24 Australian Healthtech Startups That Raised Millions in 2024

When it comes to medical technology in Australia, there is much to be excited about.

Australian health technology innovators are already making their presence felt, from pioneering treatments for food allergies and glaucoma to creating platforms to better support patients and their families through virtual care and telemedicine options.

And they raise millions of dollars in capital.

In total, we counted 24 healthcare startups that have collectively raised more than $167 million this year. This includes four medtech startups — Macject, Bymatob, Neuro-otologist AND Guide — which donated $3.25 million from the Future Medical Research Fund in February.

This list is based on the funding rounds reported by SmartCompany in 2024. While we make every effort to include all Australian startup funding opportunities in our weekly roundups, we may have missed some.

Take a look at this exciting group of startups that are finding ways to improve our health and quality of life.

Medical therapies and treatments

Melbourne-based biotech startup Prota Therapy was one of the first medical technology startups to raise funding this year, and the capital it raised was the largest.

In January, the startup raised $US32 million ($21 million) in equity and debt funding to continue developing its pioneering food allergy treatments. Led by CEO Professor Mimi Tang of Murdoch Children’s Research Institute (MCRI), a startup, is in clinical trials for its first product: Oral therapy for peanut allergy.

Kyri, Formerly known as Femtekis a wearables startup with a mission to improve women’s health. In March, it raised $1 million to develop its flagship cycle tracking product, the Basal Body Ring.

In April, two medical technology startups secured new funding. A startup from Western Australia CoraMetix blocked $500,000 for 3D-printed heart valves to treat aortic stenosis, while Skin2Neuron raised $4 million for research to reverse memory loss associated with Alzheimer’s disease by using cells from hair follicles.

Neo-BionicsThe Victoria-based startup, which specializes in manufacturing and commercializing medical technology, received a $5 million investment from Breakthrough Victoria in May, and in June GPN vaccines secured $18 million to help it continue developing a vaccine against the Streptococcus pneumoniae bacterium, which can cause pneumonia and a range of other diseases.

Technology developed by Brisbane Biotech Gelomics has the potential to help other medtech 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, thereby improving the ethics, cost, reliability, and efficiency of medical and preclinical research.

In August, a startup was founded to screen glaucoma using artificial intelligence. The neighborhood has closed its oversubscribed $2.6 million seed funding round. The startup won SmartCompanyan early-stage pitch competition, Pitch, will take place in November 2023, and the company says the win played an important role in its capital-raising success.

Kinoxis Therapy also raised funding in August. The startup secured $14.5 million, entering the next stage of clinical trials for its therapeutic drug, which has the potential to reduce agitation and aggression in dementia patients.

In September, the Sydney-based startup Neurode revealed that it recently raised $5.3 million for its ADHD headband solution. The device offers non-invasive brain stimulation as an alternative to ADHD medications.

Telemedicine and on-demand services

The use of virtual health options has skyrocketed during the Covid-19 pandemic, and the amount of money being spent on telemedicine and on-demand healthcare providers shows there is still a strong demand for these offerings.

In March Hello Health Raised $4.5 million for its nationwide 24/7 telemedicine and on-demand health advice platform Anni secured $1 million. Both startups are focused on making healthcare more accessible and immediate, and helping patients avoid long waits for appointments.

Based on Victoria Kite therapy It also wants to make healthcare more accessible and affordable, especially for families seeking support for children with autism and developmental delays. The startup raised $750,000 in pre-seed funding in May.

A startup from the medical technology industry Update in May, it secured a $20 million investment from ASX-listed venture capital fund Bailador Technology Investments. Since its founding in 2021, Updoc has served more than 200,000 customers through its digital platform that connects patients with registered healthcare professionals.

Clean State Clinica startup offering virtual home care services for Australians affected by drug addiction also raised funding in May, securing $1.6 million.

Guardians

Australian health tech startups are also focusing on people caring for loved ones.

To take Kismet for example. The startup was founded in early 2023 and aims to ease the administrative burden of caring for a disabled or aging person. The AI-powered technology platform aims to give people more time to focus on the people they care about.

In March, the startup raised $12.5 million in seed funding, building on $4 million in pre-seed funding last year. In September, it added another $20 million to its seed funding round, bringing its total seed funding to $32.5 million.

We also help users to make the NDIS more effective Karma Squarewhich raised $300,000 in funding in July. Caresquare is aimed at NDIS plan managers and helps them automate workflows, streamline billing processes and detect fraud.

Health at work

In January, a tech startup focused on workplace health Alert raised $16 million in a Series B expansion round, which reportedly gave the company a pre-funding valuation of $235 million.

Initially focused on the safety of international students, Sonder pivoted during the COVID-19 pandemic to offer mental and physical health services to employees.

Medicinal cannabis

Two Australian medical marijuana startups also raised funding this year.

In March Medicine has raised $736,000 from around 600 investors through a Birchal equity crowdfunding campaign. The company aims to make high-quality, effective cannabinoid medicine available to Australian patients.

In June Hemp also successfully completed Birchal’s campaign. The Western Australia-based company raised $1.9 million through the campaign, which came 12 months after completing a $5 million equity crowdfunding fundraising through the same platform.

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