Cisco directs $100 million to UK's Artificial Intelligence tech domain
Patrick Imbach, KPMG's head of innovative startup practice said that AI will play a crucial role in the coming success of the UK economy, specifically around the British government's industrial plan.
Cisco, the renowned multinational telecommunication giant recently announced its intention of investing about a $100 million in digital innovation in the UK, with focus on self-driving vehicles, data and AI.
The scheme has been supported by digital secretary Jeremy Wright and the Prime Minister Theresa May and will run parallel to the British governments industrial plan. Cisco will team up with University College London (UCL) to establish research centers for AI purported be one of the largest in the world.
The research center is expected to become a hub concerned with finding ways of integrating AI into British industry and will be housing about two hundred UCL researchers and academics while helping to nurture future AI talents as well.
The British Prime Minister called the investment to be the companys vote of confidence in the British governments industrial development scheme.
Ciscos chairman and chief executive, Chuck Robbins expressed his confidence in the UKs expertise in Artificial Intelligence and its commitment to impart essential digital skills to future innovators ensuring that the countrys citizens are well prepared to grasp onto coming opportunities.
Experts point out that UK currently holds the fifth position in the world when it comes to embracing digital innovation. AI, meanwhile is continuing its upward climb in the venture capital interest ranks, bringing in a considerable amount of funding spanning the last quarter that witnessed UK companies receiving about £1.55 billion.
Patrick Imbach, KPMGs head of innovative startup practice said that AI will play a crucial role in the coming success of the UK economy, specifically around the British governments industrial plan.
He also pointed out UKs history of developing some of the worlds most innovative Artificial Intelligence businesses which unfortunately exit the market too soon due to lack of funding. He emphasized that to become a world leader in AI, it is vital that the nation puts in place more infrastructure and funding that help these businesses in remaining independent and progress further.
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