Key announcements for innovative firms include:
Hunt announced that £500 million will be available over the next two years to fund new AI innovation centres. This funding aims to provide UK scientists and AI researchers with cutting-edge computing power to promote groundbreaking discoveries. The initiative supports AI start-ups and SME’s, which can position the UK as a global hub for AI innovation. It comes on top of the government’s initial £900m commitment to AI funding announced last year.
The UK is taking a leading role in this area, having hosted the world’s first AI Safety Summit in November and the additional investment will place the UK research base in a strong position to exploit this technology in order to advance innovation and discovery. The Manchester Prize will also be launched, which will award prizes of up to £1 million to researchers working on the safe, responsible application of AI over the next 10 years.