How we think about Physical AI
Main Sequence sets out its investment thesis for physical AI, describing portfolio companies across robotics, vision, connectivity, compute and simulation, and recalling over $100 million invested since inception.
Every published round Main Sequence Ventures took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
Companies Main Sequence Ventures has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Advanced Navigation | Navigation technology company using AI, robotics and sensing for GPS-independent position… | Nov 2019, Series A | 3 | 0 |
| Aigentsphere | Platform for managing and governing enterprise AI agents | 4 Aug 2026, Seed | 1 | 1 |
| Amber Electric | Energy retailer offering flexible, market-driven household energy plans | 12 Feb 2024, Series C | 2 | 1 |
| Andromeda | Personalised robot companions for aged care and assisted living | 9 Sep 2025, Series A | 1 | 0 |
| Andromeda Robotics | Sep 2025, Series A | 1 | 0 | |
| Arkeus | AI-powered sensing systems for autonomous platforms | 7 Dec 2023, Seed | 3 | 1 |
| Arlula | Earth Observation data platform giving seamless access to satellite imagery and data | 22 May 2023, Seed | 2 | 1 |
| Avarni | Nov 2022 | 2 | 2 | |
| Breaker | AI agent software letting operators coordinate teams of autonomous military systems via v… | 14 Mar 2025, Pre-seed | 2 | 1 |
| Cauldron | 28 Mar 2023, Seed | 3 | 2 | |
| Cauldron Ferm | Deep tech startup using hyper-fermentation to produce proteins, materials and chemicals w… | Mar 2026, Series A | 2 | 2 |
| Cortisonic | Developer of acoustic wave computing chips (Sonic Processing Unit) for low-power Edge AI … | 2 Feb 2026, undisclosed | 1 | 0 |
| Deteqt | Deep tech spin-out building diamond quantum chips for magnetic field detection | 8 Apr 2025, Pre-seed | 3 | 3 |
| Diraq | Quantum computing company building spin qubit chips on silicon | 25 Jun 2024, Series A | 2 | 0 |
| Eden Brew | Animal-free dairy company | 31 May 2022 | 2 | 1 |
| ElectraLith | Developer of a novel electrochemical direct lithium extraction technology producing batte… | 15 Jan 2025, Series A | 2 | 2 |
| Emesent | Drone and LiDAR mapping technology spinout of CSIRO for hazardous, GPS-denied environments | 18 Feb 2022, Series A | 2 | 0 |
| Endua | Queensland energy company backed by Main Sequence. | 2021 | 2 | 0 |
| Facet Amtech | Australian startup developing a multifunctional catalyst for ammonia production | 26 Aug 2026, Seed | 1 | 1 |
| Fivecast | Adelaide-based Security AI Software startup | 11 Apr 2023, Series A | 1 | 0 |
| FluroSat | Helps farmers increase the yield of their crops using satellite imaging | Seed | 1 | 0 |
| Gilmour Space | Queensland rocket builder and launchpad scaleup | Jun 2021, Series C | 3 | 0 |
| JDoodle | 14 Jun 2023, Seed | 1 | 1 | |
| Kasada | AI company in a whitespace industry | Dec 2021, Series C | 2 | 0 |
| Kinoxis Therapeutics | A clinical candidate that aims to provide an alternative to antipsychotics for managing a… | 23 Sep 2026 | 1 | 1 |
| Levur | Sydney startup using engineered yeast to produce oils as a palm oil alternative | 6 May 2025, Pre-seed | 1 | 1 |
| Loam | 16 Feb 2023, Series B | 1 | 0 | |
| Loam Bio | Agtech company developing microbial soil-carbon technology and farmer carbon projects | 13 Feb 2023, Series B | 1 | 0 |
| Lumachain | AI company in a whitespace industry | 24 Aug 2022, Series A | 1 | 0 |
| Metacognition AI | An AI startup building 'Windows for robots', an operating system for AI agents sitting un… | 9 Sep 2026, Pre-seed | 1 | 1 |
| MGA Thermal | Developer of Miscibility Gaps Alloy blocks for industrial thermal energy storage | 2021 | 5 | 1 |
| Millibeam | 11 Apr 2022, Seed | 1 | 1 | |
| Morse Micro | Hardware/Robotics/IoT company | 9 Sep 2022, Series B | 2 | 0 |
| Myriota | 19 Dec 2024, Series B | 1 | 0 | |
| Nourish Ingredients | Brews sustainable and animal-free fats and oils for alternative protein products | 1Q 2021, Seed | 2 | 0 |
| Number 8 Bio | Sydney-based innovator in sustainable agriculture technologies reducing livestock methane… | 15 Jun 2023, Pre-seed | 4 | 2 |
| Plotlogic | Queensland critical minerals technology company backed by Main Sequence. | 31 Jul 2023, Series B | 1 | 0 |
| Prospection | 15 Sep 2021, Series B | 1 | 0 | |
| Psylo | 27 Oct 2022, Seed | 1 | 1 | |
| Q-CTRL | Sep 2019, Series A | 4 | 0 | |
| Quantum Brilliance | Quantum computing company that installed QPUs at Oak Ridge National Laboratory | Aug 2021, Seed | 3 | 1 |
| Quasar Satellite Technologies | Company created through Main Sequence's Venture Science model | 17 Mar 2023, Seed | 1 | 1 |
| QuintessenceLabs | Quantum physics data security tools | Oct 2021, Series B | 2 | 1 |
| RapidAIM | 1Q 2021 | 1 | 0 | |
| Regrow Ag | 24 May 2022, Series B | 1 | 0 | |
| RIOS | Physical AI/robotics portfolio company | 23 Feb 2022, Series A | 1 | 1 |
| Samsara Eco | AI-powered enzyme discovery platform for recycling plastics at scale | 24 Mar 2022 | 3 | 1 |
| Skykraft | 16 Oct 2023 | 1 | 0 | |
| SunDrive | 13 Oct 2022, Series B | 1 | 1 | |
| Swoop Aero | autonomous solutions | 2021, Series B | 1 | 1 |
| Terria | Builds digital twin platforms for governments and infrastructure organisations using geos… | 11 Dec 2024, Seed | 1 | 1 |
| Uluu | Deep tech startup making biodegradable plastic alternatives from seaweed-derived PHA | 28 Nov 2022, Seed | 2 | 1 |
| Xefco | Deep tech company using plasma-based deposition technology to dye and finish textiles wit… | 29 Apr 2024, Seed | 1 | 1 |
| Zabidou | AI computer vision for automated industrial robotics QA | 3 Aug 2026, Seed | 1 | 1 |
Companies Main Sequence Ventures's own portfolio page lists that no published round yet places it in. The page is the source; the round is being looked for.
| Company | Site |
|---|---|
| Arkeus AI | - |
| Baraja | - |
| Castlepoint Systems | - |
| Coviu | - |
| Currus Biologics | - |
| Cylite | - |
| EVERY | - |
| Inventia Life Science | - |
| Kapiche | - |
| Pending AI | - |
| Practera | - |
| Presien | - |
| Rainstick | - |
| Regrow | - |
| Trellis Data | - |
| v2food | - |
| Varden | - |
| XYLO | - |
Fund closes reported for Main Sequence Ventures, as distinct from the investments it has made.
| Fund | Announced | Committed | Target | Close | Sources |
|---|---|---|---|---|---|
| Fund Four | 16 Sep 2026 | $75m | $400m | Interim | Forbes Australia |
| Fund 3 | 26 Jul 2023 | $450m | - | Interim | Startup Daily (19 Mar 2024), Startup Daily (9 Nov 2023), SmartCompany (27 Jul 2023), Startup Daily (26 Jul 2023), @AuManufacturing, SmartCompany (26 Jul 2023), TechCrunch Venture, Main Sequence |
| Fund 3 | 2023 | $450m | $300m | Final | Forbes Australia, Startup Daily |
| Fund II | Apr 2021 | $330m | - | Final | Startup Daily, @AuManufacturing, SmartCompany (26 Jul 2023), TechCrunch Venture, Main Sequence, SmartCompany (1 Feb 2022) |
| Fund I | 2018 | $240m | - | Final | Startup Daily, @AuManufacturing, SmartCompany, TechCrunch Venture, Main Sequence |
Investors that coverage says has money in a fund Main Sequence Ventures runs. This is a stake in the fund, not in any company the fund has backed.
Companies Main Sequence Ventures has backed that another company then bought. An exit for the holding, not a deal Main Sequence Ventures did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of Main Sequence Ventures is recorded as having been acquired. | ||||
Companies Main Sequence Ventures acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Every investor coverage indicates participated in a round Main Sequence Ventures raised.
| Investor | Rounds | Invested |
|---|---|---|
| Queensland Investment Corporation | Accelerator | - |
Stories naming Main Sequence Ventures. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Main Sequence sets out its investment thesis for physical AI, describing portfolio companies across robotics, vision, connectivity, compute and simulation, and recalling over $100 million invested since inception.
America's medicines regulator has approved Currus Biologics to begin human trials of CUR-001, its solid-tumour CAR T-cell therapy combination, with dosing expected from early 2027.
Australian biotech Currus Biologics has won US regulator clearance to begin human testing of its lead cancer therapy, CUR-001; the company's backers include Brandon Capital, Main Sequence and Uniseed.
Australian biotech Currus Biologics has won US regulatory clearance to begin human testing of its lead cancer therapy, CUR-001, combining an antibody platform with CAR T cells for solid tumours.
Weekly roundup recording a dozen raises and acquisitions, Firmus's scheduled float, a new $50m venture fund, a founder share sale, grant winners, an accelerator intake, and an AI agent's government breach.
Also Dynamic Business·DealStreetAsia·This Week in Australian Startups·Dealroom·ABC News Technology
Melbourne dementia drug developer Kinoxis secured $6.75 million equity led by Main Sequence plus a $2.5 million Medical Research Future Fund grant via CUREator+, funding trials of its agitation and pain drug candidates.
Dealroom reports CSIRO lifting its stake in Main Sequence's early-stage Atmosphere vehicle fourfold to US$12.9 million, money earmarked for a fourth fund the firm has yet to raise.
Deep-tech investor Main Sequence is seeking $400 million for a fourth fund, with $75 million already committed by the federal government, after two portfolio companies reached unicorn status this year.
Roundup of four trans-Tasman raises: First Table, Metacognition AI, Dela and GoTroppo secured a combined $21.5 million for restaurant discounting, robotics software, scam-safe payments and flexible internet plans.
Former Optus CEO Kelly Bayer Rosmarin warns rogue AI agents in enterprises are inevitable and discusses Aigentsphere, her AI-monitoring startup, which raised a $4 million seed round from Main Sequence in April.
Brandon Capital has put roughly $60 million of National Reconstruction Fund money into ten biotech companies and warns R&D tax changes would hurt deep tech; portfolio company Myricx Bio went to Novartis.
Also australiatimes.com
Weekly roundup: Blackbird confirms a record fund close and Galileo reaches a first close, Genesis merges with Proudi, IREN secures massive debt, and several startups report raises, grants and program wins.
Main Sequence explains its decision to back Facet Amtech again alongside Uniseed in a $3 million round, funding the startup's water-based ammonia catalyst work and its first pilot plant.
Also AgFunderNews·Dealroom
Eight Australian companies make Forbes Asia's annual 100 To Watch list; the piece profiles each and recaps recent raises across climate tech, health and software.
Main Sequence announces a follow-on seed investment in Zabidou, an industrial vision-systems startup it earlier backed at pre-seed, and recalls its previous backing of founder Cibby Pulikkaseril's LiDAR company Baraja.
Also Forbes Australia·Forbes Australia·SmartCompany·This Week in Australian Startups
Weekly roundup: Firmus completes its $2.85b round; Procore acquires DroneDeploy; Atlassian rebounds while Canva cuts guidance; plus fresh raises for Zabidou, BioScout, Vexev, Enrola, Spacetalk and others.
Roundup of four Australian raises: Firmus Technologies' US$2 billion round at a $15 billion valuation, Eudaemon's $3.75 million, Zabidou's $3.5 million seed round, and Rampart's $2.3 million.
Brisbane drone mapping firm Emesent secures $15 million SAFE Note plus $10 million venture debt from federal government's National Reconstruction Fund.
MILLIBEAM, an Australian deep-tech firm, has revealed Rakurai, a portable counter-drone device built on bespoke chip-level radiofrequency design; the piece notes prior Commonwealth grants behind its semiconductor technology.
Deep tech founder Cibby Pulikkaseril has banked a $3.5m seed for Zabidou, whose lasers inspect factory output, with Black Nova, Main Sequence and Antler backing; his earlier LiDAR venture Baraja folded.
Also SmartCompany
Brisbane drone-mapping firm Emesent has raised $15 million via a SAFE note plus $10 million in venture debt from the National Reconstruction Fund — the fund's first such deal — four years after its Series A.
Doctor-led syndicate Medical Angels is turning its backing of 30-plus health startups into a $40 million fund, with $4 million banked, and has recruited former Startmate chief Michal Batko as venture partner.
Weekly roundup covering seven raises across the Tasman: Phonely's Series A, Pay.com.au's private placement, and rounds for Atomic Tessellator, Caruso, Deteqt, Clean Slate Clinic and Earthletica, worth roughly $72 million combined.
Also crane.vc
Roundup of three trans-Tasman raises: Ordermentum landed $55m from Five V Capital, defence-tech firm Arkeus closed $25m, and music platform Lume gathered NZ$1.3m from well-known backers before its launch.
Also Startup Daily
Main Sequence's post sets out why the fund backed Aigentsphere, which builds governance tooling for enterprise AI agents, citing the founders' banking backgrounds and a $4 million seed raise.
Arkeus has closed a A$25 million Series A with QIC Ventures leading, as early backer Beaten Zone Venture Partners returns alongside other existing backers; proceeds fund Queensland manufacturing and a doubled team.
Also Startup Daily·Defence Connect·SmartCompany·SmartCompany·Forbes Australia·@AuManufacturing
Folklore Ventures announces it has joined Arkeus' A$25 million Series A with QIC Ventures, R+ VC and returning backers, describing the Melbourne defence-sensing startup's technology and growth plans.
Also Beaten Zone Venture Partners portfolio·Beaten Zone Venture Partners portfolio·arkeus.com·Forbes Australia·SmartCompany·Dealroom
Profile of a Peter Mac spinout advancing solid-tumour cell therapies; recounts its Series A backers, later investment, grant support, and chief executive Sam Cobb's earlier career building and listing AdAlta.
Main Sequence reflects on its early backing of Deteqt through its Atmosphere platform, describing the startup's diamond-based quantum magnetic sensing chip and its case that machines need better ways to perceive their surroundings.
Weekly roundup detailing eight trans-Tasman raises totalling A$373.3 million, headlined by Halter's Series E, spanning quantum computing, biomanufacturing, robotics, adtech and agtech, plus a recalled $2 billion founder exit.
Also Startup Daily
Fermentation technology company Cauldron has banked fresh capital in a Series A2 extension led by Main Sequence Ventures, with three other backers, and landed on Fast Company's Asia-Pacific innovation list.
Main Sequence's post explains why the firm invested in Andromeda Robotics, pointing to aged-care workforce shortages, resident loneliness, and early customer enthusiasm for the Abi companion robot.
Biomanufacturer Cauldron Ferm has banked a $19 million Series A2, led by Main Sequence with Horizons, SOSV and NGS Super aboard, adding to an earlier $9.5 million round and a $4.3 million federal grant.
Also Startup Daily
A Sydney defence and space technology company has completed an oversubscribed funding round led by Paspalis Capital to expand its satellite data coordination platform and grow its engineering team.
MGA Thermal, a Hunter Valley energy storage maker, has banked $17 million from IP Group and others to commercialise its heat-storage technology, lifting its total funding to $50 million.
Weekly roundup of four Australian funding rounds: thermal energy storage, litigation data software, preventative health, and construction site documentation, together worth $31.9 million.
Also Startup Daily
IP Group Australia led a $17 million investment in Hunter Valley thermal storage company MGA Thermal, with Shane Meaney joining the board alongside prior backer Main Sequence ahead of commercial rollout.
Also SmartCompany·SmartCompany·Startup Daily·Startup Daily·mgathermal.com
Roundup of the week's Australian startup funding: fresh raises for five companies, Startmate's Summer '26 accelerator intake of 19 startups, and Affinda's acquisition of Pathfindr.
Also Startup Daily
Sydney and Austin-based defence tech startup Breaker secured $9 million at seed stage, led by Bessemer Venture Partners with Main Sequence following on, after a voice-controlled autonomous systems demo in Rheinmetall's Boxer vehicle.
Also Forbes Australia·SmartCompany·Startup Daily·Startup Daily·Startup Daily