Artificial Intelligence, machine learning and robotics are still attracting investors to London despite Brexit fears, a new report reveals.
The research, compiled by the founders of London Tech Week, highlights how London-based AI and machine learning companies have been able to secure a whopping £85.75 million in 2016, a twenty-fold increase from 2011’s investment levels.
Over the last five years, according to the survey, the capital’s AI and machine learning startups have drawn £207 million overall— spearheaded by high-profile deals such as Google’s 2014 DeepMind acquisition of and Twitter’s purchase of Magic Pony in 2016.
FinTech was another key investment-catcher, gathering over £2 billion in venture capital over the last five years.
Robotics and drones also helped shore up London’s investment flow in the wake of the Brexit vote, with the two sectors clocking up £14 million of investment in 2016—in 2014, that figure was just £40,000.
The fact that London’s startups raised £395 million in the first three months of 2017—a sum much higher than the £245 million raised in the final quarter of 2016—might also assuage worries over the impact of Britain leaving the EU, although the negotiations between the UK government and its 27 EU counterparts has not started in earnest yet.
London Tech Week ambassador Russ Shaw commented on the report in a statement,“Over the course of the last decade London has become a global hub for the technology sector. More recently, our expertise in FinTech, artificial intelligence and robotics has shown that the city is at the cutting edge of technological innovation,” he said.
“London’s strength derives from the city’s diversity, rich pool of talent and global connections. This has been the basis for our considerable success, and it is important to protect these factors as our tech sector continues to create more jobs and wealth,” he added..
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