Future Secure AI, a three-year-old startup founded in Sydney, has raised US$80 million (about A$115 million) at a US$1.2 billion (about A$1.7 billion) valuation, according to Startup Daily, citing the Australian Financial Review.
The money came through convertible notes, which convert into shares later rather than pricing new equity now.
The deal
| Detail | Reported figure |
|---|---|
| Amount | US$80m (A$115m) |
| Valuation | US$1.2b (A$1.7b) |
| Backers | Square Peg, Yarra Capital Management, Macquarie Asset Management, Firetrail |
| Funding round | Third, after June 2025 |
What it builds
The company sells AI “co-workers” to large organisations. Each one is a team of AI agents, each with its own name and face, overseen by a human supervisor. It targets complex work in investment banking, consulting, healthcare and law.
Co-chief executives Mehrdad Baghai, a former McKinsey partner, and Michael Hunter, a former Macquarie banker, said the money would help take the approach to more customers around the world.
Startup Daily reports the company is now headquartered in Austin, Texas, with offices in Sydney, Melbourne and five other cities across the Americas.
Next steps
- The company expects annual recurring revenue to approach US$100 million by the end of 2026, as reported by the AFR.
- It plans to list on the ASX in late 2027, with investment banks to be appointed in coming months.
A private valuation does not guarantee demand from public investors. Dealroom notes that data centre operator Firmus pulled its planned ASX float last month after investors baulked at the price.
