London is establishing a reputation as a worldwide Artificial Intelligence center with the investors flocking to the city.
Some of the new research from the Pitchbook revealed that between the period of 2015 and 2017 Artificial Intelligence developers in the city saw a VC funding with increase of more than 200%.
Pitchbook is a software company and financial data with the offices located in New York, London, Seattle and San Francisco. Its research found that the increase in Artificial Intelligence investment around the world generally lagged behind that seen in London. While the London sector saw an investment increase of 43% over the last few years, Paris and Berlin rose by more than 20%.
Alexis Scorer, executive director at investment banking firm GP Bullhound, said that the London economy was complementing the Artificial Intelligence.
“AI is the tech that’s had an impact on a very broad range of industries, and all of those industries are very well represented here in London,” he told CNBC over the phone.
“It’s very challenging for large tech companies to attract and retain talent in this sector, and London has a lot of AI talent that is pushing the boundaries of technology and its application.”
The previous month, London based firm CognitionX, which is a platform which connects Artificial Intelligence experts with the firms has secured $4.1 Million from the investors which include the Unilever Ventures. PwC predicts which AI will add up to $15 Trillion to the global economy by the end of 2030.
“AI can be used to build a better world and that definitely aligns with investors’ values,” she said. “The community is now focused on how AI can be used to solve big global challenges, such as climate change.”