Future Secure AI raises $80M at $1.2B valuation for AI co-workers
Future Secure AI has raised US$80 million through convertible notes at a US$1.2 billion valuation, according to Startup Daily. Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail backed the round. The company was founded in Sydney in 2023 by Mehrdad Baghai and Michael Hunter, who now serve as co-CEOs, and it is headquartered in Austin, Texas. This is its third funding round, following a raise in June 2025. Australian dollar figures differ between reports, with some citing A$100 million and others A$115 million, so this brief uses US dollars.
Its AI co-workers assemble teams of agents, each with a name and a face, under a human supervisor. The company aims them at complex work in investment banking, consulting, healthcare and law. Startup Daily lists offices in Sydney, Melbourne, New York, Chicago, Austin, Toronto and São Paulo. Baghai and Hunter said the new capital will help extend this approach to more customers internationally.
Reporting by the Australian Financial Review, cited by Startup Daily, says the company expects annual recurring revenue to approach US$100 million by the end of 2026. That figure is a forward projection, not a reported run rate. The company also plans an ASX listing for late 2027, with investment banks expected to be appointed in the coming months.
Why it matters
For founders selling into regulated professional work, the round suggests that a product built around supervised agent teams, rather than a single assistant, can attract very large checks before a public listing. Targeting banking, consulting, healthcare and law means buyers will likely demand auditability, human sign-off and data controls, which shape the product as much as model quality does. Founders should also note the company's stated aim of supervised automation, since oversight features are part of the pitch rather than an afterthought.
For investors, convertible notes fix a price now while the conversion terms decide what early backers own later. The reports reviewed do not disclose those terms, so discounts, caps or other mechanics remain unknown. A US$1.2 billion valuation set against a projected US$100 million in annual recurring revenue implies about 12 times that forecast, a multiple that depends on the revenue ramp arriving on schedule. Any listing will test that multiple, and rival float outcomes will shape how public buyers treat the price.
Key points
- 1Future Secure AI raised US$80 million through convertible notes at a US$1.2 billion valuation.
- 2Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail backed the round.
- 3The raise is the company's third funding round, following a raise in June 2025.
- 4The company expects annual recurring revenue to approach US$100 million by the end of 2026.
