Milo was inspired by a family ski trip where staying in contact with family can be challenging. Often, phones are out of service, and walkie-talkies could be more user-friendly.

The team of engineers spent more than three years working on the tech behind Milo before the company took the idea to market in October 2020, raising $2.5 million with 5,700 people ordering 17,000 of the devices via a Kickstarter campaign.

Milo is built for adventure with its waterproof case and a range of over 600 meters. The device connects to up to 6 other Milos.

The investment was led by US VC De Novo Ventures, supported by the HCF health fund-backed local VC XT Ventures, which is focused solely on tech startups in the sport, fitness, health and wellness sectors. Loose Cannon's previous investors include Foxconn, which manufactures the iPhone.

Due Diligence: Startup Daily & AFR