Participated · Series A · Apr 2023

Fivecast develops AI- and ML-powered open-source intelligence software to help defense, intelligence, police, border security and corporate clients collect and analyse publicly available information. Its platform enables targeted collection and risk analysis for use cases such as identifying extremists, terrorists, drug trafficking and organised crime. Born out of collaboration between government agencies and leading research institutions, the company supplies OSINT tools for security and intelligence needs. Fivecast plans to use new funding to accelerate expansion and service contracts in key markets, including Five Eyes nations, and to add capabilities in adjacent areas such as corporate security and financial intelligence. It is expanding its team—hiring tradecraft experts, developers and sales and marketing personnel across four offices—and recently surpassed more than 100 employees globally. The company is led by CEO Dr Brenton Cooper. Fivecast builds Fivecast Insight, a machine-learning and AI platform that creates profiles from open-source data such as social media to surface security threats. The platform ingests image, text and video and uses automation to extract potential threats and present them in a way analysts can quickly understand. Customers include law enforcement, defence and national intelligence agencies, and the product has been used in counter-terrorism, serious and organised crime, and border protection operations in Australia and the USA. Founded two years ago as a spin-out from the Data to Decisions Cooperative Research Centre in Adelaide, Fivecast emphasizes a strong research-driven approach. Its initial backing included funds from AusIndustry’s Accelerating Commercialisation program and support from the South Australian Government. The company recently raised $4 million to help bring its technology to the global market.

Participated · Equity · Jun 2021

Endua develops modular, compact proton exchange membrane (PEM) electrolysers intended for on-site, decentralized hydrogen production. The company’s PEM architecture is designed to reduce dependence on imports and simplify deployment by minimizing site works, infrastructure and commissioning complexity. Endua targets sectors including transport, off-grid power generation and industrial gases, and highlights reduced logistics and storage costs as a benefit of on-site hydrogen production. The company is executing the Advanced Hydrogen Electrolyser for Australian Decarbonisation (AHEAD) project to scale local manufacturing and deployment. Endua says the funding will help build local expertise and strengthen supply chains to capture future growth in Australia and internationally. The business recently obtained $4.88M (AUD7.2M) in financial support via the Australian government’s Industry Growth Program. Endua builds stand‑alone, modular hydrogen power banks that use electrolyzers to split water, high‑pressure tanks to store hydrogen for months, and fuel cells to convert stored hydrogen back to electricity. Each module can drive power loads up to 100 kW, scalable to serve water pumps, farm sheds, telecom infrastructure and other remote loads. The systems are designed to integrate with existing solar and wind installations to capture excess energy and overcome intermittency. Founded in 2021 and based in Australia, Endua manufactures its products domestically and is establishing manufacturing facilities in Queensland. The company has received AU$11.8 million in new funding and will use the capital to scale pilot systems and hire over the next 18 months. Endua has also received a total of $4.3 million in grants, including the Entrepreneurs’ Programme Accelerating Commercialisation Grant, the Cooperative Research Centres Project and the Advanced Manufacturing Growth Centre Grant. Endua develops hydrogen-powered clean energy storage and modular power banks that use electrolysis to produce and store hydrogen for long-term, dispatchable renewable power. Its modular packs can run up to 150 kilowatts per pack and be extended to serve different use cases as an alternative to diesel generators; batteries are positioned as complementary backup. The core technology was developed at CSIRO and is being commercialized through Main Sequence's venture-science program, with Paul Sernia serving as CEO. Endua is backed by A$5 million in funding from Main Sequence, CSIRO and Ampol, which will also act as an industry partner. The startup plans to launch in Australia first, targeting industrial and off-grid diesel-generator users—regional communities, mines, remote infrastructure and farming applications—before expanding internationally and to smaller businesses and residences. Ampol will test and commercialize the technology to its roughly 80,000 B2B customers as part of its Future Energy and Decarbonisation Strategy.

Participated · Equity · Dec 2020

Coviu operates a built-for-purpose telehealth platform designed for clinicians, with integrations such as PhysioROM and ResApp to support diagnostic and treatment workflows. The company says it was built for scalability and privacy, positioning itself as an alternative to consumer video tools for healthcare delivery. Usage surged during the COVID-19 pandemic, with a reported 4,000% increase in telehealth sessions since December 2019 and over 300,000 telehealth consultations per month. Coviu was #2 on Deloitte’s list of 50 fastest-growing companies in 2020, reporting 11,553% growth that year. Management intends to use digital tools to improve access, efficiency, and affordability of care and to continue product-led growth focused on clinician needs. The company has announced plans to expand into the US by the end of 2020 and into Europe, the Middle East and Africa in 2021 to accelerate international adoption. Coviu develops a telehealth solution for physiotherapy that conducts range-of-motion analysis via video calls. Its PhysioROM product uses artificial intelligence and machine learning to monitor patient progress and enable remote physiotherapy sessions. The company plans to develop and commercialise PhysioROM to expand remote care offerings. Coviu says the technology can free up hospital beds by enabling patients, particularly those from rural and remote communities, to return home sooner after joint surgery. Recent funding for the project is a government Cooperative Research Centre Project (CRC-P) grant that will support commercialisation efforts. Partner organisations on the project include CSIRO’s Data61, health clinic HFRC and the School of Sports Science, Exercise and Health at the University of Western Australia. Coviu builds a WebRTC-based telehealth platform spun out of the CSIRO’s Data61. Its core product enables real-time video consultations in a user’s browser via a simple URL, requiring only a computer and internet connection. The platform includes custom tools tailored to different health specialisations, such as speech pathology and psychiatry. It is positioned to improve access to care in regional, rural, and remote areas with limited internet and healthcare resources. Coviu is currently used by 1,100 clinicians and connects them to more than 20,000 patients, and the company expects to be working with 7,000 clinicians by the end of 2018. The startup raised $1 million from Main Sequence Ventures, and the CEO said the funding will be used to scale and pursue partnerships with health systems.

Participated · Equity · Aug 2020

FutureFeed is commercialising a livestock feed additive made from the seaweed Asparagopsis that research trials in Australia and the USA have shown can reduce methane emissions in beef and dairy cattle by more than 80 percent. The company plans to develop a full value chain for the supplement, from seaweed cultivation and production through processing and feed manufacture to supply beef and dairy industries globally. FutureFeed expects commercial volumes to be supplied into the Australian beef and dairy market by mid-2021, with international markets to follow. The supplement has been developed and trialled over more than five years by CSIRO in collaboration with Meat & Livestock Australia and James Cook University. CSIRO scientists estimate that if the additive were adopted by 10 percent of beef feedlots and dairy industries globally, it could cut livestock greenhouse gas emissions by around 120 megatonnes per year — roughly equivalent to taking 50 million cars off the road for a year. The company also notes the supplement supports productivity in addition to reducing emissions.

Participated · Series A · Apr 2017

Amfora uses gene‑editing to reprogram a genetic switch in soybeans to raise seed protein content while maintaining yield. The company says its technology effectively pre‑concentrates protein in the seed, reducing the need for capital‑intensive concentration processes. Amfora intends to supply high‑protein soybean meal and texturized protein to plant‑based meat companies and other high‑value applications. Management frames the approach as a way to scale supply for plant‑based protein demand while lowering the environmental footprint of production. Financially, Amfora has received grant funding from the United Soybean Board, including a recent $1.0 million award that brings USB support to $2.6 million to date. Amfora uses gene editing to increase the protein density of soybean and other crops, aiming to fuel the plant-based protein market. The company is building a platform of technologies to enhance the nutritional density of food and feed crops and is initially focused on developing soy as a scalable, low-cost high-density protein source. Amfora's approach regulates a genetic switch that shifts seed composition toward protein at the expense of starch and fiber. The company plans to expand development beyond soy to crops such as rice and wheat to improve nutritional profiles and address global food security and health issues. Amfora emphasizes its protein increases do not require additional fertilizer, thereby aiming to reduce agriculture's environmental footprint. Financially, Amfora announced a $6 million Series B investment from Leaps by Bayer and Spruce Capital Partners to advance its pipeline and platform. Amfora develops nutritionally enhanced forage crops using biotechnology to increase protein production efficiency and crop productivity. The company intends to build a pipeline of forage products that incorporate multiple approaches to raising protein production efficiency and energy density. It also plans to develop nutritionally enhanced crops for human nutrition. Amfora is led by President and CEO Lloyd M. Kunimoto, Chief Science Officer Michael Lassner, and Chief Strategy Officer Jonathan Burbaum (a Spruce Capital Entrepreneur-in-Residence). The company received a worldwide, exclusive license from CSIRO to use proprietary technology to increase energy density in specified forage crops. It closed a $5M Series A to accelerate development of forage crops for improved human and animal nutrition.