A multinational artificial intelligence (AI) company is scaling up its operations in Melbourne, attracted by Victoria’s tech talent pool and innovation ecosystem.
Fractal, a global provider of AI and advanced analytics solutions to entities including Fortune 500 companies, recently achieved unicorn status – a valuation of US$1 billion – and is a leader in providing cutting-edge AI and analytics services across sectors including banking, financial services, insurance, telecommunications, consumer packaged goods, healthcare, life sciences, retail and technology.
Hear from Rohit Joshi on Fractal's investment journey - click to play video
The company is using the Victorian Government’s Digital Jobs Program to tap into the state’s strong pool of tech professionals to service its regional and global clients.
Fractal is also working closely with Victorian universities to develop a future pipeline of technical talent to service clients in pure-play data, cloud tech and analytics, and in niche research areas of mutual interest.
Headquartered in Mumbai and New York, the company worked with authorities in Greater Mumbai and Bengaluru using AI and machine learning capabilities to make critical decisions during the pandemic by building AI models that predicted real-time disease propagation rates.
New investments facilitated by the state’s investment attraction agency Invest Victoria in 2022/23 are forecast to create more than 2,500 jobs and generate more than $330 million in wages.
Data from fDi Markets shows that in 2022, Victoria attracted $8.9 billion in overseas investment, well ahead of New South Wales ($6.3 billion). Renewable energy ($5.1 billion), software and IT services (almost $600 million) and communications (more than $400 million) led the way.
Read more about Fractal’s expansion to Melbourne.
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