London named as AI capital of Europe

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Last week news came out how London was the tech capital of Europe when it comes to venture capital investments, outpacing the likes of Paris, Berlin and Stockholm by a large margin.

Today we have a different report, but in the same vein – London is the AI capital of Europe.

The Mayor of London, Saniq Khan, commissioned a report on the state of AI companies in the UK’s capital and the results show that London is home to double the number of AI companies, compared to Paris and Berlin – combined.

According to the report, there are exactly 758 AI companies in London. They specialise in more than 30 industries, some of the stronger ones being insurance, finance and law. Roughly 650 companies are headquartered in London.

These companies have raised a lot of investments, too – £200m. This represents a 50 per cent jump, compared to last year. Some of the more notable examples include Babylon Health, Callsign, and Starship Technologies.

Almost half (43 per cent) of London’s AI suppliers have at least one non-UK founder, and a quarter (25 per cent) have at least one female founder.

The Mayor of London, Sadiq Khan, said: “There are few areas of innovation that have the power to define our future economy and society more than artificial intelligence. 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.     

“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.

“These strengths will also support my ambitions to make London a world leading smart city, in which public data and AI will open doors for the public and private sectors to work together to improve the way that Londoners experience our city on a daily basis.” 

“London’s unique global status as a capital of finance, business, government and technology is our standout asset. Everything entrepreneurs need is here in one place - not least access to clients.”

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