UK AI sector funding hits record £1bn for 2018, almost the same as the rest of Europe combined February 20, 2019 Investment into the UK’s artificial intelligence (AI) sector from venture capital firms reached a record $1.3bn (£998m) last year, almost as much as the rest of Europe combined. The new figures from Dealroom represent a fourfold increase in five years, up from a total of $200m in 2014. In comparison, French AI startups raised $400m last [...]
Peltarion, the AI startup used by Nasa, Ocado and Tesla, raises $20m February 14, 2019 Swedish artificial intelligence (AI) startup Peltarion is heading across the Atlantic after closing a $20m (£15.5m) funding round. The series A funding was led by Euclidean Capital, which has also backed the likes of popular DNA ancestry startup 23 And Me. Existing investors FAM, which is owned by Swedish investor family the Wallenbergs, and EQT Ventures also took [...]
Robots, surgery, and the NHS – what will the future medical bot look like and when will the machines take over the operating theatre? February 11, 2019 In the 2012 film Prometheus, there’s a memorable scene where the protagonist uses an automated medical table to remove an alien creature growing in her stomach. At the press of a few buttons, robotic arms quickly perform a complex procedure – the operation looks more like a car assembly line than surgery. The scene is [...]
Former Marketinvoice boss raises $30m for fintech startup Complyadvantage, backed by Index and Balderton January 30, 2019 The fintech startup formed by the co-founder and former chief executive of London firm Marketinvoice has closed a $30m (£22.8m) funding round today, backed by Revolut investors Index Ventures and Balderton Capital. Complyadvantage uses artificial intelligence to analyse the risk of financial crime for some of the world’s largest banks. The startup will use the funding to [...]
Failed tech startup Blippar to relaunch as Nick Candy’s venture firm comes to its rescue January 23, 2019 Property tycoon Nick Candy has bought up the remaining assets of failed technology startup Blippar after it collapsed into administration last month. Already a major shareholder in the business, Candy now owns the intellectual property assets of Blippar and its various brands, which his venture firm said would be deployed into a new business. Blippar's chief [...]
Plans for tiny robot workers to fix Britain’s underground pipes get £7m government backing January 3, 2019 Tiny robots the size of a human fingernail will one day swim and crawl along Britain’s vast network of underground pipes, working in teams to carry out repairs in place of people. The government is to plough £7m into the creation of the micro robots, which it hopes will one day perform infrastructure maintenance work on pipes, [...]
UK chipmaker Graphcore gains unicorn status with $200m funding from BMW and Microsoft December 18, 2018 UK artificial intelligence chipmaker Graphcore has raised a $200m (£158.1m) series D funding round from BMW and Microsoft, valuing the firm at $1.7bn. The round brings Graphcore's total amount raised to date to over $300m, with its new investors joining existing backers such as electronics founder Robert Bosch, Dell and Samsung Electronics. The round was led by London venture [...]
Lexus and IBM debut the world’s first TV advert entirely scripted by artificial intelligence November 19, 2018 Luxury carmaker Lexus has teamed up with IBM's Watson and several London agencies to make the world's first car advertisement entirely scripted by artificial intelligence. Directed by Oscar-winning filmmaker Kevin Macdonald, who is known for films such as The Last King of Scotland and this year's Whitney Houston biopic, the advert was created to showcase Lexus' [...]
London leads the way as an artificial intelligence tech talent hub November 15, 2018 Investment in London’s artificial intelligence (AI) sector from venture capital firms skyrocketed more than 200 per cent between 2015 and 2017, with funding for the capital’s startups so far this year already surpassing last year’s numbers. New figures released today by Pitchbook revealed the fast growth of London’s AI scene, which is home to more [...]
By disrupting its own industry, Ocado has proven the power of automation October 4, 2018 Further evidence of automation’s benefits has emerged this week following the news that online retailer Ocado’s revenue jumped by 11.5 per cent in the last quarter – largely thanks to the automation of its warehouses. The effects are unquestionably positive, with the average number of orders processed by the firm reaching 283,000 per week. Its [...]