A statement from the company said this round would drive international expansion and product growth for the company’s key product line, Fivecast Insight.
Fivecast Insight uses machine learning to extract insights from open-source data (such as social media) to obtain knowledge for customers in segments such as law enforcement, defence and national intelligence.
Fivecast chief executive Dr Brenton Cooper said, “Finding the tell-tale signs of an emerging threat online is a massive challenge, akin to finding the right needle in a very large haystack.
"This is incredibly important when we consider our clients are often performing time-critical law enforcement and national security activities; efficiencies in this realm are game changing on a global scale. The investment today helps us bring this potentially life-saving technology to more countries around the world.”
Main Sequence Ventures’ CSIRO Innovation Fund partner Martin Duursma said: “We particularly like that Fivecast has had the benefit of a strong research program that engaged with customers from day one. This research is what became Fivecast and now has a strong competitive edge in the market through their world leading machine learning algorithms.”
Dr Elaine Stead of the South Australian Venture Capital Fund said: “Fivecast is a perfect example of what can be produced at the intersection of local technology driven industries like defence and a thriving deep technology ecosystem – high growth, global businesses that will retain and create skilled jobs and expertise in the state.”
Fivecast began operations two years ago as a spin-out from the Data to Decisions Co-operative Research Centre, a collaboration between Australia's national security agencies and various research organisations.