Sydney’s Tech Ecosystem By the Numbers
Australia
Sydney
MEMBERS:
Investment NSW
"Sydney's natural vibrancy makes it a first choice for creative talent, technology startups and investment. The wealth of what's on offer is what secured Sydney as the only other home outside of Austin, Texas to host SXSW."
Highlights
Sydney, the capital of New South Wales (NSW), is the leading tech and innovation ecosystem in the Southern Hemisphere. Home to over 3,000 tech startups, it is the regional HQ for more than 600 multinational companies capitalizing on the state’s research, talent, and business-friendly regulatory environment. Internationally-recognised unicorns with global HQs in Sydney include Atlassian, Canva and Immutable. The latest unicorns generated out of Sydney include workforce management platform Deputy, and crowd-sourced cybersecurity company Bugcrowd.
Sydney consistently ranks highly in global indices for its ecosystem strengths, having been ranked in the top 20 most innovative cities in the world in 2023. Sydney is also recognized for its strengths in Fintech, adoption of Artificial Intelligence by government, cybersecurity, creative & gaming, and quantum technologies. Coupled with its ecosystem strengths, the harbor city is often cited as one of the most attractive cities for tech talent.
Sydney attracts substantial venture capital investment, fuelling growth of the tech and innovation sectors. In 2023, 61% of all capital raised in Australia was raised in NSW. International tech giants are also investing heavily into Sydney. Key highlights include Google’s $1 billion Digital Future Initiative, Microsoft’s new Data Centre Academy investing in skills and training, and Amazon Web Services cloud computing expansion.
The city hosts numerous industry-leading tech conferences fostering collaboration and will host the world’s largest space event, the International Astronautical Congress, in 2025. The globally-renowned South by Southwest festival has chosen Sydney as its second and only home outside Texas to showcase the latest innovation in tech, gaming, film, and music to digital creatives in the Asia Pacific over the coming decade.
Ecosystem by the Numbers
NUMBER OF UNICORNS
(H2 2021 - 2023)
Sub-Sector Strengths
Climatetech
A global member of the Race to Zero initiative, NSW is set to halve emissions by 2030 and reach net zero by 2050. Sydney is home to 32% of Australia’s Climatetech companies and as NSW transitions to a net zero economy, new research, technologies, and businesses are emerging. Sydney’s startups include the likes of Viridios AI, which is empowering climate and sustainability markets through data and technology. Viridios AI raised $35 million in Series B funding in 2023.
Medtech and Life Sciences
In March 2024, Deep Tech incubator Cicada Innovations launched their HealthTech Hub in Sydney's Westmead Health and Innovation District. Supported by a $7.8 million NSW government grant, the hub is transforming research into lifesaving technologies. Following a $199 million debt financing round in June 2023, integrated cancer care provider GenesisCare is collaborating with ArteraAI on Australia's first AI-focused clinical trial for personalized prostate cancer care.In April 2023, Saluda Medical secured $150 million in a late VC round for innovation in spinal cord stimulation.
Quantum Technologies
Sydney has a vibrant and growing quantum industry, with a strong academic and research foundation. Quantum Australia, the Australian Centre for Quantum Growth, is headquartered in Sydney and supports the talent and commercial pipelines to accelerate the quantum ecosystem. In Tech Central, The Quantum Terminal offers affordable coworking spaces for quantum and high-performance computing companies. World-class Sydney startups include Silicon Quantum Computing and Diraq, which raised $50.4 million and $29 million in their series A rounds in 2023 and 2024, respectively.
Reasons to Move Your Startup to Sydney
Supportive Business Environment
Sydney’s advanced digital infrastructure and willingness to embrace innovation makes it an attractive place for global tech companies to invest, grow, and thrive. It ranks seventh worldwide in the Economist Impact Digital Cities Index 2022, measured across the pillars of connectivity, services, culture, and sustainability.
Educated Talent
Sydney benefits from a highly-skilled workforce, attracting a wealth of local and global talent. Sydney ranked first in the Asia Pacific for most desirable working location, and third most popular globally. NSW has the nation’s largest STEM talent pool and technology workforce, supported by two research universities recognized in the Top 20 universities in the world, and more than 150 research institutions.
Quality of Life
Sydney ranked #4 in the Economist Intelligence Unit’s 2023 Global Liveability Index. NSW Government is bolstering the nighttime economy across Greater Sydney and the state by building vibrant, diverse, inclusive, and safe communities. This is being driven by initiatives to increase the number of live performance venues, supporting cultural venues (including museums and galleries), and Purple Flag accredited areas.
Selected Startup Organizations
Startup Genome Members
Key Ecosystem Players
Institute of Applied Technology – Digital (IAT-D)
NSW Government Startup Hubs
The NSW Government builds a strong ecosystem for startups and supports hubs across greater Sydney, from the Sydney Startup Hub and Tech Central Scaleup Hub in central CBD to the Western Sydney Startup Hub in Parramatta. Recently-launched co-working space International Landing Pad provides a supportive environment for tech businesses entering the Australian market.
Quantum Australia
The Australian Federal Government invested $18.4 million to establish Quantum Australia and grow its quantum industry and ecosystem. Bringing together Australia’s leading research institutions, industry partners, and quantum companies, the center raises awareness of quantum technology, fosters collaboration, encourages the creation and growth of more quantum startups, and connects quantum companies on a national and international scale.
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