UK Government unveils £1 billion AI sector deal

The deal includes £300 million of private sector investment

The UK Government has unveiled an artificial intelligence deal worth £1 billion, which is backed by 50 leading tech firms and nearly £300 million of private investment.

Announced by Business Secretary Greg Clark and Digital Secretary Matt Hancock, the deal is a combined effort between the government and industry.

It comes as the government recently implemented the Industrial Strategy and AI Grand Challenge, which attempt to drive the success of technologies such as AI, machine learning and big data in the UK.

Overall, the Artificial intelligence Sector Deal consists of £300 million of private sector investment.

For instance, Vancouver-based venture capitalist firm Chrysalix has announced plans to invest £110 million into the UK, where it will establish its new European HQ.

Meanwhile, Japanese venture investment company Global Brain is to plough £35 million of investment into British deep learning start-ups.

And the University of Cambridge is working on plans to launch a £10 million AI supercomputer, which will be made available to businesses.

The Alan Turing Institute and Rolls-Royce have joined forces too, confirming that they will work together on a range of big data and AI projects.

Matt Hancock believes that artificial intelligence is the future of the country. "The UK must be at the forefront of emerging technologies, pushing boundaries and harnessing innovation to change people's lives for the better," he said.

"Artificial Intelligence is at the centre of our plans to make the UK the best place in the world to start and grow a digital business. We have a great track record and are home to some of the world's biggest names in AI like Deepmind, Swiftkey and Babylon, but there is so much more we can do.

"By boosting AI skills and data driven technologies we will make sure that we continue to build a Britain that is shaping the future."

In a bid to drive research across the emerging technologies field, the government will train 8,000 specialist computer science teachers and fund 1,000 AI-related PhDs by 2025.

The government said this funding will "make sure every secondary school has a fully qualified computer science GCSE teacher to give the next generation the skills they need to develop and capitalise on future technology".

Additionally, the deal includes £20 million of funding to help the British services industry - such as law and insurance - get the most out of AI. The government is also working on a £9 million data ethics centre.

Marc Waters, MD of Hewlett Packard Enterprise, added: "Artificial intelligence presents a significant opportunity to create competitive advantage for the UK economy with benefits for companies, workers and consumers.

"The opportunity exists not only to harness the power of AI for innovation and scientific discovery but to improve productivity and provide economic growth."