Investment in UK AI companies hits all-time high

Investment in the UK's artificial intelligence (AI) companies has reached record levels after the first six months of 2019 saw more investment than the entirety of last year. Venture capitalists had ploughed $1.63bn (£1.32bn) into UK projects by June, surpassing the $1.21bn raised by the end of 2018 and marking a record year for AI funding growth, according to a report from industry body Tech Nation. AI funding has grown for four consecutive years in the UK, placing it third in the world behind the US and China. The UK has played a key role in fostering many notable AI and machine learning companies, including DeepMind, the prolific research lab purchased by Google in 2014 which has partnered with the NHS and Moorfields Eye Hospital to develop diagnostic models. The US has invested $9.7bn into AI thus far in 2019, compared to $8.6bn in 2018, while China is yet to surpass its 2018 total – backing $3.5bn to date compared to its $6.8bn spending last year. The number of AI companies operating in the UK has also grown, from 820 last year to 839 currently.