Tech sector backs British AI industry with multi million pound investment

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Artificial intelligence

More than 50 leading businesses and organisations have contributed to the development of a £1 billion deal to put the UK at the forefront of the artificial intelligence industry.

This deal features almost £300 million of new private sector investment. The deal between government and industry, announced by Business Secretary Greg Clark and Digital Secretary Matt Hancock today, also includes more than £300 million of newly allocated government funding for AI research to make the UK a global leader in this technology.

Building on the commitment made in the government’s modern Industrial Strategy and its AI Grand Challenge, the deal marks the first phase of a major innovation-focused investment drive in AI which aims to help the UK seize the £232 billion opportunity AI offers the economy by 2030 (10% of GDP).

The Artificial intelligence Sector Deal follows record levels of investments into UK tech in 2017 and today’s deal includes new investments such as Japanese venture capital firm Global Brain opening its first European HQ in the UK and investing £35 million in deep-tech start-ups

The University of Cambridge has opened a new £10 million AI supercomputer and have made its infrastructure available to businesses.

Top-ranking Vancouver-based venture capital firm Chrysalix, is also going to establish a European HQ in the UK and use it to invest up to £110 million in AI and robotics.

The Alan Turing Institute and Rolls-Royce will jointly-run research projects exploring how data science can be applied at scale, the application of AIacross supply chains, data-centric engineering and predictive maintenance, and the role of data analytics and AI in science.

Secretary of State for Digital, Culture, Media and Sport Matt Hancock said: “The UK must be at the forefront of emerging technologies, pushing boundaries and harnessing innovation to change people’s lives for the better.

“Artificial Intelligence is at the centre of our plans to make the UK the best place in the world to start and grow a digital business. We have a great track record and are home to some of the world’s biggest names in AI like Deepmind, Swiftkey and Babylon, but there is so much more we can do.

“By boosting AI skills and data driven technologies we will make sure that we continue to build a Britain that is shaping the future.”

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