diff --git a/CMakeLists.txt b/CMakeLists.txt
index 496aff87..93413fa1 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -3,7 +3,7 @@ cmake_policy(SET CMP0091 NEW)
 set(CMAKE_FIND_NO_INSTALL_PREFIX TRUE FORCE)
 cmake_minimum_required(VERSION 3.16 FATAL_ERROR)
 
-project(treelite LANGUAGES CXX C VERSION 4.4.0)
+project(treelite LANGUAGES CXX C VERSION 4.5.0)
 if(POLICY CMP0135)
   cmake_policy(SET CMP0135 NEW)
 endif()
diff --git a/python/pyproject.toml b/python/pyproject.toml
index 02f23604..e69d505b 100644
--- a/python/pyproject.toml
+++ b/python/pyproject.toml
@@ -7,7 +7,7 @@ build-backend = "packager.pep517"
 
 [project]
 name = "treelite"
-version = "4.4.0-dev"
+version = "4.5.0-dev"
 authors = [
     {name = "Hyunsu Cho", email = "chohyu01@cs.washington.edu"}
 ]
diff --git a/python/treelite/VERSION b/python/treelite/VERSION
index 7075368e..63bdbfad 100644
--- a/python/treelite/VERSION
+++ b/python/treelite/VERSION
@@ -1 +1 @@
-4.4.0-dev
+4.5.0-dev