Tech sector backs British AI industry with multi million pound investment

More than 50 leading businesses and organisations have contributed to the development of a £1 billion deal to put the nation at the forefront of the artificial intelligence industry, featuring almost £300 million of new private sector investment. The deal between government and industry, announced by Business Secretary Greg Clark and Digital Secretary Matt Hancock today (Thursday 26 April 2018), also includes more than £300 million of newly allocated government funding for AI research to make the UK a global leader in this technology. Building on the commitment made in the government's modern Industrial Strategy and its AI Grand Challenge, the deal marks the first phase of a major innovation-focused investment drive in AI which aims to help the UK seize the £232 billion opportunity AI offers the UK economy by 2030 (10% of GDP). The Artificial intelligence Sector Deal follows record levels of investments into UK tech in 2017 and today's deal includes new investments such as: 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.