Artificial intelligence could contribute an additional global economic activity worth around $13 trillion by 2030, by which point around 70 percent of companies will have adopted at least one form of AI, according to a report by a 2018 McKinsey Global Institute.
The UK tech sector is perfectly poised to ride the crest of this wave. In 2017, London raised more than double the amount of money to fund digital companies than any other city in Europe. Given that the UK is home to eight of the top 20 European universities and 40 percent of Europe’s tech unicorns already reside here, this is of little surprise.
AI venture capital firm Asgard estimates that the country’s ecosystem of AI startups is the largest in Europe, while London has more than three times as many as any other city in the continent.
British AI startups have been snapped up by the biggest technology companies in the world too, beginning in 2014 when Google acquired DeepMind for a reported £400 million.
This was followed by Apple’s purchase of natural language processing (NLP) specialists VocalIQ, Microsoft’s purchase of machine learning-powered keyboard SwiftKey, and Twitter’s acquisition of Entrepreneur First alumni Magic Pony.
Here are some of the most interesting startups working in the area of AI in the UK today. Could the next DeepMind be lurking among them?
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