Three Australian companies have made it onto this year’s Forbes Asia’s 100 to Watch list and all share two key characteristics.
Three Australian companies have made it onto this year’s Forbes Asia’s 100 to Watch list and all share two key characteristics. The fast-growing companies – all heralding from different industries – have a key focus on technology and innovation and a culture that embraces resilience.
Forbes Asia’s 100 to Watch companies (the full list can be found here) are privately owned businesses from the Asia Pacific region, with turnover of less than $50 million and recipients of no more than $100 million in funding to August 7.
The Australian companies on the list include space tech business, Fleet Space Technologies, biotech and health company, MoreGoodDays and engineering business, Syneta.
Australian companies to watch
1) Fleet Space Technologies
Category: Enterprise technology
Year founded: 2015
CEO: Flavia Tata Nardini
Key backers: Artesian, Blackbird, Grok Ventures, Horizons Ventures, Momenta
Based in a suburb of Adelaide, home to the Australian Space Agency, Fleet Space Technologies operates a constellation of nanosatellites that its clients use to search for lithium, copper and other minerals. According to the company, its ExoSphere technology helps mining companies find deposits faster. Since launching ExoSpere in March last year, Fleet says it has signed contracts with 30 companies, including Australian lithium explorer Core Lithium and Tesla supplier, Talon Metals in Canada. It is developing space-based defense capabilities and is working with Australia’s Defense Space Common to design and deploy low-Earth-orbit satellites. In May. Fleet Space raised $50 million in funding.
Category: Biotechnology and healthcare
Year founded: 2021
CEO: Neala Fulia
Key backers: Blackbird, Giant Leap, LaunchVic, Side Stage Ventures, Snow Foundation
MoreGoodDays provides digital pain-management programs, such as live Q&A sessions with health practitioners and one-on-one telehealth sessions with psychologists. The company initially focused on fibromyalgia, a disorder characterised by muscle pain and fatigue, and has expanded to other chronic pain conditions. In March, MoreGoodDays raised A$3.5 million in seed funding.
Category: Construction & engineering
Year founded: 2022
CEO: Jekaterina Viktorova
Key backers: Blackbird, Brindabella Capital, Jelix Ventures
A spinoff company from the Australian National University, Syneta developed a multi-material 3D printer that can print using metal, plastics, semiconductors and other materials. Syneta’s 3D printer allows companies to manufacture electronics in-house, which saves time and helps protect their intellectual property. In July last year, Syneta raised A$3.7 million ($2.4 million) in seed funding.
Forbes Asia Editor Justin Doebele says a drought in VC activity has not deterred entrepreneurs from starting new businesses throughout Asia. He says this year’s list has a focus on companies that are finding solutions for underserved markets and implementing new technology.
“Companies on this year’s Forbes Asia’s 100 to Watch list are a study in resilience. With rising interest rates, funding is harder to come by for startups. The companies on this year’s list therefore represent those with strong prospects to become success stories,” Doebele says.
Thirteen countries and territories are represented across 11 categories, including biotechnology and healthcare, e-commerce and retail, and finance. Leading the list for the second year in a row, Singapore contributed 20 companies to the list, followed by Hong Kong with 15 and mainland China with 11. The emerging innovation hubs of Indonesia and the Philippines contributed 11 and 9 companies respectively.
Forbes Asia’s 100 to Watch is sponsored by FedEx.