iTWire - Boab AI announces first cohort of Australian AI Scale Ups and Launch of $100m Fund itwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from itwire.com Daily Mail and Mail on Sunday newspapers.
Boab AI managing director Andrew Lai. Source: supplied.
AI scale-up accelerator Boab AI has officially launched, with the first cohort and $1.5 million in investments announced. And for managing director Andrew Lai, this isn’t just a turning point for the five businesses in question, it means a boost for the whole Aussie AI tech ecosystem.
The launch this week represented the first investments of the $100 million Boab Global AI Fund, backed by VC firm Artesian.
Each startup selected for the accelerator receives a $300,000 initial investment, and is eligible for up to $5 million in follow-up funding.
The fund will invest in both local and overseas startups, a strategy Artesian managing partner Matthew Clunies-Ross says is intended both to boost local talent and draw on international expertise “to build a complete ecosystem”.