For nearly two decades, Software as a Service (SaaS) has shaped the global venture playbook, particularly in Australia, where it provided a capital-efficient model for startups to scale globally.
Now, the emergence of Agentic AI is prompting a rethink. These autonomous systems don’t just support workflows, they perform them. Tasks like booking meetings, reviewing documents, and updating systems can increasingly be executed with minimal human input.
From a venture perspective, the question isn’t whether SaaS is becoming obsolete, but how quickly it will evolve. Like previous shifts, this won’t be a case of full replacement. Cloud computing didn’t eliminate on-premise solutions. Mobile didn’t make desktops redundant. Similarly, AI isn’t expected to replace SaaS, but to transform it redefining how software is built, used, and valued.
At Aura Ventures, we see this transition as a meaningful evolution in the enterprise software landscape. Companies that integrate AI at the core of their offering rather than layering it on are better positioned to adapt and create long-term value.
Haast is one example of this shift. The company is developing an AI-native platform to support enterprise compliance, an area facing increasing pressure due to growing content volumes and regulatory requirements. In less than a year, Haast has begun working with organisations including Telstra, Zurich, and Aviva, supporting automation across compliance workflows and helping reduce manual effort.
Haast recently completed a seed funding round of AUD 6 million, with support from several institutional investors including Aura Ventures. The funding will help support the company’s product development and international expansion efforts.
Of particular note is the pace at which Haast has gained early traction. The shift we are observing in enterprise behaviour is significant. Businesses are actively exploring how AI can be deployed across their operations not as a future concept, but as a present-day tool.
That momentum presents opportunities, but also calls for careful evaluation. As with any emerging technology, short-term adoption signals must be balanced with a deep understanding of long-term viability, regulatory readiness, and product-market alignment.
SaaS is not disappearing, but the criteria for venture investment are evolving.
Those best positioned will be the ones who recognise how AI is reshaping software, and who support the next generation of founders building sustainable, scalable companies in this space.