AI startups to watch: The hottest machine learning startups in the UK
Artificial Intelligence could contribute an additional global economic activity worth around $13 trillion by 2030, by which point around 70% of companies will have adopted at least one form of AI, according to a report by a 2018 McKinsey Global Institute.
The UK tech sector is perfectly poised to ride the crest of this wave. In 2017, London raised more than double the amount of money to fund digital companies than any other city in Europe. Given that the UK is home to eight of the top 20 European universities and 40% of Europe’s tech unicorns already reside here, this is of little surprise.
AI venture capital firm Asgard estimates that the country's ecosystem of 121 AI startups is the largest in Europe, while London has more than three times as many as any other city in the continent.
Four UK based AI startups have been snapped up in recent years, beginning in 2014 when Google swept up DeepMind for a reported £400 million.
This was followed by Apple's purchase of natural language processing (NLP) specialists VocalIQ, Microsoft's purchase of machine learning-powered keyboard SwiftKey, and Twitter's acquisition of Entrepreneur First alumni Magic Pony.
This year looks set to follow a similar pattern as AI moves beyond the hype to practical use cases. Here are some of the most interesting startups working in the area of AI in the UK today. Could the next DeepMind be lurking among them?