Global tech entrepreneurs and investors are pushingU.K.as a place for AI investment, but the UK faces competition as it strives to become the world's third largest AI center.
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At a conference at London Tech Week, tech executives from around the world called London and the U.K. a worthwhile place to invest, particularly because of London's well-connected tech and AI ecosystems and its reputation for top universities and schools. But the UK faces challenges in its bid to become the world's third-largest AI center.
London is home to a vibrant tech ecosystem, with well-known tech brands such as Sage and venture-backed startups Revolut and Deliveroo. It has also been successful in attracting deep-pocketed US tech companies from overseas. in 2014, Google acquired UK-founded AI lab DeepMind, whose technology is now a core part of Google's AI offerings, including its generative AI tool, Gemini.
But the UK also has competition from France to contend with. France hosted Viva Tech, the country's trade show for the tech industry, last month with 165,000 visitors, and at Viva Tech Arthur Mensch, chief executive of Mistral, France's leading artificial intelligence start-up, was in the spotlight. According to a report released last week by venture capital firm Accel, France's generative AI companies raised $2.29 billion in venture capital, more than their UK counterparts.