Firmus Technologies has become the latest Australian-founded startup to reach unicorn status, after the artificial intelligence infrastructure company raised $330 million in a round backed by US chip giant Nvidia.
Local investor Ellerston Capital has also invested in the Singapore-based company, which was founded by Australian entrepreneurs Oliver Curtis, Tim Rosenfield and Jonathan Levee and previously headquartered in Tasmania.
The investment gives Firmus a valuation of $1.9 billion, according to The Australian Financial Review.
Firmus plans to use the funding to build one of its self-described ‘AI factories’ in Tasmania. The large-scale data centre campus will house the company’s software and cooling technology, which is used to train and operate AI systems.
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The involvement of Nvidia, which has a market valuation of US$4.3 trillion and is the most valuable company in the world, is being seen as a coup for Firmus, which is planning to list publicly in 2026.
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Firmus was also backed in this round by existing investors Phil King’s Regal Funds Management, Archibald Capital and Tectonic Investment Management, while Alex Waislitz and the Pratt family are also shareholders.
“Firmus is pioneering a new era of efficient AI deployment, and we’re excited to lead this raise as they expand their sovereign infrastructure footprint,” said Ellerston Capital investment director David Leslie, who is set to join the Firmus board.
From bitcoin mining to AI data centres
Firmus now sits among a select number of private Australian companies that are valued above $1 billion, including Canva, Rokt and Airwallex.
Its $330 million funding round also represents one of the largest equity capital raises in Australia by a private technology company in 2025, following Airwallex’s $466 million Series F round in May.
Firmus was founded in 2019, three years after co-founder and co-CEO Curtis was found guilty of insider trading in 2016.
The startup originally focused on cooling technology for computers used in bitcoin mining, before pivoting to cooling technology and management systems needed for AI data centres. It claims its technology allows its data centres to use up to 60% less energy than its competitors.
“Our mission is to create the most efficient AI infrastructure,” Rosenfield told the AFR.
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“Our founding challenge was to convert energy to knowledge more cost-effectively.”
The company is expected to continue raising capital ahead of a slated ASX listing next year.
In the meantime, Firmus plans to commence the first stage of Project Southgate, which is the name given to its 45-megawatt AI facility located in Launceston.
The renewable-powered facility will be used to provide local businesses, governments and researchers with low-cost, high-performance cloud services.
It will form part of the state’s AI Factory Zone, which was unveiled by the Tasmanian government in June.
At the time, the government said once established, Southgate will power an extensive range of AI applications, from enterprise AI and high-performance computing through to gaming and content creation.
“AI Factories are purpose-built to power, train and inference artificial intelligences,” said Curtis in June.
“With Tasmania’s clean energy and our AI Factory platform, we believe this will be the most cost-effective, sustainable AI facility in the world.”