London: The AI Growth Capital of Europe (Greater London Authority)
Summary
- London has an AI supplier base of 758 companies, 645 of which are headquartered in the capital.p.5
- Investment in London's AI sector exceeded £200m in 2017, representing an increase of over 50% on 2016 levels.p.5
- The rate of new AI supplier formation in London is 42% per annum, compared to the global rate of 24% per annum.p.5
- 43% of London AI suppliers have a non-UK national as a founder.p.5
- The UK government, industry, and academia committed £950m to AI through the AI Sector Deal.p.5
- Total VC funding for AI startups globally grew by 463% from 2012 to 2017.p.8
Key insights
- London boasts an AI supplier base that is double the size of Paris and Berlin combined.p.5
- The largest geographic concentration of London's AI suppliers is in the EC1 and EC2 postcodes, housing 30% of suppliers.p.17
- London's AI ecosystem is primarily nascent, with 49% of suppliers classified as micro businesses with fewer than 10 employees.p.18
- London holds strong international standing in AI across its leading industries, particularly finance, insurance, and law.p.20
- Uncertainty over Brexit and access to the single market was directly referenced by 16% of census respondents as a factor holding back their company.p.25
- Female participation in London's AI supplier base is higher than global tech standards, with 25% having at least one female founder.p.27
- Proximity to clients is a major operational asset in London, with 70% of surveyed suppliers ranking the city as best or generally better for access to clients than other AI hubs.p.32
- The UK produces highly influential academic research in AI, ranking second globally behind the US with an H-index of 190.p.45
Topics and entities
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