new data from tech nation And the bargain room It found that venture capital investment in UK AI companies hit a record high in the second quarter of 2022 and is on track for par for the past year at least.
Last year saw a record £6.6 billion investment in AI companies in the UK. In 2022 so far, £3.2 billion has been invested. Tech Nation reports that investment in AI companies has historically been “loaded up towards the end of the calendar year” and has been on track to “at least par” last year.
A record second quarter was set in 2022 with an investment of £746.93m, which could be a good sign for the rest of the year. However, widely condemned economic policies put in place by new British Prime Minister Liz Truss and Chancellor Kwasi Quarting last month have caused turmoil in the national economy.
The International Monetary Fund has warned that the UK’s mini-budget – on which it depends Unproven idea A “downstream economy” – can have serious negative economic consequences. In particular, the abolition of the high tax rate on high earners has led to Liz Truss being labeled “against Robin Hood” because households are already struggling to foot the bill for tax cuts for the wealthy.
This reaction forced a drastic shift in policy, which helped the pound regain some ground against the dollar after it plunged to its lowest value since 1985. This week’s speech by Liz Truss about staying on course has put further downside pressure on the dollar. fairy. Today’s credit rating agency Fitch It lowered its outlook for the United Kingdom from stable to negative, following a similar move from its peer Standard & Poor’s last week.
Despite the economic damage caused by UK government policies, some welcome initiatives to support industries continued.
Applied Artificial Intelligence Program
Tech Nation’s government-backed Applied Artificial Intelligence Program was created to support and accelerate the UK’s highest potential levels applying AI in practical fields to make real-world impact.
Riya Khan, Head of Applied Artificial Intelligence Program at Tech Nation said: “At Tech Nation we are delighted to welcome a group of companies that are not afraid to break boundaries, transform and disrupt industries.
“I am particularly excited about the regional diversity of this group, with nearly three-quarters of companies coming from outside London. It is a true honor to support such a diverse group of future market leaders on their expansion journeys as they change our world for the better.”
Applied AI is a six-month initiative that forms part of the government’s AI sector deal announced in 2019 to realize the social and economic benefits of AI to improve people’s lives. Collectively, the companies that joined Applied AI 4.0 have raised more than £63 million in venture capital investment.
Companies getting into Applied AI 4.0 include companies that build a ‘medical metaverse’ for hospitals and healthcare organizations with AI-powered conversational digital avatars (Re: AI course), Establishing integrated driver monitoring systems to prevent vehicle accidents (fuel), allowing people to receive personal training sessions at home from holograms of the world’s best athletes (Charm), and the development of affordable robots for sustainable agriculture (Antobot).
Vanessa Viana, Global Managing Partner at Capital Lab Ventures And Applied AI 4.0 Judge, said: “The companies joining Tech Nation Applied AI 4.0 represent the UK’s best and most exciting technology. Its highly-prepared founders apply AI in practical fields and solve real-life problems that will shape the future of various industries.
Through its network of experts, the Applied Artificial Intelligence Growth Program is a unique and invaluable asset to them. It supports the development of unfair advantages for their business and addresses the specific challenges of scaling early-stage AI companies into the real world.”
Here are the 35 companies in Applied AI 4.0:
You can learn more about Applied Artificial Intelligence Program over here.
Want to learn more about artificial intelligence and big data from industry leaders? paying off Artificial Intelligence and Big Data Exhibition It takes place in Amsterdam, California and London.
Explore upcoming educational events and webinars on enterprise technology powered by TechForge over here.