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UK AI investment hits record high

(Image credit: Image Credit: John Williams RUS / Shutterstock)

The UK AI industry is set for another bumper year, new figures have revealed.

Between 2014 and 2018, the amount of money being invested in artificial intelligence (AI) technology has increased six times, according to new figures from Tech Nation, a UK network for technology entrepreneurs.

The network claims that UK AI scaleups had raised almost double the amount, compared to France, Germany, and the rest of Europe – combined.

Looking at this year, Tech Nation believes it can again be a record one, which would mean four years of consecutive growth. In the first six months of 2019, AI funding in the country ($1,063,012,777) has already surpassed the entire 2018 ($1,021,642,595).

All of this results in the UK being the world’s third country when it comes to investing in AI technology, just behind the US and China. It’s also world’s number two when it comes to the number of AI companies in operation this year.

These figures were announced during the unveiling of 29 companies that decided to join the network’s Applied AI growth programme. This programme’s goal is to support AI companies that look to advance their growth. It is also part of the Government’s AI Sector Deal’s plan to make the UK the best place to build an AI business.

The cohort includes Glasgow-based ClinSpec DX, London-based Cervest, and Bristol-based Gapsquare, to name a few.