Six Australian companies have earned spots on the 2024 Forbes Asia 100 to Watch list. The annual list, now in its fourth year, highlights emerging businesses across the region, with this year’s entries collectively raising over $2 billion in funding.
Advanced Navigation leads in AI-powered space tech, while Great Wrap focuses on sustainable biotech. JigSpace is a standout in augmented reality, and Hello Clever is making waves in fintech. Relevance AI and Goterra round out the list with cutting-edge enterprise tech and sustainable agriculture solutions.
“Startups on our fourth annual Forbes Asia 100 To Watch list have collectively drawn over $2 billion in total funding to date, with 83 of these companies raising capital since the start of 2023. This influx of investment was driven by their innovations, spanning some of the world’s hottest industries such as spacetech, biotech and robotics. Their ambition and achievements thus far paint a positive picture for the future of Asia-Pacific’s startup ecosystem,” says Rana Wehbe Watson, Editorial Director/Special Projects at Forbes Asia.
This mix of 100 companies vary in their offerings, ranging from AI navigation systems for space exploration to cutting-edge cell therapies to advanced healthcare diagnostics. There are fintechs addressing the needs of the unbanked and retailers using digital channels to tap a new generation of consumers.
Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India, a hotbed of startups, has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8).
See the full list here.
Advanced Navigation
Category: Space Technology
Year founded: 2022 • CEO: Chris Shaw
Advanced Navigation was given a A$5.2 million ($3.5 million) grant by the Australian Space Agency last year for its Moon to Mars initiative, which supports space missions beyond the moon’s orbit. The 12-year-old firm specializes in AI-based robotics and navigation technologies in complex environments. For example, its fiber optic gyroscopes are used in robots for independent control and collision avoidance without human guidance. The company’s navigation system, the Boreas X90, can also help space exploration vehicles navigate new terrains. In 2022, it raised A$108 million in a series B funding round led by private equity giant KKR.
Goterra
Category: Agriculture
Year founded: 2016 • CEO: Olympia Yarger
Goterra uses insects to transform agricultural byproducts into protein and soil conditioner. Its black soldier fly protein can be used to feed poultry, fish and pets. It currently partners with supermarket chain Woolworths to process food waste generated by stores across Canberra and plans to expand to the U.S. and Singapore. In 2023, the startup raised a pre-series B funding round, on the back of an A$8 million ($5 million) series A funding in 2020 co-led by Tenacious Ventures and Australian billionaire Mike Cannon-Brookes’ Grok Ventures.
Great Wrap
Category: Biotechnology & Healthcare
Year founded: 2019 • Co-CEOs: Julia Kay, Jordy Kay
Great Wrap produces compostable cling wrap for home use and pallet wrap for businesses. The company is backed by VC firm Giant Leap; W23, the venture capital arm of supermarket chain Woolworths; and the investment arm of global restaurant chain Grill’d. In 2022, Great Wrap raised A$24 million ($15 million) in a series A funding round that included A$11 million in equity and in May, it raised A$5 million in follow-up capital.
Hello Clever
Category: Finance
Year founded: 2021 • CEO: Caroline Tran
Aussie fintech Hello Clever’s user-friendly “buy-to-earn” model enables shoppers to receive instant cash back on their purchases from registered merchants through its app and payment gateway. It also provides real-time payment settlement to businesses in Australia with no chargeback. In 2022, it raised A$4.5 million ($3 million) in funding led by Vectr Fintech Partners. CEO Caroline Tran was an accountant at marketing firms IPG Mediabrands and WPP.
JigSpace
Category: Enterprise Technology & Robotics
Year founded: 2016 • CEO: Zac Duff
With Jigspace’s augmented reality (AR) software, users can create their own 3D presentations, called “Jigs,” and share them online. JigSpace’s presentations are also compatible with AR headsets such as the Apple Vision Pro Headquartered in Melbourne, JigSpace offers free and paid subscription plans for individuals and businesses. In July, it announced a A$13 million ($8.7 million) funding round led by Breakthrough Victoria, an Australian state government-backed fund.
Relevance AI
Category: Enterprise Technology & Robotics
Year founded: 2018 • Co-CEOs: Daniel Vassilev, Jacky Koh
Sydney-based Relevance AI is a platform that lets companies automate tasks and workflows without coding. Using templates, they can build AI tools that create email responses and handle data analytics, among other applications. Relevance AI says about 40,000 businesses have tried its products so far. Last December, it raised A$15 million ($10 million) in series A funding from investors including King River Capital and Peak XV Partners.
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