Future Secure AI, a Sydney-founded startup that builds AI co-workers for large organizations, has raised US$80 million (A$115 million) in convertible notes at a US$1.2 billion (A$1.7 billion) valuation. The investors are Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail.
The raise is Future Secure AI's third funding round, following a previous raise in June 2025 whose size was not disclosed. The company was founded in 2023 and is now headquartered in Austin, Texas. The new funding is aimed at expanding its customer base globally.
Future Secure AI's product assembles teams of AI agents, each with a name and a face, overseen by a human supervisor. The company targets complex work in investment banking, consulting, healthcare and law.
Key facts
- 01Future Secure AI raised US$80M (A$115M) in convertible notes at a US$1.2B (A$1.7B) valuation.
- 02Investors are Square Peg, Yarra Capital Management, Macquarie Asset Management and Firetrail.
- 03The company expects annual recurring revenue to approach US$100M by the end of 2026, per the AFR.
- 04Founded in Sydney in 2023, the startup is now headquartered in Austin, Texas.
- 05An ASX listing is planned for late 2027, with investment banks to be appointed in the coming months.
On its website, Future Secure AI describes itself as a builder of Red Zone AI co-workers, its term for agents that handle complex enterprise workflows. The company says it designs, builds and runs these digital colleagues, which sit on a client's organization chart, and pitches them on measurable return on investment.
Co-founders and co-CEOs Mehrdad Baghai and Michael Hunter said the investment would help take that approach to more customers internationally.
Future Secure AI expects annual recurring revenue to approach US$100 million by the end of 2026, according to the Australian Financial Review. The company has offices in Sydney, Melbourne, New York, Chicago, Austin, Toronto and São Paulo.
Its board is chaired by Alex Harvey, who stepped down as Macquarie Group's chief financial officer in 2025, according to the company's leadership page.
Future Secure AI has an ASX listing on its agenda for late 2027, with investment banks expected to be appointed in the coming months.
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