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UK government claims AI sector is attracting "millions per hour" in investment push

Since the Labour Government took office in July 2024, the UK's AI sector has attracted an average of £200 million per day in private sector funding, equating to roughly £8.3 million per hour, a new report from the Department for Science, Innovation & Technology has claimed.
The UK's AI sector has been experiencing a significant influx of investment, attracting £8 million per hour since July, according to a report by Dealroom for the Department for Science, Innovation and Technology. This surge in investment has positioned the UK as the third largest AI hub globally, following the US and China. The report highlights that the UK has seen a 17% increase in AI investment compared to the previous year, with London alone accounting for 40% of Europe's AI deals. Key factors contributing to this growth include the UK's strong academic institutions, a robust tech startup ecosystem, and supportive government policies. The investments are not only in AI startups but also in scaling up existing companies, with notable deals including a £200 million investment in Wayve, an autonomous driving startup, and a £100 million investment in Stability AI, known for its AI art tool, Stable Diffusion. This investment trend underscores the UK's ambition to lead in AI technology, fostering innovation and economic growth.

Read the Full TechRadar Article at:
[ https://www.techradar.com/pro/uk-ai-sector-attracting-gbp8-million-per-hour-since-july ]