05 Jun 05.06.2018 London is the Artificial Intelligence capital of Europe
05.06.2018 London is the Artificial Intelligence capital of Europe
A new piece of research, commissioned by the Mayor of London, Sadiq Khan, highlighted the UK’s standing as one of the top technology hubs in the world and named London as the Artificial Intelligence (AI) capital of Europe.
London is home to double the number of AI companies than Berlin and Paris, its two closest rivals, combined. London’s 758 AI companies, including the likes of DeepMind and Babylon Health raised over £200 million of investment during 2017. In 2017, investment in London’s AI companies grew by more than 50 %, with finance, law and insurance considered as particularly strong growth areas. The £200 million investment represented approximately 8% of the record £2.45 billion raised by London’s technology firms in 2017. This includes substantial deals for companies including Callsign (£26.92m), Starship Technologies (£13.95m) and Babylon Health (£47.56m).
The research revealed that since June 2016, UK tech companies have received over £5 billion in venture capital funding – more than France (£1.55bn), Germany (£2.15bn) and Sweden (£644m) combined.
The report, produced for the Mayor by CognitionX and published on the eve of London Tech Week, highlighted the strength and complexity of London’s AI ecosystem and its growing importance to the economy of the UK.
Sadiq Khan stated: “The research describes a city with a rich technology ecosystem, a strong pipeline of AI innovation and an academic and investment base set up for the long term. London’s unique global status as a capital of finance, business, government and technology is UK’s standout asset. Everything entrepreneurs need is here in one place – not least access to clients.” He went on to say: “London is the undisputed tech capital of Europe and today’s figures offer further proof that London remains a leading global tech hub for investors. With world-class universities and a diverse international talent pool, London is a centre for creative energy and innovation.”
With 13 universities in the city offering Artificial Intelligence, machine learning and related undergraduate and postgraduate degrees, access to talent is a critical factor underpinning London’s growing AI sector.
Sadiq Khan said: “There are few areas of innovation that have the power to define our future economy and society more than artificial intelligence. London’s tech sector is an important source of jobs and growth for the city’s economy and it is vital that we continue to ensure that we can attract the very best talent and investment from all over the world in the aftermath of Brexit…As Mayor, it is my goal to ensure both that London is at the forefront of developing and capitalising on these new technologies, and that all Londoners can benefit from the opportunities that they create.”
In April, the UK Government announced plans to collaborate with more than 50 businesses and organisations to develop a £1 billion deal to put the UK at the forefront of the AI industry.