Flamingo raises $5 million in 12 minutes

Two artificial virtual assistants called Rosie and Maggie are set to become more ubiquitous after artificial intelligence start-up Flamingo raised $5.1 million last month to fund their rollout. Chief executive Catriona Wallace, who founded Flamingo in 2014, says she is "super pleased" with the raise after it was opened and closed within 12 minutes with $10 million bid on the book. "We were well oversubscribed," she says. "It was one of the fastest capital raises that [lead investment partner] Bell Potter had ever conducted, which I believe is testament to Australia's growing interest in artificial intelligence and machine learning." Flamingo is headquartered in Sydney but also has offices in the US with 30 staff across the two countries. The start-up's flagship technology is its artificial virtual assistants Rosie and Maggie.