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.
Startup · $258m raised
Hardware/Robotics/IoT company
Sydney, NSW
Every investor coverage indicates participated in a round Morse Micro raised.
| Investor | Rounds | Invested |
|---|---|---|
| National Reconstruction Fund Corporation | Series C | $35,000,000 |
| NRF Corporation | Series C | $35,000,000 |
| Ray Stata | Series C | - |
| HESTA | Series B | - |
| TelstraSuper | Series B | - |
| Clean Energy Finance Corporation | Series B | - |
| Lucy | Series B | - |
| MegaChips Corporation | Series B | - |
| Skip Capital | Series B | - |
| SpringCapital | Series B | - |
| Blackbird Ventures | Series C · Series B | - |
| Hostplus | Series C · Series B | - |
| Lucy Turnbull | Series C · Series B | - |
| Main Sequence Ventures | Series C · Series B | - |
| Malcolm Turnbull | Series C · Series B | - |
| MegaChips | Series C · Series B | $100,000,000 |
| NGS | Series C · Series B | - |
| Startmate | Series C · Accelerator | - |
| UniSuper | Series C · Series B | - |
| Uniseed | Series C · Series B · Series B | - |
Investors whose own portfolio pages list Morse Micro, even though we haven't found any coverage of the round yet.
| Investor | Listed on |
|---|---|
| Stoic Venture Capital | its portfolio page ↗ |
| Virescent Ventures | its portfolio page ↗ |
Companies Morse Micro acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Stories naming Morse Micro. 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.
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.
A directory of fifteen Canberra investors backing deep tech, noting ACTivate Capital's fund first close, several government-backed company raises, an incubator's alumni, and one portfolio acquisition.
Morse Micro, a Wi-Fi HaLow vendor, appoints former Swann Communications chief executive Alex Talevski as its first senior product and AI executive, and tasks him with opening a Melbourne office.
Uniseed chief executive Peter Devine departs after two decades; Monash's Alistair Hick takes over in 2026. The piece recounts Uniseed's fund history and recent stakes in ENA Respiratory and Morse Micro rounds.
A quarterly report on the Australian venture market finds Q3 2025 investment passed a billion dollars, led by a Singapore data centre company's raise, with AI drawing premium valuations and bubble warnings.
Cut Through Venture's quarterly report counts roughly $1 billion over 116 Australian venture rounds in 3Q 2025; deep-tech sectors dominated, Firmus Technologies' $330M raise was largest, and early-stage valuations climbed.
Startmate reflects on a decade of backing founders, profiling breakout alumni across its cohorts and describing how its mentors reinvest in newer startups, alongside its fund model and returns.
Sydney chipmaker Morse Micro has banked an $88 million Series C led by Japan's MegaChips, with the national reconstruction fund and several existing backers also participating; funds will drive growth and future chip development.
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UniSuper adds a further $25 million to its backing of Uniseed, reaching $100 million in total support for the university research commercialisation fund; past cheques to quantum and biotech startups are recapped.
A profile of Startmate ranking the twenty most valuable companies it has backed, noting their valuations, past raises and founders, plus Bugcrowd's newly announced purchase of Informer and its climate focus.
Techboard's September 2022 roundup reports Australian raises led by Morse Micro's $140m Series B, several acquisitions including ResApp Health to Pfizer, fund closes by Telstra Ventures, OIF and Main Sequence, and open raises.
Techboard's monthly roundup reports November 2022 Australian private funding of roughly $678 million across 38 deals, listing closed raises by Vow, Samsara Eco, Advanced Navigation and others, Sprint Ventures' first fund close, and rounds still open.
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Weekly roundup reporting nine Australian startups that together secured roughly $104 million across sports tech, semiconductors, regtech, legal automation, SaaS, edtech, agtech and biotech, with Vald's $36 million the largest.
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Wi-Fi HaLow chip maker Morse Micro raised a further $30 million for its Series B from Australian superannuation funds, lifting the round to $170 million; its earlier seed and Series A raises are also recapped.
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SmartCompany summarises Cut Through Venture's report finding Australian startups closed 71 deals worth $471 million in September 2022, the strongest month since March, led by hardware, while revisiting large September 2021 raises.
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Ignition Lane's weekly tech roundup covering fresh Australian startup raises, new venture funds and closes, a wave of acquisitions, delistings and a liquidation, executive moves, and Canva's product launch.
Also Techboard·Startup Daily
Wi-Fi chip startup Morse Micro has raised a $140 million Series B led by Japan's MegaChips with $100 million, with Blackbird and Main Sequence also investing, to secure manufacturing and grow in Japan.
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NSW government backing for Morse Micro's HaLow Wi-Fi expansion in Tech Central is still subject to a formal agreement, UTS plans a defence-compliant vault, and five scaleups are named as first recipients of accommodation rebates.