Backing Victoria as a leading AI technology destination - LaunchVic

Backing Victoria as a leading AI technology destination


16 Feb 2021 by LaunchVic News

Last Updated: Tuesday, 16 February 2021

Australia’s first accelerator program to scale-up artificial intelligence companies and a $100 million venture capital fund are launching from a new base in Richmond – in a major step towards establishing Victoria as a leading destination for AI technology within the Asia Pacific.

Backed by $1.5 million from the Andrews Labor Government through its startup agency LaunchVic and $8 million of private sector capital via Venture Capital manager Artesian, Boab AI’s Scaleup program is set to support 32 mature AI scaleups over four years.

Boab’s first round of scaleups include Victorian companies Pi.Exchange, Plaetos and Strongroom AI and fellow Australian outfits Daitum and Remi AI.

Each participating company will receive a minimum of $300,000 in capital as part of a tailored six-month program addressing the unique challenges of each company.

Boab AI’s Scaleup program will be complemented by a new $100 million AI investment fund to support the growth of the best and brightest AI startups.

AI is a once in a generation technology shift, with vast areas of application including technologies such as machine learning, robotics, computer vision and natural language processing.

Powered by Artesian, the AI investment fund will invest in up to 150 cutting edge artificial intelligence companies with AI at their core, across all industry sectors and with a focus on the Asia Pacific.

AI is projected to be worth $315 billion to Australia’s economy by 2028, requiring up to 161,000 new specialised workers by 2030. There are more than 300 AI startups in Australia – including 65 startups and scaleups in Victoria.

About LaunchVic

LaunchVic is Victoria’s startup agency.

Our role is to fuel the growth of Victoria’s startup ecosystem. We do this by building the confidence and capability of Victorians to create, scale and invest in startups.

We were established by the Victorian Government in 2016.