London has been named as the AI capital of Europe in a new report that highlights the UK's standing as one of the top technology hubs in the world.
The UK capital has double the number of AI companies than Paris and Berlin, its two closest rivals, combined, as London streaks ahead of the competition.
London's 758 AI firms, including the likes of Babylon Health and Callsign, raised over £200m of investment during 2017, an improvement of over 50 per cent on the previous year, with insurance, finance and law highlighted as particularly strong growth sectors.
The report, commissioned by the Mayor of London Sadiq Khan ahead of London Tech Week, found that 80 per cent of the top AI firms in the UK are based in the capital, which was also rated as the best location for skills and talent – thanks in part to the 13 universities in the capital offering AI, machine learning or other related undergrad or postgraduate degrees.
“There are few areas of innovation that have the power to define our future economy and society more than artificial intelligence," Mr Khan said.
"As Mayor, it is my goal to ensure both that London is at the forefront of developing and capitalising on these new technologies, and that all Londoners can benefit from the opportunities that they create."
“The research describes a city with a rich technology ecosystem, a strong pipeline of AI innovation and an academic and investment base set up for the long term. These strengths will also support my ambitions to make London a world leading smart city, in which public data and AI will open doors for the public and private sectors to work together to improve the way that Londoners experience our city on a daily basis.”
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