Global telecoms tech firm Cisco has announced it will be investing $100m (£76.8m) into digital innovation in the UK, with a focus artificial intelligence, data and self-driving cars.
Backed by Prime Minister Theresa May and digital secretary Jeremy Wright to run in tandem to the government's industrial strategy, Cisco will partner with University College London (UCL) to open one of the world's largest research centres for AI.
The centre will become a hub for addressing ways to integrate AI into British industry by housing more than 200 UCL academics and researchers, as well as developing up and coming AI talent.
Read more: UK and France sign accords on cross-border data and AI collaboration
Announced this morning at Downing Street, May called the investment a "vote of confidence" in the government's industrial strategy.
"We believe that the UKs expertise in AI and its commitment to making sure future innovators have the right digital skills will help ensure the nations citizens are well-positioned to capture the opportunity ahead," said Chuck Robbins, Cisco's chairman and chief executive.
The UK currently ranks fifth in the world on its ability to embrace digital innovation, according to research by Gartner. Meanwhile AI has been moving up in the ranks of venture capital interest, taking in a significant amount of funding over the last quarter which saw UK companies receive a total of £1.55bn.
Read more: UK tops the charts in second quarter for venture capital funding in Europe
“AI is absolutely critical to the future success of the UK economy, particularly around the Governments Industrial Strategy," said KPMG's head of its innovative startup practice Patrick Imbach earlier this month.
"The UK has a track record in creating some of the most innovative AI businesses in the world; however, we are seeing too many of these businesses exit too early. For the UK to be a world leader in AI, it is imperative to get more funding and infrastructure in place to help these businesses stay independent longer in order to grow further."
Read more: UK tech wins the top spot in European venture funding post-Brexit
Other areas the funding will contribute to include Cisco's Project Swift, a mobility initiative for the UK's connected and autonomous vehicles, and the country's ageing society under digital inclusion strategies.
Wright added: "The UK has become the natural destination in Europe for the largest and most innovative tech companies to operate and invest.
"Cisco's strong commitment to the UK highlights we have the ambition, research excellence and regulatory environment for world-leading firms to develop the innovations that will change people's lives for the better."
Today's funding builds on more than $1.5bn that Cisco has committed to such projects over the last decade.
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