LaunchVic announces new Grant Round for AI and DeepTech startup support

Last Updated: Wednesday 19 November

Victoria’s startup agency, LaunchVic, has opened a new grants round offering up to $400,000 for programs designed to help early-stage founders building AI and DeepTech startups.

The funding targets pre-accelerator programs that give aspiring entrepreneurs the support, networks and mentoring to test startup ideas and reach early customers.

LaunchVic CEO Dr Kate Cornick said the focus on AI and DeepTech would ensure Victoria keeps pace with leading startup ecosystems globally.

“As AI and DeepTech continue to redefine industries and fuel the next wave of global innovation, it presents a critical opportunity for Victoria’s startup community,” Dr Cornick said.

“Encouraging early-stage founders to explore, experiment with, and integrate AI into their ventures will also help position Victoria as a leader in responsible and impactful AI innovation.”

Minister for Economic Growth and Jobs Danny Pearson said the funding will help Victorian startups turn bold ideas into real businesses.

“Startups are a powerful engine for jobs and economic growth. This funding will enable the next generation of innovators to access the support they need to take their ideas to market.”

“We’re supporting Victoria’s innovation ecosystem to remain strong, sustainable and globally competitive – creating the jobs of the future right here at home.”

Cut Through Ventures’ Q3 Funding report suggests AI companies are raising faster and at higher valuations, reflecting strong investor demand.

One local success story is Redactive, a Melbourne-based cybersecurity startup that helps companies manage data threats posed by AI.

Launched in 2023, Redactive raised $19 million from investors including Blackbird, Atlassian, Zapier and Felicis Ventures, before being acquired last month by software group RedPoint. Its founders have since gone on to launch a new venture.

Applications for the grants are open to local and international program providers working with founders in Victoria.

To apply visit: launchvic.org/grants

For media enquiries, contact holly.clark@launchvic.org.