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UK AI sector attracts £200 million a day as growth programme launched for South West-based innovators

Joe Bevan
Authored by Joe Bevan
Posted: Tuesday, January 21, 2025 - 15:39

The UK's artificial intelligence sector is attracting an unprecedented £200 million in daily private investment, as new opportunities emerge for growing AI firms in the South West.

According to figures released by the Department for Science, Innovation and Technology, private sector investment in AI has reached an average of £8.3 million per hour since last summer, with more than £14 billion of new investment confirmed in the 48 hours following the publication of the AI Opportunities Action Plan.

Peter Kyle, Secretary of State for Science, Technology, and Innovation, said: "By attracting more than £14 billion in new investment and thousands of fresh jobs since unveiling our new blueprint from companies across the globe, the message is clear – the UK’s pull as a magnet for AI innovation and growth will only go from strength to strength."

The news comes as a new accelerator is launched for AI businesses in the South West of England. Growth Forge AI is delivered by Tech South West with support from UWE Future Space and other partners, including Microsoft, Bishop Fleming and EVO Talent. The programme is open to any AI-focussed tech business in the South West, from startups to established businesses.

For South West tech companies looking to capitalise on national developments, the government's AI Opportunities Action Plan outlines specific proposals aimed at making the UK a premier destination for AI development. The plan includes initiatives to support regional tech growth and ensure equitable access to resources across the country.

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