New data reveals the huge growth achieved in the UK’s AI sector over the past ten years. The UK is now home to over 1,300 AI companies, up from only 180 companies in 2011, representing a 600% increase. AI companies are scaling across all regions of the UK, with 50% of the UK’s top 10 scaling AI companies outside of London. The UK’s major AI hubs include Cambridge and Edinburgh.
Most recently Cambridge-based Darktrace completed its IPO in Spring 2021, setting a strong precedent for up-and coming AI companies. The company uses machine learning and AI to protect clients from cyberattacks, with shares soaring by 32% on the first day of trading.
Not only are the UK’s scaling AI companies driving growth across the UK economy, with prevalence in fintech (10%), cyber (5%) and healthtech (4.5%), the AI sector is also an important engine of growth, with a collective valuation of $46.3bn (up from $1.6bn in 2011), turnover of almost $2bn, and employing almost 30,000 people across all regions of the UK. Furthermore, VC investment into UK AI companies has rocketed from $120mn in 2010…
