London has become the artificial intelligence growth capital of Europe, with twice as many AI companies as closest rivals Paris and Berlin combined, according to a new report.

AI: growing importance to UK economy

The report, commissioned by the Mayor of London Sadiq Khan and published at the start of London Tech Week, maps London's AI ecosystem for the first time and highlights its growing importance to the economy.
Produced by AI advice platform CognitionX, the report "will help to uncover the opportunities to unlock innovation and investment in London in order to maximise the economic impact of AI on the city, and to support the mayor's ambition to make London a world-leading Smart City".

Key findings in the report, 'London: The AI Growth Capital of Europe':

• London is home to 758 AI companies - double the total of Paris and Berlin combined. They specialise in more than 30 industries with particular strengths in insurance, finance and law. Some 645 of these companies have headquarters in the capital.
• Investment raised by London's AI companies grew by more than 50 per cent in 2017, reaching over £200 million. This represented approximately 10 per cent of the record £2.45 billion raised by London's technology firms last year.
• 43 per cent of London's AI suppliers have at least one non-UK founder and 32 per cent have at least one founder who are from black, Asian, and minority ethnic backgrounds.
• A quarter of London's AI suppliers have at least one female founder, compared to just 17 per cent of global start-ups. The report says that London has an opportunity to build on the current levels of female founders and provide a start-up environment that encourages higher levels of female participation in AI and across the technology sector.

Mr Khan said, "There are few areas of innovation that have the power to define our future economy and society more than artificial intelligence.
"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.
"London's unique global status as a capital of finance, business, government and technology is our standout asset. Everything entrepreneurs need is here in one place – not least access to clients."

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Tabitha Goldstaub, co-founder of CognitionX, added, "We are at a crossroads. Action is needed now. Developing our open community, attracting and growing diverse talent, investing in research and ensuring rapid responsible adoption is key. We welcome the mayor's leadership in shining a spotlight on AI in London, and working to build a strong AI cluster to maximise economic and societal impact.
"If industry, government and academia can gain consumer trust, get the challenging ethical considerations understood and ensure the benefits of AI are fairly distributed, this could lead to a brighter future for London and the UK."The annual London Tech Week is a week-long festival featuring more than 200 events and attracting more than 50,000 delegates from all over the world. Mr Khan is launching the 'Smarter London Together' roadmap at this year's event, which aims to make London a smarter city.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory 

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