The Victorian Government has announced $3.5 million in support for nine pre-accelerator programs aimed at strengthening the state’s pipeline of AI and deeptech startups, in a move it says will help early-stage founders develop and commercialise new technologies.
The funding, announced at the Victorian Startup Gala, will be distributed across Boab AI, Boson Ventures, Cicada Innovations, CoLabs Australia, HEX, Illume Ventures, Jumpstart Studio, MedTech Actuator and RMIT (DiscoveryHUB).
Each recipient will receive up to $400,000 to deliver programs designed to assist aspiring entrepreneurs in testing concepts, building capability, connecting with customers and progressing towards commercialisation.
Among the funded initiatives is VICTOR:AI, an eight-week pre-accelerator that will provide AI-native startups with access to AI tools, co-working space and milestone-based grants. Another program, delivered by Cicada Innovations, will support up to 45 Victorian deeptech startups to prepare for market entry and attract investment.
According to the Victorian Government, the investment is intended to help new founders establish businesses in fast-growing technology sectors, including artificial intelligence and deeptech, which are seen as key areas of innovation and economic development.
The government said Victoria’s startup ecosystem has expanded significantly over the past decade, growing almost 20-fold to more than 4,400 startups, scaleups and unicorns with a combined valuation of $139 billion.
It also noted that Melbourne currently ranks third globally for startup creation rate, ahead of cities including Sydney, Singapore and Berlin.
The announcement comes as the state’s innovation system undergoes structural changes, with Innovation Victoria set to bring together LaunchVic and Breakthrough Victoria into a single entity.
The government said the consolidated body will act as a “single front door” for innovators, supporting them to start, scale and succeed.
The Victorian Government said the continued investment reflects the role of the startup and innovation ecosystem in supporting jobs, attracting investment and developing high-value industries across the state.
