- This week, world-leading UK technology companies invest over £2bn
- AI company CoreWeave invests £1bn in UK
- The Prime Minister visited the Siemens Healthineers site, which marked a new factory supporting more than 1,300 skilled workers.
The Prime Minister welcomed the “safe bet” the world's leading technology and AI companies are making in the UK, with more than £2 billion of investment secured in the UK in a week.
Siemens Healthnears, which supports more than 1,300 skilled jobs, today announced that it will invest £250m in the design and manufacture of superconducting magnets for MRI scanners at the new Siemens Healthnears facility in North Oxfordshire.
It comes as the world's leading AI company CoreWeave is also investing £1bn in the UK and confirmed its new European headquarters will be based in the capital.
These two UK data centers will open in 2024, with further expansion planned for 2025, and will help secure the processing power needed for machine learning and AI, graphics and rendering, life sciences, and real-time streaming. Masu.
The £2 billion investment also follows AI data infrastructure company Scale AI's selection of London as the location of its first European headquarters.
Earlier this week, Wave announced it had secured more than $1.05 billion to develop the next generation of AI-powered self-driving cars in the UK. Founded in the UK in 2017, Wayve is a British success story, building on the UK's global leadership in creating the economic and regulatory conditions for startups in the AI and autonomous vehicle industry to grow and thrive. This is proof that you are demonstrating your abilities.
Treasurer Jeremy Hunt said:
Companies are making a safe bet in the UK. Since 2010, the company has attracted the third highest amount of foreign direct investment in greenfields, with the UK accounting for around half of all AI private capital investment in Europe. We have truly turned a corner, and the future of business agrees.
The UK accounts for around half of Europe's AI private capital investment, and hundreds more AI companies are set up in the UK every year, growing the economy and creating highly skilled, high-paying jobs. The AI sector employs over 50,000 people in the UK and contributes over £3.7 billion to the economy each year. By 2035, the AI market is predicted to grow to over $1 trillion.
Taken together, these investments cement the UK's position as a world leader in the AI and technology industry and build on our strong track record of attracting the best and largest investments from the world's leading AI companies.
Bernd Montag, Chief Executive Officer of Siemens Healthineers, said:
MRI technology plays an important role in diagnosing diseases and helping patients stay healthy. As a world leader in medical imaging, we are extremely proud to open the next chapter of our history here in Oxford.
This factory will become a global center for our innovative low helium magnet technology. This means significantly reducing the consumption of scarce natural resources and making MRI available to more patients.
Mike Intrator, co-founder and CEO of CoreWeave, said:
We are seeing unprecedented demand for AI infrastructure, and London is a key AI hub in which we are investing. Expanding our physical footprint in the UK is a key milestone in CoreWeave's next phase of growth.
CoreWeave's infrastructure fills a void in the cloud market by providing AI companies with localized, high-performance computing solutions to help build and deploy next-generation AI applications.
Michelle Donnellan, Secretary of State for Science, Innovation and Technology, said:
I have always said that when it comes to cementing Britain's position as a technology powerhouse, the proof will be on paper. And there is no better evidence than the fact that our technology sector received £2 billion of private investment in a week. Time and time again, the world's leading technology companies choose the UK as their investment destination, creating new jobs and opportunities for people to learn valuable skills.
Siemens, Wayve, CoreWeave, ScaleAI – these are the major companies that countries in Europe and around the world are keen to attract. But what makes the UK competitive is the unique, agile and ambitious technology ecosystem that I am proud to have helped build.
Some of the world’s largest AI companies, such as Open AI and Anthropic, have also chosen London to base their first international offices in a massive vote of confidence in their approach to AI. Microsoft recently announced the establishment of a new AI hub in London. He also has one of the leaders in this field, Google DeepMind, which he founded here more than a decade ago and is still based in the UK.
The UK also has a world-leading AI and technology industry that continues to grow. The UK is the third country in the world (after the US and China) with a technology sector totaling more than $1 trillion. The UK is also home to the third largest number of AI companies and private capital investment in AI in the world.
The single biggest way we can help businesses is by creating the economic conditions for them to thrive. That's why we have worked with the Bank of England to bring inflation down from over 11.5% to 3.2%. This means that wages are increasing at a rate faster than his 11.5%. Nine consecutive months of inflation.
Now that the economy has turned a corner, we'll cut National Insurance by the equivalent of £900 for the average worker and cut more than £50bn of corporation tax in real terms to make it cheaper for our biggest businesses to invest. Tax reductions such as full cost reductions are possible. Tax cuts in modern British history.
Further information
- CoreWeave is a specialized GPU cloud provider designed to power your most complex workloads with customized solutions at scale. The company's cutting-edge technology portfolio offers a wide range of capabilities including machine learning and AI, graphics and rendering, life sciences, and real-time streaming. Our world-class teams, talent and engineering capabilities enable unparalleled speed to market for advanced computing. CoreWeave is expanding its data center footprint to cover every region of the United States. It was founded in 2017 and is based in New Jersey.
- Siemens Healthineers is an innovative pioneer in healthcare. For everyone. wherever. It's sustainable. Siemens Healthineers is a global provider of medical devices, solutions and services with operations in more than 180 countries and direct representation in more than 70. Siemens Healthineers is a leading medical technology company committed to improving access to health care for underserved communities around the world. We strive to overcome the most threatening diseases. The company primarily operates in the areas of imaging, diagnostics, cancer treatment and minimally invasive treatments powered by digital technology and artificial intelligence. In his fiscal year 2023, which ended on September 30, 2023, Siemens Healthineers had approximately 71,000 employees worldwide and generated revenues of approximately EUR 21.7 billion.
- More information about investing in Wayve.
- Detailed information about Scale AI European Headquarters.
