Two well-established Perth-based startups have scored significant investment dollars over recent weeks, with vet records business Vedi (formerly VetDB) and location tech GeoMoby each raising $3M from investors.
Geo getting mobilised
French-born founder-CEO of GeoMoby Chris Baudia created his company back in 2013 during the first Perth cohort of Founder Institute. The following year, he won a global pitch competition in Seoul, having won a sponsorship from Spacecubed in order to compete.
Over the years, GeoMoby has been steadily making waves in the mining industry, and has now secured investment from French companies and individuals taking up most of the recent raise, with additional funds from existing local shareholders as well as a strategic partner Agreement Hub, as well as a METS Ignited grant.
The company says the new funds will be used for sales and business development and tech team expansion. The recent $3M follows a $1.25M raise in 2021, and around $600K in earlier seed funding, including Vocus Upstart tech accelerator in 2015.
Vedi getting ready
Founded in 2017, vet tech business Vedi has also raised $3M, mainly from existing US investor MSD Animal Health, a division of Merck & Co., which provided the matching investment for its successful $478K Accelerating Commercialisation grant in 2021.
Spawned from winning a Startup Weekend a few years ago, veterinary professional Dr Steve Joslyn has been developing the platform and team, and will use the fresh funds to expand operations in Australia and the UK.
The recent raised included pet care focused New York VC Companion Fund.
Formerly known as VetDB, the company changed its name last year and was a finalist in the WA Innovator of the Year awards.
According to the company, their technology is now being used by industry leaders such as Vetpath, Central Animal Records, Vetwest and Petstock, supporting 78,600 animal patients including more than 54,000 dogs, 12,000 cats and nearly 3,000 horses.
Based on these transactions, Dealroom has estimated Vedi’s valuation at between A$19M and $28M, and GeoMoby’s at $12M-$18M.