Tuesday, February 16, 2021
Artificial Intelligence scale up program, Boab AI, has announced the launch of its first cohort of companies and the commencement of its $100m Boab Global AI Fund.
Boab AI’s first cohort comprises PI.EXCHANGE, Remi AI, Strongroom AI, Plaetos and Daitum.
Boab AI Managing Director, Andrew Lai, said, “We are exceptionally pleased with the calibre of these Australian companies. With Boab AI being the first AI scale up program in Australia providing funding, advice and services bespoke to each company, we expect these companies to scale quickly and expand internationally.”
Although a total of $1.5m is being invested in this first cohort, each company is eligible for up to $5m in follow-on funding in future investment rounds.
Chief Executive Officer of PI.EXCHANGE, Quan Pham, said, “Historically we’ve had to go overseas to find investors but we’re very happy to be now receiving such support here in Victoria. We’d love to see the entrepreneurial ecosystem grow further in Australia, and Victoria particularly, with the hope to help rally both industry and entrepreneurs to support local AI companies and scale AI employment opportunities.”
Building on the initial traction of the scale up program, Boab AI today announced the formal launch of the Boab Global AI Fund and a capital raise of $100m. The Boab Global AI Fund intends to invest in another 150 artificial intelligence companies.
Investment manager, Artesian, the venture capital backer of Boab AI, says that the Boab Global AI Fund will have a complementary focus to the Boab AI scaleup program.
“Boab AI is currently focused on supporting companies predominantly based in Victoria. The Boab Global AI Fund will invest in both international and domestic companies. In this way, we are not only investing in local talent, but also drawing on world-class founders, globally, to build a complete ecosystem,” says Artesian Managing Partner, Matthew Clunies-Ross.
The Boab AI program is backed by the Victorian Government investment agency LaunchVic as part of a wider push to establish Melbourne as both a startup hub and a centre of excellence for artificial intelligence.
Victoria’s Minister for Innovation and the Digital Economy, Jaala Pulford, says that the investment will position Victoria as a world leading innovation ecosystem.
“Australia is forecast to need 161,000 more artificial intelligence experts by 2030 and with initiatives like Boab AI and the Boab Global AI Fund attracting the world’s best talent, there’s no better place for these jobs than Victoria,” says Minister Pulford.
The five companies in the initial Boab AI cohort are:
PI.EXCHANGE provides an AI Machine Learning platform for enterprises, reducing the barriers for AI usage and providing advanced data analytics to help organisations make better decisions.
Remi AI provides a Machine Learning platform for demand forecasting, supply chain AI and price optimisation.
Strongroom AI provides an AI based secure digital gateway to quickly and safely access specialised treatment plans for patients.
Plaetos is a safe, moderated AI driven virtual forum for employees to contribute their knowledge, feelings and ideas.
Daitum provides a powerful platform that automates decision-making prescriptive analytics to solve decision-based problems.
Applications for the second intake of scale up AI companies will commence in March 2021.
About Boab AI
Boab AI, is a scaleup investment program based in Melbourne, investing in Victorian and other AI companies ready to expand globally.
Our mission is to connect an ecosystem of entrepreneurs, government organisations, universities, research institutes, corporations, industry groups and investors working to grow AI opportunities in Victoria and around the world.
Boab is backed by Artesian Venture Partners, Australia's largest and most active early-stage VC firm.
Boab offers an investment of $300,000 capital and best-in-class support services for company selected to participate in the scaleup program, with potential follow-on investments of up to $5,000,000. www.boab.ai or firstname.lastname@example.org