Artesian set to launch new AI accelerator and $100m fund

The Fund

The Victoria Government , Launch Vic and Artesian capital - have launched Boab AI, an artificial intelligence accelerator and venture capital fund for revenue-generating AI “scale-ups”

The accelerator has received $1.5m from Launch Vic and $8m in private capital that will support a planned $100 million VC fund for AI companies.

The  Players 

Artesian is one of the country’s biggest supporters of early-stage AI companies, with 40 in its portfolio already.

The $100 million fund, which is yet to be raised, will support up to 150 AI companies across the Asia Pacific.

Artesian chief executive Jeremy Colless shared this with 

Yolanda Redrup of AFR 

We believe AI is interesting in that it has applications across all industries. If the Australian economy is to remain competitive, we need the local capability to create new AI-driven innovations that help to generate economic advantage,”

LaunchVic CEO Kate Cornick said that the funding will position Victoria as a leading destination for AI within the Asia Pacific region, attracting and developing the best talent, investment and AI expertise.”

Victorian innovation, medical research and digital economy minister Jaala Pulford said that

“We are backing Victoria to be a world-leading innovation ecosystem, and this funding will help us attract and develop the best talent, investment and artificial intelligence expertise.” 

The Managers and Directors of the Fund 

Boab AI will be run by former founder of agriculture tech accelerator SproutX and Deakin University venture director, Andrew Lai , and will offer companies a tailored six-month program and a minimum investment of $300k - that will supposedly be designed to meet the needs of each company 

Boab directors include Dr Catriona Wallace, founder and CEO of Ethical AI Advisory, Rosyln Hames COO of Clear Dynamics as well as Artesian managing Partners Tim Heasley and Matthew Clunies-Ross.

The Investees

The ideal investee will have a minimum valuation of 5m that already has some mature products, traction in the marketplace and already have enterprise customers 

They will have a minimum valuation of  $5 million. 

Artesian estimates there are more than 300 AI start-ups in Australia.

Bomb has already invested in Victorian companies Pi.Exchange, Plaetos and Strongroom nAI, and Australian companies Daitum and Remi AI.

Article written by Ivan Kaye - sourced from Yolanda Redrup of AFR