Victoria backs the next generation of AI and deeptech startups

Nine pre-accelerator programs will share in $3.5 million to help aspiring entrepreneurs build the next generation of AI and deeptech startups.

The programs will give early-stage founders the support they need to:

• test concepts
• build capability
• connect with customers
• move towards commercialisation.

These recipients, announced at the recent Victorian Startup Gala, will be provided up to $400,000 to deliver these important programs:

• Boab AI
• Boson Ventures
• Cicada Innovations
• CoLabs Australia
• HEX
• Illume Ventures
• Jumpstart Studio
• MedTech Actuator
• RMIT (DiscoveryHUB).

Funded initiatives include:

• VICTOR:AI, an eight-week pre-accelerator that will offer AI-native startups hands-on access to AI tools, co-working space and milestone-based grants.
• a pre-accelerator delivered by Cicada Innovations, which will help up to 45 Victorian deeptech startups get market-ready and attract investment.

The investment will help new founders develop innovative businesses in fast-growing sectors.

Victoria’s startup ecosystem has grown almost 20-fold over the past decade. It now includes over 4,400 startups, scaleups and unicorns valued at $139 billion.

Melbourne ranks third globally for startup creation rate, ahead of Sydney, Singapore and Berlin.

Victoria’s innovation ecosystem is entering a new chapter with Innovation Victoria bringing LaunchVic and Breakthrough Victoria together. Innovation Victoria will provide a single front door, helping Victorian innovators to start, scale and succeed.

We are continuing to back the state’s startup and innovation ecosystem because of its vital role in:

• creating jobs
• attracting investment
• growing high-value industries.