Singapore – Firmus Technologies, an Australian-founded data centre infrastructure company, has secured $330 million in fresh funding led by US chip giant Nvidia, propelling its valuation to $1.9 billion, according to multiple reports. The investment marks Firmus’s entry into unicorn status, a milestone for the company founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee.
The funding round as well included participation from local investor Ellerston Capital, as well as existing investors Regal Funds Management, Archibald Capital, Tectonic Investment Management, and prominent Australian billionaires Alex Waislitz and the Pratt family. Ellerston Capital investment director David Leslie will join the Firmus board as part of the agreement.
Firmus is currently constructing an “AI factory” in Tasmania, a large-scale data centre campus designed to house the company’s software and cooling technology, specifically engineered for training and operating artificial intelligence systems. The company claims its cooling technology utilizes up to 60% less energy than competing systems, a key differentiator in the energy-intensive field of AI infrastructure.
The involvement of Nvidia, currently the world’s most valuable company with a market capitalization of $4.3 trillion, is considered a significant endorsement for Firmus, which is reportedly planning a public listing in 2026. The investment from Nvidia underscores the growing demand for specialized infrastructure to support the rapid development and deployment of AI technologies.
Oliver Curtis, co-CEO of Firmus and husband of Sydney publicist Roxy Jacenko, initially invested $250,000 in the company in 2019. By 2024, that initial investment had grown to an estimated value of $81 million, and the current funding round is expected to increase his stake to approximately $500 million. However, Curtis’s past legal issues are drawing scrutiny to the company’s governance. In 2016, Curtis was sentenced to two years imprisonment for insider trading, serving 12 months before being released. The Australian Financial Review reported on the potential governance challenges posed by Curtis’s prior conviction as the company prepares for a potential IPO.
Firmus co-founder Tim Rosenfield stated that the “Firmus AI Factory is built for peak efficiency in every form — cost, energy, water,” highlighting the company’s focus on sustainable and cost-effective AI infrastructure. The company’s origins in Tasmania, rather than the more established tech hubs of Sydney or Melbourne, have also been noted as a unique aspect of its success.
The $330 million raise is one of the largest private tech raises in Australia this year, signaling a continued flow of investment into the country’s burgeoning deep tech sector. The success of Firmus may encourage further development and investment in sustainable AI infrastructure within Australia, potentially positioning Tasmania as a hub for this emerging industry.
