Investment in UK artificial intelligence startups soars

Venture capital (VC) investment in the UK's growing artificial intelligence (AI) sector leapt almost six-fold from 2014 to 2018, with funding comprising almost as much as the rest of Europe combined. According to research prepared for Tech Nation and the Digital Economy Council by Dealroom, investment in UK AI startups reached US$ 1.3 billion in 2018. Notable deals in 2018 included Bristol-based Graphcore which raised US$200m. Throughout 2018, Dealroom recorded 82 venture capital fundraisings across UK companies, compared to 70 in the previous year-- that's a continuation of a trend that's seen investment in AI companies grow sharply over the last five years. "These statistics are further confirmation that the UK is Europe's undisputed number one tech hub," said the UK digital secretary, Jeremy Wright. "Our success in artificial intelligence is thanks to a unique combination of talent, location, our business friendly environment, unrivalled access to capital and world-leading universities."