Small Businesses
In a major move to enhance small business support, Westpac has made a strategic $10M investment in Lawpath, Australia’s largest online legal and business services platform. With this backing, Lawpath aims to further expand its reach, already serving over 500,000 businesses nationwide.
The partnership will streamline access to essential services like business formation, legal advice, compliance tools, and accounting—all in one integrated platform. Additionally, the investment will fuel the development of AI-driven solutions, making legal and bu
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We’ve rounded up the top funding wins that are fueling the growth of Australian businesses. Weekly Funding Roundup, startup Dynamic Business
