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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 (opens in new tab) (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 (opens in new tab) 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 (opens in new tab). 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.

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.