Fivecast, a leading open-source data analytics company has secured a $4 million investment round from Main Sequence Ventures’ CSIRO Innovation Fund and the South Australian Venture Capital Fund (SAVCF).
This round will drive international expansion and product growth for the company’s key product line,
The company has already enjoyed success with active customers in
How does the startup’s tech help law enforcement?
“Through Fivecast Insight, we have developed a world-leading solution to a global security problem. Using AI, the product generates efficiencies in the collection and analysis of big data that simply haven’t been possible before now.
“This is incredibly important when we consider our clients are often performing time-critical law enforcement and national security activities; efficiencies in this realm are
“The investment today helps us bring this potentially life-saving technology to more countries around the world.”
The platform helps intelligence agencies understand the masses of open-source data they have available to them, and extracts potential threats from this data. Automation of this process saves analysts countless hours.
“The Fivecast Insight platform has capability to detect threats by ingesting content across image, text and video media. It presents AI-enabled insights from this mass data that are easy for analysts to consume and understand,” said Dr Cooper.
“Analysts can then comprehend the collective content and
What ignited investors’ interest in the startup?
Main Sequence Ventures’ CSIRO Innovation Fund Partner Martin Duursma said that as Australia’s deep tech venture fund, Main Sequence Ventures was excited to lead this investment.
“We particularly like that
Dr Elaine Stead of the South Australian Venture Capital Fund said their contribution from the $50 million Fund was well placed in a start-up driving a world-first innovation.
Fivecast was founded two years ago as a spin-out from the Data to Decisions Cooperative Research Centre (D2D CRC), a collaboration between Australia’s national security agencies and various research organisations.
This new investment builds on previous support from D2D CRC and funding from AusIndustry Accelerating Commercialisation and the South Australian Government.
Fivecast received CIVSEC Innovation Award for Cyber Security in 2018 and the D2D CRC and Fivecast were recently awarded the CRC Association 2019 Excellence in Innovation Award.