Boab

Boab is a Melbourne-based scaleup investment program dedicated to fostering artificial intelligence (AI) innovation in Victoria and across the globe. Launched in 2021, it emerged as Australia's first accelerator program specifically designed for AI scaleups, backed by significant capital from Artesian Venture Partners ($8 million) and the Victorian Government's startup agency, LaunchVic ($1.5 million). Boab's core mission is to empower founders by providing essential capital, strategic connections, and ongoing support to propel their AI ventures to the next level.

The entity operates a distinctive hybrid model that integrates venture capital with accelerator programs, offering a comprehensive support system for its portfolio companies. This approach targets mature AI startups and scaleups that possess market-ready products and demonstrable traction. The program is industry-agnostic, focusing on companies where AI forms the central element of their offering, encompassing diverse sectors such as healthcare, energy, robotics, agtech, and fintech.

Boab delivers personalised six-month programs, meticulously tailored to address the unique challenges faced by each participating scaleup. These programs aim to facilitate market expansion, enhance sales pipelines, and improve overall 'investability'. Participants receive a net investment of $300,000 in initial capital, with the potential for substantial follow-on funding of up to $5 million, enabling significant growth and development.

Under the leadership of Managing Director Andrew Lai, who also co-founded SproutX and FinTech Melbourne, and supported by directors like Dr Catriona Wallace (Chair of Boab AI), Boab has achieved notable milestones. The program is set to support 32 mature AI scaleups over four years, has invested in 22 companies, and contributed to the creation of over 100 jobs across its portfolio. Additionally, Boab launched a $100 million Boab Global AI Fund, further cementing its commitment to the AI ecosystem. [cite: 3, 4, 5, 6, 7 in previous search, 8, 9 in previous search] These efforts are instrumental in positioning Victoria and Australia as a prominent AI hub within the Asia Pacific region, attracting both talent and investment.