Expected to add £654bn the UK’s economy by 2035, according to research by Accenture, there are currently more than 1,000 AI start-up and SMEs across the country – with the new generation of internationally successful AI scale-ups growing.
Building off the success of AI scale-ups, The South East since 2015-2019 have invested £281million into AI, according to Tech Nation’s report (2020).
According to the Tech Nation, ‘UK Tech on a Global Scale‘ Report (2019), the total amount of capital raised by UK AI companies reached a record level of $1.3 billion during the previous year, with UK based AI start-ups raising almost double that of France and Germany combined.
Tech Nations recent ‘UK Tech for a Changing World‘ Report (2020) showed the UK AI raised £2,42bn in 2019 for AI investment highlighting the future growth opportunities in this sector.
Ambitious plans to put the UK at the forefront of the AI and Data Revolution are set-out in the Government’s modern Industrial Strategy; as one of its 4 Grand Challenges. Industries in their own right, they are also transforming business models across sectors (for example in Life Sciences).
Further plans are detailed in the Government’s AI Sector Deal, an agreement with industry to boost the UK’s global position as a leader in developing such technologies.
Within the Thames Valley, the University of Oxford has world-leading expertise in AI, with dedicated, research-based programmes.
There has been rapid development in AI, particularly the subfield known as machine learning, and in machine vision, with Oxford researchers at the forefront of this revolution. Crucial scientific breakthroughs are at the core of this progression.
The University recently produced its ‘Guide to Artificial Intelligence’, which can be viewed here. It describes how machine-learning techniques are allowing clinicians to diagnose more accurately conditions such as heart disease; how the banking and finance sectors are being revolutionised by algorithms; and the move towards a world of driverless vehicles.
Highlighting the fundamental scientific research underpinning these world-changing applications – research carried out by mathematicians, statisticians, computer scientists and information engineers – the publication also includes the views of key voices in ethical, social and legal debates.
The LifeHub UK is an artificial intelligence focused innovation space by Bayer that aims to brings the UK scientific community together to network, learn and collaborate.
Located in Bayer’s UK Headquarters in Green Park (Reading), the LifeHub UK is the latest addition to its global network of innovation hotspots. To read more about LifeHub UK, click HERE.
Bayer is working with Sensyne Health plc, an Oxford based company, within the LifeHub expanding on their collaboration to develop new treatments using artificial intelligence (AI) technology. As part of working on developing the AI radiology sector, Sensyne Health and Bayer are analysing NHS patient records and imaging data to develop digital solutions through AI. This will allow radiologists to enhance the quality of patients diagnosis and the efficiency of patients receiving the correct treatment.
“The results are clear: UK businesses and public sector organisations that forgo or delay implementing AI solutions risk missing the boat on driving down costs, increasing their competitive advantage and empowering their workers. Given this moment, where both UK leadership and competitiveness on the global stage is more vital than ever, there is no doubt that fully embracing AI-led digital transformation is a critical success factor for UK businesses, government and society.”
Cindy Rose, CEO - Microsoft UK