There’s plenty to get excited about when it comes to health tech in Australia.
From pioneering treatments for food allergies and glaucoma, to building platforms to better support patients and their families with virtual care and telehealth options, Aussie health tech innovators are already making their mark.
And they are raising millions in capital as well.
In total, we’ve counted 24 startups in the health space that have collectively raised more than $167 million this year. This includes four medtech startups — Macuject, Baymatob, Neurotologix and WeGuide — that shared $3.25 million from the Medical Research Future Fund in February.
This list is based on the funding rounds reported on by SmartCompany during 2024. While we do our best to include all Australian startup funding deals in our weekly round-ups, there may be some we have missed.
Take a look at this exciting group of startups that are finding ways to improve our health and quality of life.
Medical therapies and treatment
Femtek founder and CEO Olivia Orchowski. Source: Supplied
Melbourne biotech startup Prota Therapeutics was one of the first health tech startups to secure funding this year, and its capital raise was also the largest.
In January, the startup secured $32 million (US$21 million), in an equity and debt financing round, to continue developing its pioneering treatments for food allergies. Led by CEO professor Mimi Tang from the Murdoch Children’s Research Institute (MCRI), the startup is in the clinical trial phase for its first product: an oral therapy for peanut allergy.
Kyri, formerly known as Femtek, is a wearable startup on a mission to improve women’s health, and in March it raised $1 million to propel the development of its signature cycle-tracking product – the Basal Body Ring.
April saw two medtech startups secure new funding. Western Australian startup CoraMetix locked in $500,000 for its 3D-printed heart valves designed to treat aortic stenosis, while Skin2Neuron raised $4 million for efforts to reverse memory loss associated with Alzheimer’s disease by using cells from hair follicles.
Neo-Bionica, a Victorian-based startup that specialises in manufacturing and commercialising medtech, received a $5 million investment from Breakthrough Victoria in May, and in June, GPN Vaccines secured $18 million to help it continue to develop a vaccine to act against the Streptococcus pneumoniae bacterial pathogen, which can cause pneumonia and a range of other illnesses.
The technology being developed by Brisbane biotech Gelomics has the potential to help other health tech startups. In July, it raised $2.2 million to continue building its system that helps eliminate the use of animal testing in pharmaceutical drug development, and in turn, improve the ethics, cost, reliability and efficiency of medical research and pre-clinical studies.
The Pitch winner and Eyeonic founder A/Prof Simon Skalicky. Source: SmartCompany
In August, AI glaucoma screening startup Eyeonic finalised its oversubscribed $2.6 million seed funding round. The startup won SmartCompany’s early-stage pitching competition, the Pitch, in November 2023 and it says that win played an important part in the success of its capital raise.
Kinoxis Therapeutics also raised funding in August. The startup secured $14.5 million as it enters the next stage of clinical testing for its therapeutic drug that has the potential to lessen agitation and aggression in dementia patients.
In September, Sydney-based startup Neurode revealed it had recently raised $5.3 million for its headband solution for people with ADHD. The device offers non-invasive brain stimulation as an alternative to ADHD medication.
Telehealth and on-demand services
L-R: Kite Therapy founders Gregor Whyte, Rachelle Dunstan and Matt Morrison. Source: supplied
The use of virtual healthcare options exploded during the Covid-19 pandemic, and the amount of funding going towards telehealth and on-demand health service providers shows there’s still strong demand for these offerings.
In March, Hola Health raised $4.5 million for its nationwide, 24/7 telehealth platform and on-demand wellness advice platform Anni secured $1 million. Both startups are focused on making healthcare more accessible and immediate, and helping patients avoid lengthy waits for appointments.
Victorian-based Kite Therapy also wants to make health care more accessible, and affordable, particularly for families seeking support for children with autism and developmental delays. The startup raised $750,000 in pre-seed funding in May.
Health tech startup Updoc in May secured a $20 million investment from ASX-listed capital fund Bailador Technology Investments. Since it was founded in 2021, Updoc has served more than 200,000 customers via its digital platform that connects patients with registered health practitioners.
Clean State Clinic, a startup that offers at-home virtual care services to Australians affected by substance abuse, also raised in May, locking in $1.6 million.
Caregivers
Kismet founders (L-R): Stefan Cordiner, Lauren Grimes, Sam Armstrong, Mark Woodland and Mathew Ellis. Source: supplied.
Australian health tech startups are also focused on the people who care for their loved ones.
Take Kismet for example. The startup was founded in early 2023 and aims to alleviate the admin burden that exists around caring for someone with a disability or someone who is ageing. The AI-driven technology platform aims to give people more time to focus on the ones they care about.
In March, the startup raised $12.5 million in seed funding, building on the $4 million it raised in a pre-seed round last year. In September, it added another $20 million to the funding round, bringing its total amount of seed funding to $32.5 million.
Also helping users unlock efficiencies in the NDIS is Caresquare, which raised $300,000 in funding in July. Caresquare is targeted at NDIS plan managers and helps them automate their workflows, improve invoicing processes and detect fraud.
Workplace health
In January, workplace wellness tech startup Sonder raised $16 million in a Series B extension round, which reportedly gave the company a pre-money valuation of $235 million.
Sonder initially focused on international student safety, before pivoting during the Covid-19 pandemic to offer employee-focused mental and physical health services.
Medicinal cannabis
Members of the Cannaponics team. Source: Facebook/ Cannaponics
Two Australian medicinal cannabis startups also attracted funding this year.
In March, Medibis raised $736,000 from around 600 investors via a Birchal equity crowdfunding campaign. The company’s aim is to make high-quality, effective cannabinoid medicine accessible to Australian patients.
In June, Cannaponics also successfully completed a Birchal campaign. The Western Australia-based company raised $1.9 million via the campaign, which took place 12 months after it completed a $5 million equity crowdfunding raise via the same platform.
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