TEN13 Flags Busy Quarter With Everlab’s $65m Raise, AI Coding Deal And First Acquisitions

Australian venture capital platform, TEN13, has had an active quarter, headlined by preventative health company Everlab closing a $65m Series A round and medical coding firm Arintra banking US$25m in Series B funding.

The firm has also completed its first three deals through its Entrepreneurship Through Acquisition (ETA) division and added three new companies to its portfolio.

Everlab Valued At Close To $500m

Melbourne-founded preventative health platform, Everlab, closed an oversubscribed $65m Series A led by AirTree Ventures, with participation from Plural and existing investors Left Lane Capital and b2venture. Australian Test cricket Captain, Pat Cummins, was among the angel investors in the round.

The raise takes Everlab to a valuation of close to $500m and will fund its expansion into the United Kingdom.

Founded in 2023, Everlab has completed more than 40,000 consultations for over 20,000 patients. Its corporate partners include Boston Consulting Group, BHP and Bain & Company, and it has processed more than 21 million biomarker results.

TEN13 first backed Everlab in 2023 at the Pre-Seed stage and followed on in the Seed round.

Arintra Closes US$25m For AI Medical Coding

Arintra, an enterprise AI platform for revenue assurance in healthcare, has raised US$25m in Series B funding led by Define Ventures, with participation from TEN13, Peak XV, Yale, Y Combinator and others.

The company uses agentic AI paired with clinical expertise to autonomously code medical charts across more than 23 specialities and every care setting a health system operates. Around 86 per cent of charts are now coded without human involvement, at 96 per cent accuracy, with remaining volume routed to existing coder workqueues.

Arintra processes US$5bn in annual claim value for customers representing more than US$50bn in combined net patient revenue. US health systems lose over US$100bn a year to denials, delays and undercoding, a problem compounded by a shortage of human coders.

The raise marks TEN13’s third investment in the company.

TEN13’s AI-Native Services Thesis

TEN13 has framed its investment in Arintra and similar companies under what it calls its AI-Native Services (AINS) thesis, which it published research on in July.

Managing Partner and Co-Founder, Stew Glynn, has described AINS as a key thematic for the firm’s venture investments.

The thesis draws a distinction between traditional SaaS, which sells tools to people doing the work, and AINS companies, which perform the work themselves and sell the result. TEN13 notes that for every dollar spent globally on software in 2025, roughly ten was spent on services, and argues that AI agents can now handle a meaningful share of that work end to end.

The firm points to more than 25 AI roll-up platforms backed since 2024 by firms including General Catalyst, Sequoia, Emergence, a16z and Lightspeed, as well as a US$14bn launch valuation for DeployCo, OpenAI’s AI services venture.

First Three ETA Acquisitions Completed

TEN13’s ETA division, which backs operators to acquire and grow established profitable SMEs rather than building from scratch, has completed its first three deals.

The firm notes that around 600,000 SME owners in Australia are approaching retirement, many without a succession plan, and that businesses are transacting at roughly 4x EBITDA in Australia and New Zealand compared with 7x in the US.

The three acquisitions are SPL Security, a security systems and monitoring provider looking after more than 6,000 systems across Australia, acquired by Kylie Wright; AutoLift, a Sydney-based garage door manufacturer, installer and servicer with close to 40 years in the NSW market, acquired by Ashley Alfs; and Custom Transport Equipment (CTE), a custom truck trailer manufacturing business where Stijn De Vriendt has stepped in as CEO.

TEN13 has also brought on Mads Singhal as an Operating Partner to drive its ETA efforts. Singhal holds an INSEAD MBA and has a background in finance at CBA and UBS, along with fintech scale-up experience at Visa and OYO in Asia.

The firm is also launching ETA Academy, an event series for prospective searchers looking to understand the acquisition model.

Three New Portfolio Companies

TEN13 led a A$2.41m Pre-Seed round for Flyweel, an advertising fintech building what it describes as the financial layer underneath ad spend. Its Performance Capital product is an embedded lending offering that funds ad spend upfront and is repaid as revenue lands. The team has managed more than $110m in ad spend across nearly 1,000 businesses.

Co-Founder, Reuben Scheckter, previously built a lead generation business to exit and managed more than $40m in ad spend before starting Flyweel. Co-Founder, Matteo Calo, led payments engineering at Adyen and Mollie, then ran teams processing over US$300m annually at Semrush. The round drew support from Antler, QIC and fintech operators including Mollie CEO and former Klarna CTO, Koen Koppen, Zip Co-Founder, Larry Diamond, and Stake Co-Founder, Matt Leibowitz.

Sydney-based medtech company, Vexev, raised US$6m to accelerate US commercialisation of its autonomous vascular imaging platform. The company has automated the vascular ultrasound scan itself using a robotic system that captures vessels in 3D without a human operator, aiming to address bottlenecks created by the reliance on skilled sonographers. The raise funds the company’s US rollout, where it has been working with dialysis clinics.

TEN13 also led a A$2m Pre-Seed round for Bower, a voice and mobile-first AI research partner for scientists. Bower captures observations hands-free through voice, photo and text, makes them searchable and maintains the traceability that research requires. The founding team includes CEO, Mish MacRae, who built AI products at Microsoft, Dovetail and Google; CRO, James Boysons, who scaled revenue at EQL after senior commercial roles at Google; CTO, David Lyon, who built knowledge graphs at Atlassian and went through Y Combinator; and CSO, Renaud Joannes-Boyau, who has more than 150 publications and global research networks.

Portfolio Updates

Across the broader portfolio, AI email and SMS marketing platform, Instant, founded by Liam Millward and William Gao, has taken a strategic investment from HubSpot Ventures. The platform now drives 25 to 35 per cent of annual revenue for some eCommerce brands, more than they generate from Meta.

Hospitality technology company, me&u (formerly Mr Yum), has launched an all-in-one reservations, voice AI and functions product. The build was funded from revenue while the business remained profitable, and was co-designed with venue partners including Solotel and Artemus Group.

The Australian Financial Review also profiled me&u Developer, Ryan Hendler, on his use of AI tools like OpenAI’s Codex to ship code overnight.

TEN13 operates as a syndicated venture capital platform with more than 500 investors, offering deal-by-deal co-investment rather than a blind-pool fund structure. The firm is based in Australia and New Zealand.

Last Updated on September 5, 2026 by Nick Ross