Three Aussie startups that raised $46.5 million this week

It’s been a healthy start to the year for startup funding news, with three local startups revealing details of their latest funding deals this week.

Those with new funds to spend include lithium extraction startup ElectraLith, proptech platform Coposit, and robotics startup Convergence Medical.

Meanwhile, Quantum Brilliance also formally announced its recent $30 million Series A round this week, which SmartCompany reported on in December. This week’s announcement included the names of previously undisclosed international investors, including In-Q-Tel in the US and InterValley Ventures in Japan.

There was also news on Friday of $US335 million for Rokt, but that was part of a secondary offering.

Keep reading to find out more about the three other Aussie startups that raised millions this week.

ElectraLith: $27.5 million

Leading this week’s funding round-up is Melbourne-based lithium extraction startup ElectraLith, which has secured $27.5 million in fresh funding.

As reported by SmartCompany earlier this week, the Series A funding round was led by Main Sequence, and included participation from Breakthrough Victoria, which contributed $2 million.

Other investors to participate in the round include Rio Tinto, Chevron Technology Ventures and Monash University. 

ElectraLith plans to use the new funding to develop and deploy its proprietary Direct Lithium Extraction and Refining (DLE-R) technology.

According to the company, this tech seeks to eliminate the need for water, harmful chemicals, and extensive energy inputs traditionally associated with lithium production.

The funding round will also support the company’s first field-deployed pilot plant, and comes after a major breakthrough in 2024, where the startup demonstrated the ability to produce battery-grade lithium hydroxide from diverse sources, including geothermal and oilfield brines, without water or chemicals.

Read more.

Coposit: $14 million

Sydney-based proptech Coposit plans to accelerate its expansion plans, after completing an oversubscribed $14 million funding round.

Facilitated by corporate advisory firm Ad Astra, the funding round was initially targeted at raising $10 million. However, interest from unnamed international investors, alongside local industry groups, added another $4 million to the round.

Coposit was founded by brothers Chris and Dan Ferris in 2021 as a way to address Australia’s housing affordability challenges.

The startup allows prospective home buyers the ability to purchase off-the-plan properties with a minimum deposit of $10,000, and then pay off the remainder of the deposit in weekly, interest-free payments while their home is being built.

These home buyers don’t pay any fees or commissions for using Coposit, with developers instead paying a one-off fee on sales facilitated via the startup.

To date, the previously bootstrapped startup has provided access to more than 100 projects across Australia’s eastern states, with a combined end value of $9 billion.

“The past three years have been our proving grounds, and during that time our strategy was focused on organic growth and engagement with industry,” said co-founder and CEO Chris Ferris in a statement provided to SmartCompany.

“With our first investment round oversubscribed by 40%, we are in a strong financial position to accelerate our growth and expansion plans for 2025 and beyond,” he added.

“This growth includes investing in existing and new tech products and B2C marketing to reach everyday Australians who are ultimately the beneficiaries of this solution, and empower them to achieve their property goals.” 

A number of Australian banks and non-bank lenders now accept pre-sales secured through Coposit, including Commonwealth Bank and the startup recently partnered with Gold Coast master-planned community Harbour Shores by Lewis Land, which represented its largest project on the Gold Coast to date.

Convergence Medical: $5 million

Robotic startup Convergence Medical has also secured new funding in a $5 million round led by US-based investors.

The Series A round values the Brisbane-based company at more than $30 million, according to a statement provided to SmartCompany.

Convergence Medical was founded by orthopaedic doctor, and former engineer and army officer, Dr Chris Jeffrey, who invested $500,000 of his own funds to launch the startup in 2022.

The startup has built what it says is a world-first arthroscopic surgical robot. Called V01, the robot can perform minimally invasive surgical procedures for common joint injuries, including to knees, shoulders and hips, helping surgeons improve the speed and precision of their work.

Jeffrey has previously founded two other medical technology companies, ASX-listed headphone company Audeara and Field Orthopaedics, both of which he still holds shares in, according to The Australian Financial Review.

The Series A funding round for Convergence Medical was led by US-based venture capital outfit Avicella Capital. Brisbane-based angel investment syndicate Angel Loop is also an investor in the company, having first backed the startup in 2023.

Convergence Medical says the funding will support its plans to commercialise the robot, expand into the US, and ultimately “disrupt the $6.1 billion global arthroscopic industry”. 

“This funding enables us to accelerate our growth and bring our transformative technology to hospitals and surgeons around the globe,” Jeffrey said in the statement.

“Our mission is to create more efficient, effective solutions that support medical professionals and improve patient outcomes worldwide.”

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