The report's research team found that the UK capital is home to 758 AI companies, double the number based in Paris and Berlin combined (the continent's number two and three AI cities by number of companies) combined.
Those London-based companies (of which 645 have their headquarters in London) are developing AI capabilities for more than 30 business verticals, with a particular strength in insurance, finance and law. Together they raised more than £200 million in investments in 2017, about 50% higher than in 2016, with technology-led healthcare services specialist Babylon Health alone raising £47.56 million.
In a prepared statement to announce the launch of the report, The Mayor of London, Sadiq Khan, stated: "There are few areas of innovation that have the power to define our future economy and society more than artificial intelligence. The research describes a city with a rich technology ecosystem, a strong pipeline of AI innovation and an academic and investment base set up for the long term. London's unique global status as a capital of finance, business, government and technology is our standout asset. Everything entrepreneurs need is here in one place -- not least access to clients."
The launch of the report came as Khan officially opened London Tech Week by unveiling his Smarter London Together plans to make the UK capital the "world's smartest city."
Mayor of London, Sadiq Khan: "Everything entrepreneurs need is here in one place."