AI firm C3 to shift EMEA HQ from Paris to London
Firms wants to 'capitalise on growth prospects' in the UK
American tech firm C3 AI has announced plans to move its EMEA headquarters from Paris to London, in a move expected to boost the UK's aspirations to establish itself as a worldwide centre for artificial intelligence.
"Our new EMEA headquarters represents an important next step for C3 AI," said C3 AI CEO Thomas M. Siebel.
"As a global company, we are proud to call London our EMEA base and we look forward to the opportunity for even closer collaboration with the UK's world-class technology and artificial intelligence experts, businesses, and institutions."
The announcement comes exactly a month after chip designer Arm said it would list its shares on the New York Stock Exchange, dashing the UK government's hopes to see the company return to the London stock market.
Arm's decision was seen as a significant setback for Prime Minister Rishi Sunak's goal of positioning London as the first choice for technology company IPOs.
C3 AI is an enterprise AI application software firm with a market capitalisation of $3.8 billion. Siebel established the firm in 2009, and it has more than 700 employees across the globe.
In Europe, the company has offices in Paris, London, Rome, Munich and Amsterdam.
The Financial Times recently named the firm as one of the Fastest Growing Companies of 2023, marking C3 AI's third consecutive appearance on the list.
Siebel says C3 has made "significant advancements" in ramping up its sales strategy, leading to considerable growth over the past year.
The company cites its aspirations to capitalise on UK growth prospects, including the development of digital healthcare services and enhancing Britain's energy supply.
C3's UK team, who are working on the development of tools, applications, and platforms for clients across various sectors, are currently based in Finsbury.
Siebel says the decision to move the EMEA HQ is a testament to the conviction that the UK is "leading the way in technological innovation," and is a critical step in attaining C3's 2023 goals.
"The move welcomes the opportunity to attract the UK and Europe's finest talent and will further establish C3 AI's presence and brand in the United Kingdom," he added.
C3's move to London will enable the firm to join an increasing number of large-scale AI companies in the city, including cybersecurity firm Darktrace, digital healthcare firm Babylon and legal tech firm Luminance.
According to research by London&Partners, London now hosts nearly 1,300 AI companies, surpassing New York and double the combined number in Berlin and Paris.
The same research also estimates that the UK's GDP could rise by up to 10.3%, or £232 billion by 2030, as a result of the technology's impact (we think that is a very ambitious figure - Ed.).
Michelle Donelan, Secretary of State for Science, Innovation, and Technology, has welcomed C3's decision. She noted that AI is one of the five crucial technologies forming the cornerstone of the government's Science and Technology Framework.
"Today's announcement is a big step towards cementing the UK's status as a global AI hub. C3 AI's investment will create further highly skilled jobs and economic growth in the UK, while delivering the innovating technology to unlock solutions that transform healthcare, reduce energy prices and increase productivity," Donelan added.