Four ANZ startups that raised $26.9 million this week

This week’s startup funding tally is fairly healthy, and led by regional Victorian startup Conflux Technology with a $11 million raise for its heat exchangers.

Meanwhile, startups building solutions for construction site operations, softwares and instant diagnostic tests have also secured fresh funding.

Keep reading to learn more about four ANZ startups that collectively raised more than $26.9 million this week.

Conflux Technology: $11 million

Regional Victoria-based additive manufacturing startup Conflux Technology leads this week’s funding round-up with an $11 million investment in Series B. The round was led by Breakthrough Victoria with a $5 million investment, and also saw participation from AM Ventures and Acorn Capital.

Founded by chairman and CEO Michael Fuller in 2017, Conflux Technology specialises in producing heat exchangers that transfer heat between two or more fluids without mixing them. Fuller, who previously worked in the Formula One racing industry, recognised the potential of the technology with developments in the field of additive manufacturing.

According to the startup, “Conflux has the ability to print a high-performance heat exchanger as a single part, saving on time, materials, and energy to produce the products more efficiently and reduce environmental footprint”.

“At Conflux Technology we pride ourselves on providing efficiency through heat transfer performance and weight-reduction at the heart of the world’s devices,” Fuller said in a post on LinkedIn.

“This is a monumental achievement for our company, a testament to the tireless efforts of our dedicated team and the unwavering support of our new investors.

“With this new capital, we are poised to accelerate our growth at the confluence of the additive manufacturing and heat transfer industries. We will expand our capabilities, scale our hiring, and enhance customer support globally. This funding empowers us to continue pushing the boundaries of innovation, enabling us to deliver more cutting-edge heat exchange solutions,” he added.

BuildPass: $7.5 million

Melbourne-based construction technology startup BuildPass has secured $7.5 million in seed funding to spur product development, expand its presence in the Australian market share and enter the US market. The funding round was led by Carthona Capital and included participation from Saniel Ventures, Preston-Werner Ventures as well as Recursive Ventures, Horizon VC and Massive Tech Ventures. 

“We were incredibly excited to lead BuildPass’ seed funding round and partner with the team as they look to capitalise on the rapid advancements in AI and roll-out their platform for the construction industry on a global scale,” Carthona Capital principal Jonathan Chow said in a statement.

Founded in 2021 by Matt Perrott and Aaron Vanston, the SaaS business offers a comprehensive suite of AI-driven and digital tools to enhance construction site operations.

According to the startup, the fresh capital will be utilised for creating a new AI software that boosts productivity across construction site operations, safety and quality assurance for building professionals. 

“Much of the innovation we are seeing across construction AI locally is being driven by start-ups and smaller tech firms,” BuildPass co-founder and CEO Matt Perrott said in the same statement.

“It is a difficult time for construction businesses in Australia, so we are focussed on supporting companies by providing customisable digital tools that improve productivity and ultimately help to lift a builder’s bottom line,” he added. 

The startup also uses artificial intelligence technologies from OpenAI and Anthropic to underpin aspects of its capability and intuitive user experience. 

Founded in 2021, the company currently has 22 employees, and its offerings are used by 400 companies across the nation. According to BuildPass, its users include SMEs, as well as national builders like Vaughan Constructions and Westbourne Constructions.

Saniel Ventures CEO Leigh Jasper said, “Smaller construction businesses have long been underserved, and Saniel has recognised this as a prime opportunity for disruption. The BuildPass team has shown impressive traction and product momentum, and we’re excited to support them in driving greater efficiency across the construction industry”. 

Projectworks: $7.5 million

New Zealand-based software startup Projectworks has raised US$5 million (AUD$7.5 million) in a Series A capital raise to fast-track its expansion into the North American market.

The Wellington-based startup was founded in 2019 by Julian Clarke, Matthew Hayter and Doug Taylor.

The round — which valued the startup at $90 million — was led by US-based Bridgewest Group, and also saw participation from Mark Orttung and existing shareholders including Kiwi VC firm Punakaiki Fund, and the three founders.

The capital raise also coincides with the appointment of the US-based chief executive Mark Orttung.

Orttung, who joined Projectworks in March, said, “Joining Projectworks was a natural fit. Its founders are innovators who think about problems differently, creating entirely fit-for-purpose solutions”.

“The funding will be used for a number of initiatives, including to drive global customer acquisition, increase our investment in R&D, and build out a Silicon Valley-based product and engineering team”, he added.

Orttung’s appointment will see co-founder Hayter vacate the CEO role and act as the president and chief product officer within the business.

The startup counts leading Australian tech consultancies, including Kiandra, Bound, Diversus and Ackama as its customers.

DNAiTECH: $904,000

New Zealand startup DNAiTECH has locked in NZ$1 million (approximately $904,000) in fresh funding to develop its first product, and conduct further research and development and field trials.

Founded by Murray Broom and Tatiana Ceban in 2020, the startup specialises in instant diagnostic tests that don’t require a laboratory.

The funding round was led by Sprout Agritech, according to Startup Daily, and represents the 10th investment Sprout has made alongside its partners: US-based Finistere Ventures, New Zealand’s Fonterra, venture builder OurCrowd and the Te Pokapū Auaha Callaghan Innovation’s Deep Tech Incubator program.

Callaghan Innovation, whose program supports the commercialisation of early-stage deep tech startups in New Zealand, has also reportedly provided the startup with a NZ$750,000 loan.

According to co-founder Murray Broom, DNAiTECH can help clinicians make treatment decisions faster.

“Diseases like Johne’s in livestock or measles in humans drive significant losses, both economically and in terms of human life, especially in developing countries,” he said, reports Startup Daily.

“The ability to deliver an instant, accurate diagnosis at the point of care changes the game. It’s the difference between taking the problem to the lab; or taking science to the problem.”

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