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The Finance Base
Cybersecurity

Why OSINT Company Fivecast Raised Almost US$20 Million in 2023

Fivecast’s April 2023 Series A was almost US$20 million (AU$30 million), led by Ten Eleven with existing Australian investors participating.

By TheFinanceBase Team 2 min read

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Fivecast said in April 2023 that it had closed a Series A funding round of almost US$20 million (AU$30 million). The Australian OSINT software company said the capital would support expansion, product development and service in key markets. US cybersecurity venture capital firm Ten Eleven led the round, joined by existing investors CSIRO’s Main Sequence and the South Australian Venture Capital Fund, managed by Artesian.

How much did Fivecast raise, and who invested?

Fivecast’s April 2023 announcement described the Series A as almost US$20 million, or AU$30 million. The two figures refer to the same round expressed in different currencies, not separate investments. The release was distributed by PR Newswire at 20:00 ET on April 10, 2023, with an April 11 dateline in Adelaide and Arlington. Fivecast’s announcement did not disclose the company’s valuation, investor dilution or detailed financing terms.

  • Lead investor: Ten Eleven, a US cybersecurity venture capital firm.
  • Other investors: Existing backers CSIRO’s Main Sequence and the South Australian Venture Capital Fund, managed by Artesian.

What did Fivecast say the funding would pay for?

In 2023, Fivecast said it planned to use the money to expand, develop its product portfolio and serve key markets. The company identified Five Eyes countries as a particular focus, and also named Asia Pacific and Europe as expansion targets. It described corporate security and financial intelligence as adjacent applications. These were plans stated at the time of the financing announcement, not confirmation that each objective was later completed.

CEO and co-founder Brenton Cooper said the funding would help Fivecast build capabilities for customers’ targeted objectives and add headcount to serve markets, particularly in Australia, the US and the UK. This was Cooper’s statement in the funding release, not an independent assessment of the company’s performance.

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What does Fivecast’s OSINT software do?

OSINT means open-source intelligence: information gathered from publicly available sources and analyzed to support investigations or decisions. In its 2023 release, Fivecast described its software as using artificial intelligence and machine learning for targeted collection and risk analysis. It named defense, intelligence, police, border security and corporate organizations as intended users, citing investigations into extremism, terrorism, drug trafficking and organized crime. These descriptions and use cases come from the company; they are not independent findings about product accuracy or effectiveness.

On its current website, Fivecast presents three enterprise software offerings with different roles:

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  • ONYX: Broad discovery and deep targeted collection across multiple data sources, according to Fivecast’s product descriptions.
  • MATRIX: Configurable risk-assessment workflows intended to operate at scale.
  • LUNEX: Curated datasets for focused investigations.

Fivecast’s platform overview describes continuous data collection and AI-supported analysis alongside analyst judgment. These are current vendor descriptions; they should not be read as independent validation of results.

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What else did the 2023 announcement establish?

Fivecast said it had more than 100 employees globally at the time of the announcement. That is a company-reported, announcement-era figure—not a current headcount or an independently audited count. The release does not establish current revenue, profitability or valuation, and the funding amount alone cannot answer those questions.

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