WA tech attracts $109m

Western Australian startups and young technology companies attracted about $109 million in funding in the December quarter, according to the latest report from tech sector analysts Techboard.

About 73 per cent of the funding was raised by ASX-listed companies, including Fastbrick Robotics, Livehire, and Parkd Group.

Fastbrick Robotics, which is developing an automated bricklaying machine, raised $35 million through a share placement.

Recruitment technology startup LiveHire contributed $20 million to WA’s result through a placement backed by Telstra Super and other investors.

Renewable energy startup Power Ledger, which is developing a peer-to-peer energy trading system using block chain technology, raised $17 million in the December quarter through an initial coin offering.

This was on top of the $17 million raised in pre-sales in the previous quarter.

Source: Techboard

Car park designer Parkd Group, logistics platform Yojee, cyber safety service Family Zone, and intelligent buildings tech Quantify Technology were other WA companies to raise funds during the December quarter.  

Unlisted companies that raised funds during the quarter included wave energy company Bombora Wave Power, AI health platform Boundlss, cryptocurrency National Currency Exchange, and safety software Tap into Safety.

WA companies raised the third largest portion of the nation’s total $720 million in funding for startups over the quarter.

WA accounted for approximately 15 per cent of the December quarter total, which was up 5 per cent on the previous quarter.

Victorian companies raised 32.7 per cent of the total while NSW companies raised 50.1 per cent.

Nationally, fintech companies accounted for more than 45 per cent.