Future Secure AI raises US$80 million at a US$1.2 billion valuation for its AI co-workers

Future Secure AI, a startup founded in Sydney in 2023, has raised US$80 million through convertible notes at a valuation of US$1.2 billion, Startup Daily reported on November 6. In Australian dollars that is roughly A$115 million at a A$1.7 billion valuation, which explains why some headlines quote "$115 million" and others "$80 million": they describe the same deal. SmartCompany described the company as Australia's newest tech unicorn.

The round and the investors

According to Startup Daily, the investors are Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail; SmartCompany, citing the Australian Financial Review (AFR), names Square Peg, Yarra and Firetrail as leads. It is the company's third funding round, following one in June 2025. Convertible notes are debt that typically converts into shares at a later stage; the conversion terms have not been published.

The company is led by co-founders and co-chief executives Mehrdad Baghai and Michael Hunter, whose backgrounds include McKinsey and Macquarie, SmartCompany notes. Although it started in Sydney, Future Secure AI now lists Austin, Texas, as its headquarters, with offices in Sydney, Melbourne, New York, Chicago, Toronto and São Paulo. Its board and advisers include several former Macquarie executives, according to Beinsure.

What it sells

Future Secure AI builds what it calls AI co-workers: teams of agents, each given a name and a face, that handle different parts of a complex business process under human supervision. Reported use cases range from financial reporting and tax calculations to customer service and staff rostering, for clients in sectors such as investment banking, consulting, healthcare and law. No customers were named in the coverage. According to Startup Daily, the new funds will go towards winning more customers internationally.

Targets still to be proven

The most striking figures are projections rather than results. Citing the AFR, Startup Daily reports that annual recurring revenue is expected to approach US$100 million by the end of 2026, and Beinsure adds that the company is aiming to become profitable next quarter. Neither figure has been independently verified.

The company is also preparing for a possible listing on the Australian Securities Exchange in late 2027, with investment banks expected to be appointed in the coming months. Beinsure notes that the timing and structure of any float will depend on market conditions.