The federal government has granted data analytics start-up Fivecast $433,214 to invest in artificial intelligence (AI).
South Australia-based Fivecast, which was formed from the Data to Decisions Cooperative Research Centre in 2017, builds automatic forecasting tools for law enforcement and national security agencies.
The grant represents a portion of the government’s $3.5 million Accelerating Commercialisation grants.
The grants consist of matched funding of up to $1 million to cover commercialisation costs and help companies take products to market.
“The grants will help businesses accelerate the development of high-quality projects, which had strong local and export market potential, and are an example of ideas that keep Australian businesses competitive and promote economic growth,” said Karen Andrews, Minister for Industry, Science and Technology
“These grants are part of the Australian Government’s Entrepreneurs’ Programme and make an important contribution to supporting business innovation.”
ARN has sought further comment regarding the AI products Fivecast intends to bring to market.