The Morrison government announced it will be investing AU$19 million over the next 3 years in health AI research projects designed to diagnose, prevent and treat various medical conditions. The funding will be channelled in 5 health-based artificial intelligence projects in total. 2 of the projects that have received funds focus on improving mental health.

The 5 health AI projects that received funds for research

The Australian projects that received funding from the government to fuel up their AI and medicine research are as follows:

  1. University of Sydney (USyd) received AU$7 million to drive 2 of their health AI projects. First, for its research on translating artificial intelligence networks to support clinical work in neuro diseases.
  2. The second funding USyd received project focused on using machine learning to improve the mental health of the youth.
  3. Centre for Eye Research Australia has been given AU$5 million to develop its AI system to detect cardiovascular and eye diseases.
  4. Another AU$5 million has been provided to the University of New South Wales (UNSW) whose AI-based system is dedicated on understanding, learning and improving the treatment of mental health such as anxiety, stress and depression.
  5. Funds of about AU$2 million will be provided to St Vincent’s Institute of Medical Research that is using artificial intelligence to potentially change the future of breast cancer screening.

While the Australian government is focusing on providing capital to AI and medicine projects, the Victorian government has gathered funds to support AI accelerator and scale-ups.

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Victorian government invests $1.5 million in AI Accelerator

AU$1.5 million was set aside by the Victorian government for Boab AI and Artesian to establish an investment fund for an accelerator and artificial intelligence scale-ups. The Victorian government said that Artesian will also invest (minimum) AU$8 million of private sector capital in 32 AI scaleups. For each scale-up that graduates from the Boab AI program, a minimum of AU$300,000 will be provided. Artesian will also set up and raise a new VC fund with a target of AU$50 million to provide investment support for ongoing artificial intelligence scaleups.

Jaala Pulford, the Minister for Innovation, Medical Research and the Digital Economy, said the funding will aid in positioning Victoria as a leading destination for AI technology development within the APAC region and help in attracting and developing talent, investment and AI expertise.

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