Venture capital fund · 2 deals

InnovateGPT Group

Venture studio building and scaling AI startups

Southbank, VIC

Disclosed deals

Every published round InnovateGPT Group took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.

Company	Stage	Announced	Amount	Role	Alongside	Sources
SpatialGPT	Seed	21 May 2024	$5.1m	Lead	-	SmartCompany (18 Dec 2024), SmartCompany (28 Jun 2024), Startup Daily, SmartCompany (24 May 2024), SmartCompany (24 May 2024), Forbes Australia
RedGridGPT	Accelerator	7 Sep 2023	-	Participant	Startupbootcamp Australia	Forbes Australia, Startupbootcamp Australia portfolio

Portfolio

Companies InnovateGPT Group has backed in a published round, and companies whose existing shares it bought off another holder.

Company	What it does	First invested	Rounds	Led
RedGridGPT		7 Sep 2023, Accelerator	1	0
SpatialGPT		21 May 2024, Seed	1	1

Funds

Fund closes reported for InnovateGPT Group, as distinct from the investments it has made.

Fund	Announced	Committed	Target	Close	Sources
No fund closes recorded for InnovateGPT Group yet.

Portfolio companies acquired

Companies InnovateGPT Group has backed that another company then bought. An exit for the holding, not a deal InnovateGPT Group did.

Company	Bought by	Kind	Announced	Price
No portfolio company of InnovateGPT Group is recorded as having been acquired.

Name	Role	Sources
George Stavrakakis	CEO	SmartCompany, Forbes Australia
Rupert Walsh	CTO	Forbes Australia

Coverage

Stories naming InnovateGPT Group. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.

12 deals

Runway May 24: The 7 startups revealing venture raises this week

Weekly roundup covering seven ANZ startup raises — Bare Funerals, Humii, WeMoney, CLT Toolbox, Clean Slate Clinic, SpatialGPT and Great Wrap — plus LaunchVic's $900,000 into Paul Little's Skalata fund.

Also Startup Daily·Startup Daily

10 deals

Seven Aussie startups that raised $17.7 million this week

Weekly roundup listing seven Australian startups and their raises, totalling $17.7 million across AI, packaging materials, fintech, digital health, music licensing, construction software and swimwear.

Also Startup Daily

Unnamed stage $5.1m

Ex-Microsoft execs pour $5.1 million into new genAI startup

SpatialGPT, an AI construction startup incubated by InnovateGPT Group, has raised $5.1 million, led by former Microsoft executives; the incubator has also launched other AI ventures.

Forbes Australia 21 May 2024 RedGridGPT SpatialGPT Apple InnovateGPT Group JigSpace Microsoft VMWare George Stavrakakis Robert Marolda Rupert Walsh

Also SmartCompany·SmartCompany·Startup Daily·SmartCompany·SmartCompany

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