Nvidia has pledged to invest £2 billion in the UK market to “catalyse the nation’s AI start-up ecosystem and scale the next generation of globally transformative AI businesses”, as per a statement from the US tech titan.
The investment, which is being made in partnership with venture capital firms Accel, Air Street Capital, Balderton Capital, Hoxton Ventures, and Phoenix Court, seeks to “foster economic growth, develop more innovative AI technologies, create new companies and jobs, and empower the UK to compete in the AI market globally”, Nvidia says.
According to Nvidia, the UK has faced significant challenges when attempting to scale its AI sector, including “limited access to supercomputing, constrained venture capital outside London, rising energy costs and difficulty for VCs to access leading academic institutions, where many researchers are also entrepreneurs”.
Therefore, to combat these issues, Nvidia plans to direct capital and advanced AI infrastructure toward “major UK hubs” including London, Cambridge, Oxford, and Manchester to support the establishment and expansion of emerging AI start-ups.
This announcement coincides with several major US technology companies committing substantial investments in the UK during President Trump’s recent state visit. Microsoft has declared it will fund £22 billion over the next four years, while Google’s parent company Alphabet plans to invest £5 billion over two years to expand its Hertfordshire data centre and propel scientific research into AI.
Nvidia is further supporting UK AI innovation through an upcoming AI sandbox programme in collaboration with the Financial Conduct Authority (FCA). Scheduled to launch in October, the initiative will enable applicants to experiment with AI utilising Nvidia’s accelerated computing capabilities and enterprise software.
Jensen Huang, founder and CEO of Nvidia, states that the UK is in a “Goldilocks moment” when it comes to AI. “There has never been a better time to invest in the UK — AI is unlocking new science and sparking entirely new industries. With new capital and advanced infrastructure, we are doubling down to empower the UK to lead the next wave of AI innovation,” Huang says.
Source: https://www.fintechfutures.com/
