H2 Ventures is looking for artificial intelligence startups

Photo: Rob Lever/AFP/Getty Images

Australian venture capitalist H2 Venture is expanding its investment and accelerator program for fintechs to data and artificial intelligence (AI) startups.

Applications are open now for up to 16 startups for the Winter 2017 intake starting in August.

“We have always wanted to add data and AI in a big way,” founding partner Toby Heap told Business Insider.

“(Co-founder and brother) Ben started out doing pure maths at uni and I started out with a PhD in AI.

“We truly believe that the next decade or two will be completely defined by advances in the way we collect and use data, and AI will be a huge driver for this.”

Heap says some of the biggest users of data and AI will be financial services companies.

About a year ago, H2 hired Zac Young, who was running the world’s leading data science technology program in Silicon Valley. He has a PhD in astrophysics.

“We brought him on to help us build out our vision for data and AI,” says Heap. Since then we have been working on this.

“We are now adding a new stream to our program focusing on data and AI alongside our existing fintech stream.”

The next 16 new startups, on top of the eight in the current round, will be split between fintech and data.

H2 Ventures invests $100,000 in each startup and they spend six months as a part of the H2 accelerator program, based in Sydney, developing products and business models and launching to market.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.