Cisco has announced it will invest $100 million in UK tech to boost the development of innovative technology in the country.
The investment will include the creation of a new London AI research center in partnership with University College London (UCL).
The $100 million is part of Cisco's Country Digital Acceleration program, which aims to address significant challenges facing the UK, which include:
AI and the data economy: aiming to make the UK a global leader in AI research.
Aging society: Cisco is leading a project which aims to create a "sustainable business model for investment in digital inclusion for the elderly and disabled in the UK."
Future of mobility: exploring opportunities in rail and road, including commercializing Project SWIFT, an effort to get "superfast' WiFi on UK trains.
Clean growth: looking at the potential for digital initiatives in the energy sector.
University College London is one of London's foremost research-based universities. (Image: Wikimedia)
UK Prime Minister Theresa May said, "The decision by Cisco to make such a significant commitment to digital innovation across the UK is welcome news and is a vote of confidence in our modern industrial strategy."
She added, "I particularly welcome the announcement of the new AI research center in partnership with UCL. Research has shown that AI could add £232 billion to the UK economy by 2030 and developments like this will help with our ambition to put the UK at the forefront of the AI and data revolution."
Meanwhile, new Digital Secretary Jeremy Wright said, "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." (See Jeremy Wright Named New Digital Secretary in Forced Cabinet Reshuffle.)