Data analytics firm Quantexa has pledged to invest £125m in artificial intelligence (AI) development funding by 2027 as it seeks to solidify its position in the UK’s AI ecosystem.
The UK-based company will invest £85m in the UK alone and create 170 new jobs with the opening of its new London AI Innovation Centre.
Quantexa is data and analytics focused, aiming to help companies make sense of their data stacks with a decision intelligence platform.
The company uses its AI stack to combine technologies such as: Machine learning (ML) Natural language processing renders complex data with additional context with the goal of helping businesses make more informed decisions.
The company’s new AI tool, Q Assist, currently in technology preview, allows business users to use natural language input to query both structured and unstructured big data. Quantexa aims to enable analysts to perform research at a high skill level with this tool.
As an example, the company said AI assistants could enable junior analysts to perform complex investigations into potential financial crimes and automate the creation of reports on questionable data.
Q Assist is “agnostic” to the large scale language model (LLM). This means you can work with popular models such as: Chat GPT, Open Source model, or company-specific model.
“We are investing time, money and resources in the greatest innovation of generations that is changing the way organizations make decisions,” said Vishal Maria, CEO and Founder of Quantexa. increase.
“We are proud to invest in London-based innovation, whose impact will begin to impact the global economy and set in motion a ripple effect that will unlock the decision-making intelligence capabilities of our clients and their respective industries. .”
A University of Washington analysis suggests that a combined £200m investment could deliver £600m in benefits to the global AI industry by 2027 through innovation and job creation spillovers.
in April Quantexa becomes UK’s first unicorn in 2023valued at $1.8 billion.
Singapore investment firm GIC led the investment round, raising a total of $129 million for Quantexa.
The company’s success comes at a crucial time for the UK start-up sector, as the growth rate of UK unicorns (those valued at over £780m or $1bn) has slowed dramatically.
A recent Tech Nation article highlighted: How to build a scale-up According to the report, the pace of UK unicorn creation in 2022 was one-tenth of the previous year.
Despite the recent slowdown in unicorn creation, the authors of the report believe that the UK will soon see a ‘plethora’ of unicorns driven by sustained growth in sub-billion dollar companies with high value potential. I assumed you would see it.
The UK government has put AI at the heart of its strategy to grow the UK tech scene. Finance Minister Jeremy Hunt uses spring statement to announce £1.8bn ($2.3bn) tax relief credit for small businesses and £1m ($1.3m) annual prize fund for AI innovators bottom.
“We want to ensure that the UK remains the best place in the world to build, test and use secure AI technologies,” Prime Minister Rishi Sunak said.
“Quantexa’s new £85m London AI Innovation Center will help cement this reality, creating over 170 jobs and harnessing the extraordinary potential of AI as the economy grows. will lead the way in responsible AI development around the world.”
