London has emerged as the world’s leading city for artificial intelligence businesses, according to a new report by London & Partners.
Released ahead of the GROW Summit, the analysis reveals that more AI companies (75) have expanded internationally from London than any other city globally since the pandemic. Additionally, the UK capital has welcomed the second-highest number of AI companies (94) worldwide, second only to Dubai (112).
Recent high-profile arrivals include US legal AI unicorn Harvey AI and Indian IT firm Mphasis, which opened an ‘Innovation Hub’ in London to focus on AI and quantum computing. Major US tech giants, Microsoft and Salesforce, have also expanded their AI operations in the city.
London’s AI ecosystem is further bolstered by significant venture capital investment. The city ranks #1 in Europe and #3 globally in terms of AI investment, trailing only the Bay Area and New York. So far this year, London AI companies have raised a staggering £2 billion, a 23% increase compared to the previous year.
This surge in investment and company growth is expected to create a significant number of high-skilled jobs in the UK capital. As London solidifies its position as a global AI powerhouse, it continues to attract top talent and drive innovation in the industry.
Janet Coyle CBE, managing director of Grow London at London & Partners, said: “London doesn’t stand still on AI and this is evident from the companies we continue to attract and that we are seeing set up or grow here. With AI at the core of London’s digital revolution, it is driving the city’s growth and the development of the technology itself.
“London is also one of the best hubs in the world for AI talent and research as well as home to an internationally renowned business ecosystem. In short, we have all the ingredients needed for an AI company to thrive.”
Image by Ivelin Donchev from Pixabay
