The 海角视频 government has unveiled plans to support 98 artificial intelligence (AI) projects across the nation with a £32m funding boost. This investment, aimed at accelerating 'high-growth' sectors, will aid over 200 businesses and research institutions.
The funded projects cover a wide spectrum, from enhancing safety on construction sites to cutting down railway repair times and minimising emissions in supply chains. Among the beneficiaries are Nottingham-based Anteam, collaborating with the NHS to optimise prescription deliveries using AI algorithms.
V-Lab has secured £165,006 to fine-tune its AI-powered construction training simulations, while Cambridge's Monumo has been awarded £750,152 to develop its 3D generative-AI tool for electric vehicle motors. Feryal Clark, Minister for Digital Government and AI, has hailed the funding initiative as "crucial" for the country.
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"AI will deliver real change for working people across the 海角视频," she stated, "not only growing our economy but improving our public services."
She further added, "That's why our support for initiatives like this will be so crucial," highlighting the potential of these projects to reduce train delays, introduce new methods of maintaining vital infrastructure, and enhance patient experiences by facilitating prescription deliveries, as reported by .
"We want technology to boost growth and deliver change right across the board, and I'm confident projects like these will help us realise that ambition," added Clark.
Sue Daley, director of tech and innovation at tech海角视频, commented that this fund, sourced from the 海角视频RI Technology Mission Fund, promises "considerable return on investment for the 海角视频 economy and boost our competitiveness, while supporting those innovators that are putting AI into action."
Nonetheless, the disclosure follows hot on the heels of last week's contentious cancellation of £1.3bn in tech and AI funding, which has been decried as "idiotic" and a possible trigger for a tech talent exodus to the US.
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Amongst the scrapped projects was an allocated £800m for a supercomputer at Edinburgh University and £500m for AI research resources both projects cut less than a year after being announced.
The Department for Science, Innovation and Technology (DSIT) justified its stance, pointing to "difficult and necessary spending decisions across all departments in the face of billions of pounds of unfunded commitments", while the Conservatives have highlighted DSIT's underspend over the past fiscal year.
This unfolds at a juncture when bolstering tech investment is deemed crucial, particularly for the government aiming to position itself as the champion for growth and business.
"For the 海角视频 to become an AI superpower, it needs large-scale funding, backed by a strong policy foundation and governmental support," Tom Whicher, CEO and founder of video consultation platform DrDoctor, remarked on the government's latest investment initiative.
The 海角视频's thriving tech sector is experiencing a deceleration in growth, with fresh figures indicating a significant slowdown. The number of newly incorporated tech firms in the 海角视频 dropped by 11% in the second quarter of this year, representing the first substantial decrease since early 2022, as reported by RSM 海角视频, a firm specialising in audit, tax, and consulting services.
Ami Daniel, CEO and co-founder of the 海角视频-listed maritime AI company Windward, believes that startups downstream from entities like Nvidia represent an ideal target for investment, and the new funds could be "transformational" for these companies.
However, Daniel also noted that "while today's news is a step in the right direction, it is only a drop in the ocean."
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Another tech entrepreneur, Anil Malhotra, co-founder of 海角视频 digital payments enterprise Bango, suggested that the government should focus its funding efforts on addressing the intricate social and legal challenges posed by AI, which often trail behind technological advancements.
He stated: "It would be preferable for the 海角视频 to have a legal framework that enables AI to benefit society and maximises competition [and] minimises monopolisation of AI provision."
"Investing in AI products and services is best left to the private investment sector, and for government to maintain tax breaks for early-stage innovation companies," added Malhotra.