Deep Knowledge Ventures Founding Partner Presents on State of UK AI Industry in the UK Parliament
Deep Knowledge Ventures’ Founding Partner Dmitry Kaminskiy Delivers Presentation of Landmark AI in UK Industry Report from DKV Subsidiary Deep Knowledge Analytics in the House of Lords of UK Parliament alongside Lord Clement-Jones & Birgitte Andersen.
On October 26, 2018, Dmitry Kaminskiy, Founding Partner of Deep Knowledge Ventures, presented keypoints from the landmark 2200 page AI Industry in UK Q3 2018 report jointly produced by Big Innovation Centre and Deep Knowledge Analytics in coordination with the All-Party Parliamentary Group (APPG) on AI, alongside Lord Clement-Jones, CBE (Co-Chairman of the APPG on AI) and Birgitte Andersen (CEO of BIC), at a meeting convened to announce the report’s publication.
Several members of the House of Parliament were in attendance, including Stephen Metcalf and Damien Moore, as well as representatives from several top UK media brands such as The Telegraph. The meeting opened with statements from Lord Clement-Jones, CBE, who spoke about the current state of the UK AI Industry, and on the recent work being done by the APPG on AI. He also noted the rapid increase of Government-related activities aimed at securing the UK’s position as a leader in ethical AI, including Government efforts such as the establishment of the new Government Office for AI, as well as private sector partnerships and initiatives such as the Centre for Data Ethics and Innovation.
Meanwhile, Birgitte Andersen the CEO of Big Innovation Centre spoke on how the UK now has an AI industry of critical scale in the global economy, with investment in UK AI businesses has now exceeding $5bn (£3.8bn) and growing, and how London is now both a leading global financial hub and an AI hub, home to more AI startups than any other European country, while also noting the scientific prowess and intellectual excellence emanating from AI-savvy UK universities and highlighting the UK’s reputation for developing strong ethical traditions relating to governance and business.
Kaminskiy spoke on the subject of several key findings of the report, including the current dynamics of the Global AI Race, why the UK can now be considered to be #3 in the global AI market, prospects of the UK AI industry from an investment point of view, and why the UK AI-industry and overall Advanced Digital Economy (convergence of AI, Blockchain, IoT, FinTech) has greater potentials for growth and success compared the EU.
Speaking on the impact of the report and future prospects for the UK AI Industry, Lord Clement-Jones noted that “As shown in the report on AI in UK we have now reached the inflexion point which can be reasonably described as the Cambrian Explosion of AI in the UK. The report shows that there’s been a substantial surge of activities on the part of the UK throughout the past several months, ranging from the excellent work of the All-Party Parliamentary Group on AI to the establishment of the Government Office for AI. Debates in Parliament are taking place from ethics to AI investment to trade-related aspects of AI. There are also funded Government and private sector partnerships and initiatives such as the Centre for Data Ethics and Innovation. Thus, it is clear that the UK has strongly confirmed its commitment to prioritise the further development of AI as a core part of its national agenda. I like to think that the Lords Select Committee report on AI launched in the spring highlighting the nation’s very strong potential on AI has something to do with it. This report launched today takes it a step further on our intelligence on UK’s AI economy. Big Innovation Centre and Deep Knowledge Analytics have mapped the UK blockchain sector at an industrial scale (2200 pages in figures, text and graphs), showing all our resources and capabilities and the UK AI ecosystem at a very detailed level.”
Birgitte Andersen, CEO of Big Innovation Centre, commented that “The UK now has a solid foundation to become a global AI leader, but Government must cement our unique position through investment into AI from all sectors of our economy – science, entrepreneurship, infrastructure, governance, blockchain and skills. The Chancellor of the Exchequer is announcing the Budget on the 29th of October. He should know that we are living through an economic period where success brings more success, and big is good but bigger is better. The UK’s AI industry’s growth is now reaching astonishing pace, creating incredible opportunities within an ecosystem well positioned for international collaboration with the US and China. Not to mention working with other global growing AI hubs in Singapore, Hong Kong and the Middle East. The UK can become a true epicentre of fair, safe and unbiased international AI-cooperation.”
Speaking to the present promise and future roadblocks to progress facing the UK AI Industry, Kaminskiy noted that “Considering international reputation of UK, cultural traditions, and overall level of industrial development we can also estimate that have the best chances to become the global leader in establishing the framework for so-called Trusted AI technologies. If the UK will proceed in the same direction as it was doing throughout 2017-2018, it has great potentials to become the new global leader of the 4th Industrial Revolution, the engine of economic growth and social progress, and the #1 leader of “Good Trusted AI”. However, the UK needs to focus on intersection of AI with preventive medicine and extending healthy period of life, and to view their two Grand Challenges – AI and Aging Population – in convergence, as spheres that can yield great synergy together to solve one of the most pressing social issue facing the nation, namely, the Aging Society.”
A major insight highlighted by the report is that the UK is rapidly becoming a global AI-powerhouse, currently ranking #3 globally, but with a strong likelihood to excel in specific subsectors and areas in the coming years. While China is actively challenging the US as the dominant leader in the international AI race, the UK has considerable prospects of becoming an international leader in some specific niches including healthcare and fintech, and in the development of AI ethics, governance and safety frameworks on a global scale. In particular, it has substantial potential to set the gold standard for “Good Trusted AI” and to develop international laws for the prevention of oppression, discrimination and biases resulting from the unethical use of AI.
The report is the largest industry analysis conducted to date, featuring individual profiles of the 1000 companies, 600 investors, 60 influencers, 30 tech hubs and research institutes, and multiple private and government entities, leading the development of the UK AI-industry. Big Innovation Centre coordinated the work behind the report and acquired input from the All Party Parliamentary Group on AI, which has been a vital source of expertise on the state of AI in the UK, while Deep Knowledge Analytics’ contribution was strengthened by its specific experience conducting advanced studies of DeepTech sectors and particularly on the global AI market in order to assist in the comparative analysis of the UK AI-industry against the background of the international AI landscape.
Effectively understanding the challenges and opportunities of the UK AI Industry landscape is exactly what this report has set out to achieve; serving as an effective tool for the tactical optimisation of the industry as a whole. There is no doubt that the UK will see tangible and practical deliverables as a result of this string of initiatives over the course of the next few years. The only remaining question pertaining to the specific nature and magnitude of those results is how these now-abundant resources and initiatives can be most effectively assembled, in a synergetic and convergent manner, in order to maximise the return on the investment of funds and non-monetary resources. This report is the first step in an ongoing effort to provide a framework for assessing the optimal road forward, and for developing an effective roadmap that can be used to assist in the efficient and synergetic assembly of the tools and assets which the UK has at its disposal.
About Deep Knowledge Ventures
A leading investment fund focused on the synergetic convergence of DeepTech verticals, frontier technologies and technological megatrends, renowned for its use of sophisticated analytical systems for investment target identification and due-diligence. Major investment sectors include AI, Precision Medicine, Longevity, Blockchain and InvestTech. @DeepTech_VC
About Deep Knowledge Analytics
The DeepTech analytical arm of Deep Knowledge Ventures, specialising in forecasting on the convergence of technological megatrends, conducting special case studies and producing advanced industry analytical reports on the topics of Artificial Intelligence, DeepTech, GovTech, Blockchain, FinTech and Invest-Tech. Its Pharma Division is the leading analytical entity specifically focused on deep intelligence of the pharma industry and the AI for Drug Discovery sector, and serves as the main source of market intelligence and analytics for AI-Pharma, a specialized hybrid hedge fund. @DK_Analytics
About Big Innovation Centre:
Big Innovation Centre exists to help businesses, public agencies and universities put their open innovation principles into practice. Acting as an open innovation hub, Big Innovation Centre convenes a network of representative global companies in every sector, plus national public agencies and some of the best universities. Through this coalition we are building world-class innovation ecosystems and co-creating global innovation and investment hubs. Our aim is to help rebalance and grow national and regional economies. Our partners pool and share resources – technology, IP, data, skills, space, entrepreneurial finance – so our people can work together as co-catalysts to solve the grand challenges. Big Innovation Centre enlarges the innovative capability of its partner organizations, and itself becomes a ‘go-to’ place where commercial and public sector ideas are shared, tested and realized. We create a trusted space for people from cutting edge companies, universities and public agencies to meet and co-create a better world.
About All Party Parliamentary Group on AI:
The APPG AI was formed to address the economic, social, and ethical implications of developing and implementing Artificial Intelligence. We aim to to assess its impact, and, ultimately, to empower decision-makers to make policies in the sphere. Bringing together government, business, and academia we will share evidence and assist in setting an agenda for how the UK should address AI moving forward. The APPG AI is co-chaired by Stephen Metcalfe MP and Lord Clement-Jones CBE. The Group Officers are Chris Green MP, The Right Reverend Doctor Steven Croft, Baroness Kramer, Lord Janvrin, Lord Broers, Lord Holmes of Richmond, Lord Willetts, Baroness McGregor-Smith, Mark Hendrick MP and Carol Monaghan MP. The Group supporters – Accenture, Barclays, BP, British Standards Institution, CMS Cameron McKenna Nabarro Olswang, Deloitte, EDF Energy, Ernst and Young, KPMG, Microsoft, Oxford University Computer Science, and PwC – enable us to raise the ambition of what we can achieve. Big Innovation Centre is the APPG AI Secretariat.