The Aussie Byte

Instinct, a San Francisco-based AI personal agent startup, has raised $1 billion in funding at a valuation of $10 billion, marking a fourfold increase from its previous valuation of $2.5 billion just last month. The company's flagship platform manages complex consumer tasks through text or voice commands and utilizes dedicated phone and computer capabilities to execute transactions autonomously. The fresh capital will support product development and expanded access beyond the current early-access phase. Instinct recently launched its Concierge service and integrated location-aware features, alongside security controls designed to intercept model hallucinations prior to execution. The company's founder, Noah Shinn, stated that Instinct is being built to handle the 'deeply personal nuances of everyday life'.

Exein, the Physical AI cybersecurity company, has raised $270 million at a valuation of $1.7 billion, making it the most valuable cybersecurity startup in Europe. This funding will accelerate Exein's expansion into key markets, including the US and APAC, as investment in robotics, autonomous systems, and Physical AI grows. The company has already deployed its technology across more than 2 billion devices and is developing a proprietary foundation model specifically for Physical AI security. Exein's valuation has increased thirty-fold in two years, reflecting rapid commercial and international growth. The company plans to introduce its new agentic security architecture by the end of 2026, with its first foundation models expected in Q1 2027.

Aussie brain-tech startup, BrainGate, has made a significant bet to restore people's voice through its neural interface technology. The company is working on a device that can read brain signals and convert them into speech, potentially helping individuals who have lost their ability to speak due to paralysis or other conditions. This technology has the potential to improve the lives of millions worldwide. BrainGate's innovation is based on research from Brown University and Massachusetts General Hospital, which was licensed by the company in 2000. The startup has already raised significant funding, with a $10 million investment in 2019.

The headline 'A whole new ball game for venture capital as investors chase sports' suggests that there's a significant shift in the investment landscape, with venture capital firms now focusing on sports-related opportunities. This is a departure from traditional tech investments and indicates a growing interest in the sports industry among Australian venture capitalists. The article explores how this trend is emerging and what it means for the broader startup ecosystem.

The Boring Company, founded by Elon Musk in 2018, has closed an investment round valuing the company at $20 billion. As part of this funding round, investors were required to help build the business, either by recruiting employees or assisting with business development such as making introductions to government officials. The company also reserved the right to buy back shares from investors who failed to provide viable candidates for these roles. This deal comes after Musk's rocket company SpaceX went public in June and raised $86 billion. The Boring Company has projects underway in cities including Baltimore, Chicago, Los Angeles, and Nashville.

Wonderful, an AI operating system for enterprises, has raised $550 million in Series C funding at a $5 billion valuation. The funding was led by Insight Partners and will be used to accelerate product development and global deployment of the Wonderful AI OS. The company's platform allows enterprises to automate workflows, build AI-native applications, and coordinate agents across the organization. With this funding, Wonderful plans to expand its operations to more markets, grow its employee base, and support growing enterprise demand for the AI OS. The company has already expanded to 35 markets and grown to 650 employees worldwide since its Series B in March 2026.

The Commonwealth has provided cash backing for Perth energy startup, with the exact amount not specified in The West Australian article. This support comes without a lock-in contract, allowing the company to maintain flexibility and autonomy.

Blackbird Ventures is considering options to cash out early stakes in Canva and other investments through new continuation funds, which could allow its investors to take profits from the design tech giant valued at $US30 billion ($42 billion). The move comes as rival Airtree Ventures faces pressure from long-standing investors to return more profits. Blackbird's 2015 and 2018 follow-on funds hold stakes in Canva, which has remained private for longer than expected. The new funds would enable Blackbird to offer its investors the opportunity to take profits. This could be a significant development for Blackbird's investors, who have held onto their stakes for years.

Rogo Technologies, an AI startup that counts some of the world's largest investment banks among its clients, is hiring staff in key Asia-Pacific hubs, including Singapore and Sydney, as it expands its regional presence to tackle other areas in banking.

Blackbird Ventures has closed its sixth venture fund at $1.05 billion, the largest venture capital fundraise in Australia and New Zealand. The firm's new backers include Adams Street Partners, Morgan Stanley Investment Management, and Schroders, joining existing investors Future Fund, Hostplus, Aware Super, and HESTA. Blackbird has now invested over $3 billion across 190 companies, with a portfolio valued at more than $12.5 billion. The firm has returned over $2.25 billion to investors at a net internal rate of return of 32%. Blackbird partner Samantha Wong said the raise reflects growing global interest in Australian and New Zealand founders.

Blackbird Ventures has secured $1 billion for its new venture fund from international institutional investors Morgan Stanley and Schroders, marking a significant move by local firms to diversify their capital base and tap into the US market.

Vessev, a New Zealand-based marine startup, has secured $27 million in a Series A funding round led by Blackbird Ventures to scale its operations across Australia and the United States. The capital will be used to increase production of Vessev's electric hydrofoiling vessels, expand its global go-to-market team, and further develop its onboard software and telemetry platform. Existing backers K1W1, Icehouse Ventures, Shasta Ventures, and NZVC joined the round alongside new investors GD1 and Rypples. The company has a commercial agreement to deliver multiple VS–12 vessels to Sydney as part of a planned water transport network on Sydney Harbour. Vessev's technology reduces drag, improves range, and produces less noise and emissions than traditional marine transport.

SpaceX approached AI coding startup Cognition about a potential acquisition, but the talks are no longer active. The two companies remain in discussions for potential collaboration, including an arrangement for Cognition to use SpaceX's computing infrastructure. Cognition was valued at $26 billion during a May funding round and is now seeking new financing at a valuation of at least $40 billion. Elon Musk's firm has been developing more advanced AI tools to automate tasks, including coding, as part of its strategy to expand its capabilities. The acquisition discussions were reportedly sparked by SpaceX's interest in Cognition's technology and business development.

Blackbird Ventures has reached final close on its sixth fund with over $1 billion in capital commitments, surpassing its previous record of $1.032 billion for its 2022 funds. The fundraising process began early last year and was advised by law firm Gilbert + Tobin. Blackbird's latest fund aims to raise $1.2 billion, which would be the largest venture capital raise in Australian history. The sixth vintage is part of what Blackbird calls the 'Blackbird 2025 Funds'. This marks a significant milestone for Australia's largest VC firm.

Blackbird Ventures and Airtree have marked down Canva's valuation by 17%, from USD42 billion to USD34.9 billion, after commissioning independent external assessments. This move comes as influential investors abroad question whether Canva could be worth as little as USD12 billion. Canva itself has made an even steeper adjustment with its independent valuation falling from USD38.9 billion to USD31 billion over the past year.

Cognition AI Inc., a coding startup founded in 2023, is in early talks with investors for a new funding round that may boost its valuation by more than 50% to at least $40 billion, up from the previous $26 billion valuation after raising $1 billion just three months ago. The company's annualized revenue run rate is now approaching $1 billion, roughly double the figure it posted during its previous financing. Cognition sells an AI agent called Devin that helps automate engineering tasks and is backed by top venture firms including General Catalyst and Peter Thiel's Founders Fund.

Situational Awareness invested $500 million in Source Foundry, a semiconductor manufacturing startup, with an initial commitment of $100 million and a further $400 million investment. This funding aims to develop a simpler, less expensive, and faster chipmaking process to address the growing gap between AI computing power demand and industry capacity. The investment was made by Situational Awareness after it came close to collapsing due to sharp declines in its technology holdings, and the fund's founder, Leopold Aschenbrenner, reached an agreement with Ken Griffin of Citadel to sell part of the public equity portfolio at a 10% discount. Sequoia Capital backs Source Foundry and described the mismatch between AI demand and chipmaking capacity as the 'chip wall'.