With expectations that Artificial Intelligence will have a huge role to play in modern business, it is leasing to see that the tech sector is taking AI seriously and is taking steps to boost British standings. Over 50 leading organisations and businesses have joined together in a £1 billion deal, which will see the UK at the heart of the AI industry. There is close to £300 million of investment from the private sector, which is an indicator that this is a sector that is seen as being essential in the future.
This deal was announced at the end of April 2018 with the UK Government and industry leaders coming together. There will be over £300 million of government funding for research into AI with the aim of ensuring the UK is a global leader in this field.
Increased focus on AI can have a massive impact on business
We already have the AI Grand Challenge, but this deal sees focused investment come into the market and it is believed that AI has the potential to pump £232 billion into the UK economy by 2030. This will be 10% of GDP in the UK so you can see why there is great excitement about the potential for this activity.
There is a range of major investments included in the deal, with some of the leading schemes being:
- Global Britain, a Japanese venture capital company, opening their first ever HQ in Europe while investing a sum of £35 million in to tech start-ups in the UK
- A £10 million AI supercomputer being set up by the University of Cambridge with this infrastructure being made available to businesses
- Chrysalix, a venture capital firm from Toronto, setting up their European headquarters in the United Kingdom and investing a sum of more than £100m into robotics and AI
There will also be jointly run projects from Rolls-Royce and the Alan Turing Institute. There will be focus on the way data science should be applied at scale, how AI should be utilised across supply chains and what role data analytics and AI have in science.
Innovation is central to the development of this sector
Another feature that will be of interest is the fact that the Government is funding 1,000 new AI PhDs which should help to maintain the UK at the heart of innovative activity while ensuring the UK is recognised as a research hotspot for Artificial Intelligence. It is important that there are enough skilled and qualified employees to push the industry forwards, so this is positive news as well.
We believe that Artificial Intelligence is going to be an integral part of modern day business. Any company looking to be at the heart of this technology will find that the UK is set to be an integral hub for work carried out in this field. If you are looking to stay up to date with this sector, make sure you stay in touch with us and we will do our best to help you make informed decisions.