London is the leading global city for artificial intelligence businesses to grow, according to a new report.
London & Partners’ analysis of foreign direct investment data, released on the eve of the three-day GROW Summit, claims that more AI companies (75) from London have expanded internationally than from any other city globally post-pandemic.
The UK capital has also welcomed the second-highest number of AI companies (94 companies) in the world after Dubai (112 companies).
Two recent examples of AI companies that have landed in London are US legal AI unicorn Harvey AI and Indian IT firm Mphasis. The latter opened an ‘Innovation Hub’ in the capital to hone in on its AI and quantum computing capabilities.
Another boost for London’s AI scene came earlier this year when not just one, but two US tech giants, Microsoft and Salesforce, announced plans to expand their AI operations there.
In addition, London-born Wayve AI recently announced that it will bring its AI automated-driving software to the US, opening a new office in Silicon Valley.
In terms of venture capital investment into AI, London ranks #1 in Europe and #3 globally, behind only the Bay Area and New York. And so far this year, London AI companies have raised $2.7bn in investment, 23% more than last year’s total of $2.2bn.
Janet Coyle CBE, managing director of Grow London at London & Partners, said: “London doesn’t stand still on AI and this is evident from the companies we continue to attract and that we are seeing set up or grow here.
“With AI at the core of London’s digital revolution, it is driving the city’s growth and the development of the technology itself. London is also one of the best hubs in the world for AI talent and research as well as home to an internationally renowned business ecosystem.
“In short we have all the ingredients need to for an AI company to thrive.”