Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Britain to invest £300 Million in AI-boosting programme

Will the UK become the world’s AI leader ?

Britain’s government has earmarked £300 million in funding to invest in Artificial Intelligence research, with the aim of making the UK a global leader in the field.

More than fifty companies and organisations rallied behind the plan to develop a £1 billion deal, which was later revealed by   business secretary Greg Clark and digital secretary Matt Hancock, during a talk at Imperial College.

The newly-raised cash is an addition to the government’s Industrial Strategy— and its AI Grand Challenge. It has the stated aim of helping the UK grab the £232 billion opportunity AI is expected to offer by 2030. This follows the launch of similar initiatives in other major European countries including Germany and France.

The UK is already a power to be reckoned with in the AI sector: it is home to AI superstars such as Alphabet-owned DeepMind, healthcare firm Benevolent AI, keyboard app Swiftkey, and augmented reality outfit Blippar.

In addition, the country can rely on world-class talents and researchers, hailing from university such as Cambridge or Oxford and the Imperial College itself. And British companies are increasingly attractive to investors: for example,  Japan’s Global Brain is about to launch its Europe HQ in the UK, with plans to invest £35 million in UK deep-tech startups.

Secretary of State  Matt Hancock commented on the news in a statement:

“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,” he said.

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

Image via Flickr

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BY SHACK15

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