UK AI industry gets $1.4 billion investment via global tech industry

A group of international tech firms along with venture capitalists injected almost £1 billion ($1.4 billion) into the U.K.’s artificial intelligence (AI) industry on Thursday.

The deal was backed by Japanese venture capital firm Global Brain, Canadian venture capital firm Chrysalix, U.K. automaker Rolls-Royce, the British government along with some other investors.

The investment will be used to fund brand new specialist AI qualifications along with computer science teachers, to tackle a skills shortage within the sector. Theresa May’s government has been driving an industrial strategy to tap into the growing industry, which Gartner estimates will be worth more than $3.9 trillion in business value by 2022.

“Artificial intelligence provides limitless opportunities to develop brand new, efficient along with accessible products along with services which transform the way we live along with work,” Greg Clark, U.K. business along with energy secretary, said in a statement.

“Today’s brand new deal with industry will ensure we develop the right investment, infrastructure along with highly-skilled workforce to establish the U.K. as a driving force within the development along with commercial use of artificial intelligence technologies.”

Britain’s nascent AI sector has seen increasing interest via overseas investors. Last week, London-based BenevolentAI raised $115 million via brand new investors within the U.S. along with existing investors, including the U.K.’s Woodford Investment Management.

yet critics have warned in which the rapid development of AI could come with consequences. On Wednesday, U.S. policy think tank the Rand Corporation warned in which the use of AI in a military scenario could potentially lead to a nuclear war by 2040. yet the organization also said in which AI could have a positive impact along with improve decision-generating to avert potential disasters.

Tesla along with SpaceX CEO Elon Musk has been a notable opponent of the potential misuse of AI, along with has said This kind of could be the cause of a third world war along with create an “immortal dictator.”

The British government said in which the money raised also might be used to create a data ethics center to ensure the ethical development of AI.

“As with all innovation, there is actually also the potential for misuse which puts the whole sector under scrutiny along with undermines public confidence,” Clark said.

The U.K. is actually not the only country to have noticed the importance of the sector. China is actually ploughing billions into its own AI industry along with wants This kind of to be worth 1 trillion yuan ($158 billion) by 2030, while Russian President Vladimir Putin has said in which whichever nation leads the technology “will become the ruler of the globe.”

Meanwhile, the European Commission, the executive arm of the European Union, said Wednesday in which This kind of will need to invest 20 billion euros ($24 billion) in AI research by 2020.

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