Artificial Intelligence scale up program, Boab AI, has announced the launch of its first cohort of companies and the commencement of its US$100m Boab Global AI Fund.
Artificial Intelligence scale up program, Boab AI, has announced the launch of its first cohort of companies and the commencement of its US$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 caliber 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 US$1.5m is being invested in this first cohort, each company is eligible for up to US$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 announced the formal launch of the Boab Global AI Fund and a capital raise of US$100m. The Boab Global AI Fund intends to invest in another 150 AI companies.
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