Future Secure AI, a three-year-old start-up founded in Sydney, has raised US$80 million (about A$115 million) at a US$1.2 billion (about A$1.7 billion) valuation, according to Startup Daily, which cited The Australian Financial Review. tech.sydney described the company as Australia’s newest unicorn.

The deal

  • Amount: US$80 million, raised through convertible notes.
  • Valuation: US$1.2 billion.
  • Backers: Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail.
  • History: the company’s third funding round, following a raise in June 2025.

Convertible notes convert into shares at a later date rather than pricing new equity now, which means the headline valuation is a reference point rather than the price of a traditional priced round.

What it builds

Founded in 2023, Future Secure AI builds AI “co-workers” for large organisations, targeting complex work in investment banking, consulting, healthcare and law. Its technology assembles teams of AI agents, each with a name and face, overseen by a human supervisor, Startup Daily reported.

The company is run by co-chief executives Mehrdad Baghai, a former McKinsey partner, and Michael Hunter, a former Macquarie banker, according to tech.sydney. They said the investment would help take the approach to more customers internationally. The business is now headquartered in Austin, Texas, with offices in Sydney, Melbourne, New York, Chicago, Toronto and São Paulo.

Revenue and the float

The company expects annual recurring revenue to approach US$100 million by the end of 2026, according to the AFR. An ASX listing is on the agenda for late 2027, with investment banks expected to be appointed in the coming months.

The context

The raise comes as investors back AI applications that perform whole workflows inside large firms, not just the infrastructure behind them. But a private valuation does not guarantee demand from public investors. Data centre operator Firmus pulled its planned ASX float last month after investors baulked at the price, tech.sydney noted, citing Dealroom.

Sources: Startup Daily (6 November 2026); tech.sydney (6 November 2026); The Australian Financial Review (6 November 2026); Dealroom (November 2026).