This year did not begin well for technology in the UK. Venture financing evaporated. Companies cut staff and tightened belts.
A bank collapse shocked startups. Bosses at two of Britain’s largest tech firms, Deliveroo and Revolut, both chastised UK regulators for stifling innovation. And the sector’s crown jewel, Arm Ltd., decamped for a US listing, spoiling London’s image as an attractive investment capital.
And yet, there’s no shortage of veteran London investors unswayed in their optimism. They say there’s an opportunity for the UK to seize tech’s next wave by setting its own financing and regulation rules, distinct from Brussels and the US. “It’s nimble enough that, especially now, given its own regulatory environment outside of the EU, you can create sandboxes for innovation,” he said.
University College of London, which produced DeepMind, has created a £120 million tech fund focused on converting AI research into commercial enterprises, and has invested in 30 startups. And, according to the data firm Dealroom, investors have put more money into AI startups in the UK so far this year than fintech companies, a first since 2011.
Another opportunity is regulation. In May, Sunak met with the chiefs of DeepMind, OpenAI and Anthropic, a California AI firm that recently opened a London office. Afterward, Sunak released a statement that said the UK was “well placed to lead the international discussion” on regulating AI appropriately.
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