Home | LATEST NEWS | Government announce £1 billion investment to enhance the AI industry
Government announce £1 billion investment to enhance the AI industry
Government announce £1 billion investment to enhance the AI industry

Government announce £1 billion investment to enhance the AI industry

The government has announced a tech sector deal worth £1 billion that will thrust Britain to the forefront of the artificial intelligence (AI) industry.

Announced by the Business Secretary Greg Clark and the Digital Secretary Matt Hancock, the tech sector deal will build on previous commitments from the AI Grand Challenge and the Industrial Strategy.

As part of the deal, the government will fund 1,000 AI PhDs which are designed to give Britain the expertise and build its status as a research hotspot for AI.

There is significant interest from the private sector for the Artificial Intelligence Sector Deal, approximately £300 million of investment from the sector, and interest from more than 50 leading businesses and organisations.

The tech sector deal will see Global Britain – a Japanese venture capital firm – open its first European HQ in the UK, which will lead to investment of £35 million worth of UK deep-tech start-ups.

Elsewhere, the University of Cambridge will open a £10 million AI supercomputer, making this infrastructure available to British businesses.

Rolls Royce will also work together with the Alan Turing Institute on research projects looking at the application of AI across supply chains, the role of data analytics and artificial intelligence in science; and how data science can be applied at scale.

Matt Hancock believes this deal will help Britain shape the future.

He said: “The UK must be at the forefront of emerging technologies, pushing boundaries and harnessing innovation to change people’s lives for the better.

“Artificial Intelligence is at the centre of our plans to make the UK the best place in the world to start and grow a digital business. We have a great track record and are home to some of the world’s biggest names in AI, but there is so much more we can do.

“By boosting AI skills and data-driven technologies, we will make sure that we continue to build a Britain that is shaping the future.”

Check Also

BVRLA reveal popularity of electric vehicle lease ‘packages’

The British Vehicle Rental & Leasing Association (BVRLA) believes electric vehicle lease ‘packages’ will grow …