London is Europe's AI leader, new report finds
A new report has found that London has more artificial intelligence companies than Paris and Berlin combined. It also has stronger global positions in AI in industries such as finance, insurance and law.
The report by Cognitonx, entitled ‘London: the AI growth capital of Europe’ was commissioned by the Mayor of London’s office, so one would expect a positive spin, but the facts seem to speak for themselves:
- London has 758 AI companies, 645 of which are headquartered in the capital.
- Investment in London’s AI sector is growing at 50% a year, with £200m invested in 2017.
- 43% of London’s AI suppliers have a non-UK national as founder. The report’s authors see this as evidence of the city’s ‘open, tolerant and multi-cultural society.’
It is thought that the companies are helped by a large local demand and world-leading universities helping to establish an AI cluster.
The report claims: Community and peer support for London’s start-up community is the best in Europe and London’s founders enjoy strong connections with international entrepreneurs, second only to Silicon Valley.
