Energy storage, EV fleet management, digital currency exchange and advanced radar systems for the military. The startups in this week’s funding round-up are tackling innovation at scale, and now have more millions to do so.
Take a look at four Australian startups that collectively raised $32.8 million this week.
BetterFleet: $23.7 million
This week’s funding round-up is led by local EV startup BetterFleet, which has locked in $23.7 million in Series A funding to help it scale its digital twin technology.
As reported by SmartCompany earlier this week, the funding round was led by Aligned Climate Capital, Ecosystem Integrity Fund and Remarkable Ventures Climate.
BetterFleet was founded in 2016 by CEO Daniel Hilson and Nick Butlin to help organisations manage their transition to electric vehicles in a cost-effective way.
The company provides digital twin and AI-based tools to a user base that includes more than 200 customers in Europe, Asia-Pacific and North America. This includes large transit agencies, government fleets, and logistics operators.
The new funding will help the company expand its tech globally, build out its product suite and go-to-market strategy, and “move even further into AI domains”, according to Hilson.
“We have been very successful with some of the largest fleets in the world, but we now need to push our brand more broadly,” Hilson told SmartCompany.
Arkeus: $5 million
Melbourne-based optical radar startup Arkeus also revealed details of new funding this week, after raising $5 million less than 18 months after booking a $4.45 million seed round.
A number of existing investors participated in the oversubscribed round, including deep tech VC firm Main Sequence, Salus Ventures, and Steve Baxter’s Beaten Zone Venture Partners.
Founded in 2020 by Simon Olsen and Dr Jonathan Nebauer, Arkeus’ radar system is designed to be used in high-risk environments, including military settings, disaster recovery, search and rescue missions, and border and security.
The system provides real-time understanding and response capabilities in these settings, which have previously been at the mercy of outdated technology that doesn’t work as well in bad weather or dark environments.
In a statement provided to SmartCompany, Olsen said Arkeus is experiencing a “10x increase in demand for its capabilities”.
“This funding allows Arkeus to rapidly expand manufacturing capacity to get systems into its customers’ hands, faster,” he said.
BetterX: $2.3 million
Digital currency exchange BetterX has secured $2.3 million in pre-Series A funding to help it expand into Asia and pursue opportunities in the US and the Middle East.
According to Startup Daily, the funding comes from a mix of existing and new investors, including previous backers Aura Group and Tibra co-founder Kinsey Cotton.
New investors to back the startup include Sydney-based Grand Prix Capital and Singapore-based Aument Capital, along with angel investors Sabrina Tachdjian, from the HBAR Foundation, and Crypto Knights founder Riaz Mehta.
BetterX was originally founded as Leonie Hill in 2021, before rebranding last year. Cotton is one of the co-founders, along with former banking executive Adam Switzer and former investment analyst Eric Chau.
The startup provides a secure platform for financial advisers to access, trade and manage digital assets for their clients.
The funding will allow BetterX to reach its “next stage of growth”, said Switzer.
“With the increasing institutional adoption of digital assets, we are committed to providing wealth managers with seamless, compliant, and institutional-grade solutions to bridge traditional finance with the digital asset ecosystem.”
PHNXX: $1.8 million
Victorian climate-tech startup PHNXX has also revealed new funding this week, after raising $1.8 million in seed funding for its “grid-in-a-box” solution.
The startup, which was founded in 2022 by Joel Tay and Wei-Chi Lee, plans to use the funding to scale the platform across the Asia-Pacific region.
The funding comes in part from Australian engineering company Synertec, which has also announced a partnership with PHNXX.
Other investors in the round include ENGIE Factory, deep-tech-focused VC Pacific Channel, LaunchVic’s Hugh Victor McKay Fund, and a number of angel investors.
PHNXX has developed a modular, containerised battery and solar system to help businesses in the construction, mining, agriculture and farming industries transition to cleaner and more cost-effective energy solutions.
The system can be set up in a matter of hours or days, compared to months for alternatives, and according to the company, is 34 times cleaner and five times cheaper than diesel generators.
The startup is set to deploy its first assets in Singapore and Malaysia in the second quarter of the 2025 financial year, and says it has a sales pipeline worth more than US$20 million.
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