AI

Quantexa announces major AI investments supporting UK government's AI hub initiatives

Image provided by Adobe Stock.

July 12, 2023

Quantexa, a U.K.-based artificial intelligence firm specializing in decision intelligence (also known as DI) solutions, has announced major investment plans coinciding with previews of its Q Assist generative AI product, which leverages large language models in a conversational interface for data analysts trying to identify risks during investigations, according to a press release.

The announcement also coincides with the British government's plans to make the United Kingdom a hub for AI innovation, including planned investments totaling £125 million (approximately $162.3 million) in new global investments over the next three years, along with a planned total of £85 million (approx. $110.4 million) in dedicated U.K. investments.

The firm plans to invest more than £200 million (approx. $260 million) in total global investments by 2027, and its solutions are currently deployed in 70 countries.

"We want to ensure the UK remains the best place in the world to build, test and use safe AI technology," Rishi Sunak, prime minister of the U.K., said in the release. "Quantexa's new £85 million 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."

"The government is serious about AI, which is why we've invested £2.5B (approx. $3.25 billion) in AI infrastructure and skills since 2014 and this year set out our plan for AI regulation to drive innovation and build trust," Chloe Smith, technology secretary for the U.K., said in the release. "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."

"While many companies are talking about AI and machine learning, we have been investing in it since our inception," Vishal Marria, CEO and founder at Quantexa, said in the release. "We are investing our time, money and resources into the biggest technological breakthrough for generations as it will transform how organizations 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."