LaunchVic Announces Boab AI - Scaleup Development & Investment Program
Victoria’s startup agency, LaunchVic, has announced the funding of an advanced Artificial Intelligence (AI) accelerator and investment program to support the very best AI scaleup companies from Victoria.
The Boab AI scaleup accelerator and investment program, backed by Artesian, will target scaleups with unique technologies with global applications and aspirations and will fund at least 32 artificial intelligence scaleups with at least $300,000 capital provided to each scaleup together with a range of tailored programs and services.
Artesian will also launch a new $50 - $100m ‘Global Artificial Intelligence Fund’ to fund further AI opportunities sourced both from the Boab program and beyond.
“We’re supplying much needed capital and focused support to premium AI companies who will help to champion the recovery of the Australian and international economy”, says Artesian managing partner Matthew Clunies-Ross. “The program will not only provide capital and services but will serve as a hub for innovative new companies to effectively collaborate and engage with enterprise, research and investment. It will bring together the various players in the AI ecosystem, especially larger corporations who identify the strategic value of investment in this sector”.
“From automated regulatory compliance through to auto-driving vehicles, AI technology is changing our way of life and creating real productivity gains,” says Artesian CEO Jeremy Collless. “We’re investing heavily in this once in a generation technology shift reflecting the foresight and growing commitment from our investment partners”.
“Further to the $300,000 provided by Boab AI and Artesian, the program hopes to co-invest with individual investors and large corporates on investment rounds of up to $1m.
Successful companies will then be eligible for follow on investment funding of up to $5m should they meet performance requirements.
LaunchVic CEO, Dr Kate Cornick, believes the initiative will provide a significant boost to artificial intelligence development in Victoria.
“LaunchVic is thrilled that Artesian has chosen Victoria to launch the Boab Artificial Intelligence accelerator and investment program. It is testament to the strength of the Victorian Startup Ecosystem and will help support scaling startups with incredible technology” said Dr Cornick.
The Boab AI program is immediately open for applications at Boab.ai and are encouraging Victorian AI companies to apply. Applications will also be accepted from Australian and international AI companies.