A Glasgow-based company has been selected to take part in Tech Nation’s first Applied Artificial Intelligence (AI) growth programme, which aims to support AI company founders.
ClinSpec Dx, which uses artificial intelligence to provide cost-effective blood tests for the early detection of cancer and brain tumours, has been selected alongside 29 other companies from across the UK. The firm is based in the Technology and Innovation Centre, part of the Glasgow City Innovation District at the University of Strathclyde.
Tech Nation’s Applied AI programme will support companies as they move from the early stages of growth and play a crucial role in filling the demand facing Britain’s AI sector. The programme is also part of the government’s AI Sector Deal’s ambition to make the UK the best place to start, grow and scale an AI business.
More than one-third of the companies included in the cohort are from outside London, with companies from Bristol, Cambridge, Manchester and Cardiff also included.
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Commenting on the announcement, Dr Matthew J. Baker, chief scientific officer at ClinSpec DX said: “ClinSpec Dx is excited to be part of the first growth programme supporting founders of impactful AI-focused companies to tackle real-world problems, such as our world’s first cost-effective blood test for the triage of brain tumours.”
Dr Baker added: “Data will drive Scotland’s next economic revolution. We are keen to immerse ourselves in the Tech Nation programme to harness our data for the benefit of patients not only in Scotland but globally.”
As part of the programme, ClinSpec Dx will take part in sessions focusing on key scaling challenges delivered by some of the UK’s most prominent entrepreneurs, including Sarah Wood, founder of Unruly, Mark Logan, former COO at Skyscanner and Husayn Kassai, CEO of Onfido.
Coinciding with the programme launch, new figures show investment in AI tech has grown almost six-fold between 2014 and 2018, and last year alone saw UK-based scaleups raise nearly double that of France, Germany and the rest of Europe combined.
According to data published by Crunchbase, AI funding in the UK has surpassed the 2018 record within the first six months. As a result, the UK is currently ranked third in the world for raising investment in AI, eclipsed only by China and the United States.