Boab AI, a scaleup investment program based in Melbourne, is launching Australia’s first accelerator program to scale-up artificial intelligence companies ready to expand globally.
Backed by $8 million of private sector capital via Artesian Venture Partners, Australia’s largest and most active early stage VC firm, and $1.5 million from the Victorian Government investment agency LaunchVic, Boab offers an investment of $300,000 capital and best-in-class support services for companies selected to participate in the scaleup program, with potential follow on investments of up to $5,000,000.
Boab’s first round of scaleups will see a number of participating companies – including Victoria’s Pi.Exchange, Plaetos and Strongroom AI and fellow Australian outfits Daitum and Remi AI – 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 managing director Andrew Lai said the Scaleup program is set to support 32 mature AI scaleups over four years.
“Boab AI is the first AI scaleup program targeting developed companies that have mature artificial intelligence products with significant traction and revenue, and I feel like we’ve hit a real sweet spot,” Mr Lai added.
Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said 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.
Powered by Artesian, the Boab Global AI 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.
“We are backing Victoria to be a world-leading innovation hub, and this funding will help us attract and develop the best talent, investment and artificial intelligence expertise,” the Minister said.
“Supporting our startup and scaleup founders drives Victoria’s future economy and creates new opportunities for Victorians.”