Buildkite: $21m note after $23m burn
Melbourne DevOps company Buildkite raised $21 million through a convertible note in January. ASIC accounts show the company burnt $23.4 million in FY25, up from $4.9m the previous year. The company ousted its CEO 18 months ago.
Buildkite provides infrastructure for testing and releasing software. Customers include OpenAI, Anthropic, Canva, Uber, Airbnb, and Cursor. The company told recruiters in May that workloads had doubled in three months, with customers requesting 5 to 10 times more capacity for 2026 as AI agents generate more code.
The convertible note investor, pricing, and conversion terms were not disclosed. The deal only surfaced through regulatory filings eight months after close.
Four smaller raises
Medow Health AI: $3.5m for AI-powered medical documentation. Sydney-based, focused on reducing administrative burden for healthcare providers.
ReFresh: Amount undisclosed. Workplace wellbeing platform addressing burnout and mental health in corporate environments.
Elita: Amount undisclosed. Pet care marketplace connecting owners with verified service providers across Australia.
Evatto: Amount undisclosed. Event management software for corporate and community gatherings. Founders Chris Toward and Hailey Mason.
Total disclosed funding: $29.9m across five companies. Three deals did not disclose amounts.
What this means
Quieter funding week suggests capital remains selective. Buildkite's delayed disclosure and high burn rate signal pressure despite strong customer logos. The AI coding boom may drive demand, but the company needed bridge financing while burning 4.7 times more cash year-over-year.
For sales teams: companies raising convertible notes instead of priced rounds often face valuation pressure or timing constraints. If you are prospecting into recently funded startups, check ASIC filings, not just press releases. The real story sits in the accounts.