The UK’s investment in AI for the first half of the year has been found to be at an all-time high, new figures have shown.
Statistics were gathered by UK based technology entrepreneur network, Tech Nation, using figures from Crunchbase, an information research company.
Tech Nation used the data to correspond with the release of its new Applied AI growth programme.
AI’s economic growth in the UK
The figures from Crunchbase reveals that in a four-year period, between the years 2014-2018, investment in AI had grown six-fold. It was also exposed that UK based AI “scaleups” were double that of France during this time period.
The statistic also shows that investment in AI from the first half of 2019 has already surpassed the whole of 2018’s profits. This has put the UK in third place for AI ventures, following closely behind China and the USA.
After the US, the UK is also home to the most AI based companies in the world.
“With 35 percent of the AI companies based outside London and 45 percent having at least one female co-founder, the UK could not be building a stronger and more diverse network of Artificial Intelligence excellence at this important time of technology development, globally,” said Gerard Grech, CEO of Tech Nation.
Applied AI growth support
Despite the good economic news, the statistics show the UK is struggling in terms of company size. 53% of Chinese firms have a team of 50 or more. Whilst 89% of AI firms in the UK are start-up companies that have 50 employees or less.
Therefore, to help hire more people in the industry, Tech Nation has launched its Applied AI growth support system. So far, 29 establishments have joined the programme, all of whom were chosen because of their ability to apply AI solutions to the real world.
“Tech Nation’s Applied AI programme will help us make the UK the best place to start and grow an AI business and generate a significant contribution to the future economy,” said Matt Warman MP, UK Minister for Digital. “I look forward to seeing these companies compete on the global stage.”