QBE Ventures backs iluminr to grow resilience-tech offering
Australian-based startup iluminr has raised over $4.2 million in a capital raise led by QBE Ventures that will enable the growing SaaS enterprise to transform how organizations build resilience and fund growth into the US market.
The capital raise represents QBE Ventures’ first investment in an early-stage Australian-based tech firm, providing a foundation for QBE’s growing resiliency proposition beyond its traditional insurance offering. The round was also supported by participation from US-based Rebellion Ventures as well as locally based VC firms Investible, Flying Fox and Jelix Ventures.
“The purpose-led approach of iluminr strongly aligns to QBE’s purpose of enabling a more resilient future, and we are excited to work with the iluminr team and help our customers embed resilience in their business.” – James Orchard, CEO, QBE Ventures.
iluminr was co-founded just over three years ago and has developed a SaaS platform that helps organizations identify and manage crises and mission-critical threats through a bespoke set of cloud-based simulation, compliance, and response tools.
In addition to gamification, the offering harnesses automation, and data insights to provide 15-minute microsimulations that enable companies to build heightened resiliency against crises such as cyber-attacks, supply chain disruptions, natural disasters, and COVID-related challenges.
With a growing portfolio of over 50 customers, including Ramsay HealthCare, GPT and University of Sydney, iluminr has set its sights overseas with the US market being seen as a key growth opportunity. The capital raise will allow the firm to accelerate its product roadmap, double the size of its team and open new distribution and sales channels.
“We are bullish about the future. We believe the US offers significant upside for a business such as ours. And it’s not just the size of the market that is so appealing, it is also the fact that it is dominated by old legacy technology providers and outdated training approaches.” – iluminr CEO and Co-founder Joshua Shields.
