As businesses of all kinds grapple with soaring AI spending, one of Australia’s billion dollar tech companies is on the brink of securing an innovative deal to contain its compute costs.
Heidi Health, which secured a $1.26 billion valuation only last month, is set to receive compute from a Victorian state government agency in exchange for an equity stake.
A heads of agreement has been signed and the deal is expected to be finalised in the coming days, with Innovation Victoria and Heidi serving as the foundational partners for local AI factory builder ResetData’s broader plan to offer compute to startups as well as preferential access to technical support and other services.
ResetData revealed its Australian AI Growth Program at a hearing held by the Joint Select Committee on Artificial Intelligence in Sydney on Wednesday.
“We partner with select organisations, government departments, it could be anyone to help secure compute and provide a subsidised compute to Australian businesses, startups mainly,” ResetData co-CEO and co-founder Marcel Zalloua told Capital Brief following the hearing.
He said “being able to partner with the AI darling of Australia in Heidi Health” is a great validation of plans for the compute program.