Here’s a recap of recent funding developments from Australia, India, the US and beyond.
Kintsugi AI Secures $6 Million for AI-Powered Automation
Fintech startup Kintsugi AI announced a successful $6 million funding round, valuing the company at $40 million, for its innovative tax automation platform.
Link Ventures spearheaded the series A funding, with contributions from Venture Highway, KyberKnight, Plug and Play, and DeVC, accompanied by a consortium of prominent angel investors. The influx of capital will fuel Kintsugi AI’s efforts to develop automated VAT solutions tailored for Canada and Europe, thereby assisting customers engaged in international sales.
Victoria Government Offers $50,000 Grants to AgTech Startups
The Victorian government has allocated an additional $1 million towards a grants program supporting agtech startups. Agriculture Minister Ros Spence announced the AgTech Grants program, facilitated by the government-backed startup agency LaunchVic, providing $50,000 grants to startups. These grants offer founders access to dedicated mentoring from startup experts to foster business growth and capitalize on emerging opportunities.
Following the success of the inaugural round, the government has committed an additional $1 million. Notable recipients from the first round include Drone-Hand, creator of the first commercially available AI-driven, automated flight-app for livestock monitoring.
Applications are open until June 30, 2025. Apply for the grant at launchvic.org.
Musk’s AI Challenger, xAI, Nets $6 Billion in Massive Funding Round
Elon Musk’s AI startup, xAI, has secured a staggering $6 billion in a Series B funding round, propelling it to the forefront of the booming generative AI sector. This investment, one of the largest in the field, highlights the growing interest and potential of artificial intelligence that can create entirely new content.
Sequoia Capital and Andreessen Horowitz, two of the biggest names in venture capital, participated in the round, solidifying xAI’s position as a major player in the race to develop next-generation AI technology.
Bailador Technology Investments Invests $20 Million in Telehealth Platform Updoc
Venture capital firm Bailador Technology Investments has injected $20 million into telehealth startup Updoc. Co-founded in 2021 by Dylan Coyne and Clifton Hodgkinson, Updoc provides online GP consultations for various healthcare needs, including advice, online prescriptions, specialist referrals, pathology referrals, and medical certificates.
Forward Secures $16 Million to Challenge Stripe
Forward, a burgeoning player in the payment solutions arena, has announced $16 million in seed financing. Commerce Ventures, Elefund, and Fiserv led the investment round. CEO Lloyd plans to utilize the new funds to bolster the company’s customer base and advance technological developments, particularly in machine learning and artificial intelligence.
Iyris Raises $16 Million in Series A Funding
Iyris, a provider of agricultural solutions aimed at assisting farmers in addressing climate change challenges, has secured $16 million in a Series A funding round. San Francisco-based climate and sustainability fund Ecosystem Integrity Fund (EIF) led the round, joined by investors including Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.
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