en.Wedoany.com Reported - The Victorian Government has announced an investment of AUD 3.5 million to support nine pre-accelerator programs, aiming to strengthen the state's pipeline of startups in artificial intelligence and deep technology. The funding is designed to help early-stage founders develop and commercialize new technologies.
Announced at the Victorian Startup Dinner, the funding will be allocated to organizations including Boab AI, Boson Ventures, Cicada Innovations, CoLabs Australia, HEX, Illume Ventures, Jumpstart Studio, MedTech Actuator, and RMIT University (DiscoveryHUB). Each recipient can receive up to AUD 400,000 to implement programs that help aspiring entrepreneurs test concepts, build capabilities, reach customers, and move toward commercialization.
Among the funded initiatives is the VICTOR:AI project—an eight-week pre-accelerator that will provide AI-native startups with AI tools, co-working spaces, and milestone-based grants. Another program, implemented by Cicada Innovations, will support up to 45 Victorian deep tech startups in preparing for market entry and attracting investment.
The Victorian Government stated that this investment aims to help new founders build businesses in rapidly growing technology fields, including AI and deep tech, which are seen as key areas for innovation and economic development. Government data shows that Victoria's startup ecosystem has expanded significantly over the past decade, growing nearly 20 times to over 4,400 startups, scale-ups, and unicorns, with a total valuation of AUD 139 billion. Melbourne currently ranks third globally in startup creation rate, ahead of cities such as Sydney, Singapore, and Berlin.
The announcement comes as the state's innovation system undergoes structural adjustments. Innovation Victoria will merge LaunchVic and Breakthrough Victoria into a single entity. The government stated that the merged organization will serve as a "single entry point" for innovators, supporting them in starting, scaling, and succeeding. The Victorian Government emphasized that continued investment reflects the role of startups and the innovation ecosystem in supporting jobs, attracting investment, and developing high-value industries across the state.
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