FundraiseNov 5, 2026, 18:27 UTC

Macquarie-backed Future Secure AI raises $80M, hits unicorn status ahead of ASX float

What's the deal? Future Secure AI, a Sydney-based startup that builds AI "co-workers" for companies, has raised $80 million via convertible notes, valuing it at $1.2 billion. Square Peg, Yarra Capital Management, and Firetrail backed the round, which makes it Australia's newest unicorn.

What's the endgame? The company builds teams of AI agents — each with its own name and face — managed by a human supervisor, aimed at complex tasks in sectors such as investment banking, consulting, health, and law. The cash will fund an expansion of its customer base, co-chief executives Mehrdad Baghai and Michael Hunter said.

"We see a future where AI co-workers are part of every large organisation, giving teams the capacity to achieve much more," they said.

Why now? This is the third raise for Future Secure, which last tapped investors in June 2025. It expects to appoint banks within months for a planned ASX listing late next year, and projects annual recurring revenue of almost $100 million by year-end.

By the numbers: The round ranks in the 97th percentile by size among all-time convertible rounds in enterprise software, based on a sample of 1,021 deals. Founded in 2023 by ex-Macquarie banker Hunter and former McKinsey partner Baghai, the firm is chaired by former Macquarie chief financial officer Alex Harvey.

What could go wrong? A private valuation is no guarantee of public-market demand. Data-centre firm Firmus abandoned a proposed $44 billion ASX float last month after investors balked at the price — one of several tech listings pulled this year amid scepticism over AI valuations.

The signal: Future Secure has pitched itself as the only Australian AI unicorn outside data-centre plays such as AirTrunk and Firmus, a frame that plays well as investors shift toward companies building AI tools for business workflows. Its float will test whether application-layer AI can win the public-market backing that infrastructure bets have struggled to hold.