Artificial Intelligence and Machine Learning are two of the most popular buzzwords in the tech world for about a decade. Historically, the concept of AI existed since Ancient Greece in many different forms than today. Alan Turing, a British polymath, was the first person to come up with the modern concept of AI which denotes that machines can also perform specific tasks and make decisions with the available data to them in 1950. The term Machine Learning was introduced two years later by the American computer scientist Arthur Samuel. Though AI and ML are used interchangeably, they’re not quite the same thing. Simply put, ML is a set of different methods to create AI.
Today, many startups and enterprises use Machine Learning and Artificial Intelligence for more efficient operations in various areas, from Human Resources to Supply Chains. Globally, organizations are using AI as a tool for generating value, according to The State of AI in 2020 survey by McKinsey & Company. Half of 2,395 participants in the survey reported that their business adopted AI in at least one business function. OpenAI, UiPath, Megvii, SenseTime are some of the best-funded AI companies around the world.
In the UK, AI is a £15.6 billion sector with almost 3,000 companies, around 1,200 being in the Machine Learning sub-sector, according to a report by The Data City. The AI sector is one of the least affected sectors by the COVID-19 that kept its consistent pre-pandemic growth stable. Babylon Health, OneTrust, BenevolentAI, and Behavox are a few companies that had more than £100 million in funding since their foundation. Also, Increasingly, a London-based AI startup that uses machine learning to automate product bundling on retail websites is one of the rising stars in the London startup ecosystem.
Explore the top Artificial Intelligence startups & Machine Learning companies in London! Discover more about their business models, service types, and more!