Sydney-based Future Secure AI has raised US$80 million through convertible notes at a US$1.2 billion valuation, which reporting calls Australia's newest unicorn. It is the company's third funding round; the previous one came in June 2025.
“We see a future where AI co-workers are part of every large organisation, giving teams the capacity to achieve much more”
Mehrdad Baghai and Michael Hunter, Future Secure AI co-CEOs, in the funding announcement · dealroom.co ↗
Square Peg, Yarra Capital Management and Firetrail backed the round. The money is meant to carry its product, teams of named AI agents with faces that a human supervisor oversees, to more customers abroad, with banking, consulting, healthcare and law as targets.
Michael Hunter, a former Macquarie banker, and Mehrdad Baghai, a former McKinsey partner, founded the company in 2023. It has offices in seven cities, and the AFR reported that annual recurring revenue should approach US$100 million by the end of 2026.
About Future Secure AI
Future Secure AI is a Sydney startup, founded in 2023 by Michael Hunter and Mehrdad Baghai, that builds AI "co-workers" for large organisations: named teams of AI agents working under a human supervisor.
Its latest raise is not its first. Before this round, the company's previous capital raise came in June 2025, which makes this its third.
An ASX listing is planned for late 2027, with banks to be appointed within months. Dealroom cautions that a private valuation guarantees nothing about public demand, noting Firmus pulled its float last month.
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