An additional £125m in investment is being dedicated towards bolstering global AI industry R&D over the next three years, with a view towards contributing total funding upwards of £200m by 2027.
London-headquartered Quantexa, which currently specialises in financial crime data and analytics, aims to help customers to advance the use of AI to protect, optimise, and grow their organisations.
A new AI Innovation Centre team in London is being planned, which would create over 170 new jobs.
Additionally, the company is set to share a preview of its generative AI technology, Q Assist, as well as committing to advancing its existing AI stack, for discovery of new use cases across business sectors.
£54m in UK government funding announced for AI research — UK Technology Secretary Chloe Smith announced government investment totalling £54m towards building secure and trustworthy AI, at London Tech Week.
“While many companies are talking about AI and machine learning, we have been investing in it since our inception,” said Vishal Marria, founder and CEO of Quantexa.
“We are investing our time, money, and resources into the biggest technological breakthrough for generations as it will transform how organisations make decisions. We’re proud to invest in London-based innovation but the impact will be felt by the global economy and will start a ripple effect that will unlock decision intelligence capabilities for our clients and their respective industries.”
Ensuring responsible deployment
Designed to obtain 360-degree views of customers and suppliers to optimise supply chains and identify financial criminal activities like fraud, the following three core principles have been cited for responsibly building out the AI stack:
- Context-based learning — With context being crucial in accurate tracking and decision-making, this is facilitated through data used to create single views of people, organisations, places, and other entities. From here, these are assembled visually to show complex interactions between entities.
- Composite AI — Quantexa’s Composite AI Stack, designed to democratise access to models across the organisation, aggregates the outputs of various techniques, including machine learning, natural language processing and deep learning. Combining these with input from subject matter experts, businesses can use analytics to improve decision-making.
- Explainability and trust — In highly regulated environments, it is vital that decisions are transparent and explainable with no suggestion of bias. Context-based techniques and composite AI are used to drive adoption of explainable outcomes without privacy concerns.
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Aiding the national strategy
The announced boosting of AI research investment also comes in line with a wider goal to to make UK a global AI hub — a mission recently lobbied by Prime Minister Rishi Sunak.
Mr Sunak commented on Quantexa’s funding plans: “We want to ensure the UK remains the best place in the world to build, test, and use safe AI technology. Quantexa’s new £85m London AI Innovation Centre will help cement this reality.
“It will create over 170 jobs, harness the extraordinary potential of AI as we grow our economy, and lead the way on responsible AI development around the world.”
Technology Secretary Chloe Smith commented: “The Government is serious about AI, which is why we’ve invested £2.5bn in AI infrastructure and skills since 2014 and this year set out our plan for AI regulation to drive innovation and build trust.
“Quantexa’s investment is a huge vote of confidence in those plans and will unlock new opportunities for growth and job creation, enabling us to continue to pave the way as a global leader in the development of AI.”
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