HomeTechLeading Tech Firms Invest Over £2B in the UK in One Week

Leading Tech Firms Invest Over £2B in the UK in One Week


Related stories


Over £2 billion has been invested by leading tech companies in the UK this week, including in data centres and superconducting magnets manufacturing.

Supporting more than 1,300 jobs, Siemens Healthineers have announced that they are investing £250 million to design and manufacture superconducting magnets for MRI scanners at a new Siemens Healthineers facility in North Oxfordshire.

The UK tech investment comes as AI firm CoreWeave are also investing £1 billion in the UK, as well as confirming their new European Headquarters will be based in the capital.

These two UK data centres will be opened in 2024, with a further expansion planned in 2025, helping secure the necessary processing power for machine learning and AI, graphics and rendering, life sciences and real-time streaming.

This £2 billion UK tech investment also follows Scale AI, the data infrastructure company for AI, selecting London as the location for its first European headquarters.

Earlier this week, Wayve announced they had secured over $1.05 billion to develop the next generation of AI-powered self-driving vehicles in the UK.  Founded in the UK in 2017, Wayve is a home-grown British success story and a testament to the UK’s global leadership in creating the economic and regulatory conditions for start-ups in the AI and self-driving vehicle industries to grow and thrive.

“Businesses are making a safe bet in Britain,” chancellor of the exchequer Jeremy Hunt said. “We have attracted the third highest amount of greenfield foreign direct investment since 2010 and the UK accounts for around half of all AI private capital investment in Europe. We really are turning a corner, and the businesses of the future agree.”

The UK accounts for around half of all AI private capital investment in Europe and hundreds more AI companies are starting up in the UK every year.

Recommended reading

The AI sector employs more than 50,000 people in the UK and contributes more than £3.7 billion to our economy every year. By 2035, our AI market is forecast to grow to over $1 trillion.

“MRI technology plays a vital role in diagnosing disease, helping patients to get healthy and stay healthy. As a world leader in medical imaging, we are very proud to open the next chapter of our history here in Oxford,” Bernd Montag, chief executive of Siemens Healthineers said.

“This factory will be the global centre for our innovative low-helium magnet technology, meaning we consume far less of a scarce natural resource and enable access to MRIs for many more patients.”

Some of the world’s biggest AI companies including OpenAI and Anthropic, have also chosen London as the base for their first international offices in a huge vote of confidence in our approach to AI.

Microsoft also recently announced a new AI hub in London, and one of the leaders in the AI field, Google DeepMind was also founded in London over a decade ago and remains in the UK to this day.

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories