Foreign investment in UK tech continues to skyrocket despite Brexit fears
Business Management

Foreign investment in UK tech continues to skyrocket despite Brexit fears

Britain's technology sector is attracting record sums of foreign investment, despite fears that its looming withdrawal from the European Union could stifle growth in this sector over the coming years.

According to new research from industry body Tech Nation, the sector is on target to exceed $11 billion worth of investment by the end of 2019. Last year, UK tech firms raised $8.7 billion from investors.

It's estimated that the sector attracts $1 billion a month from both foreign and domestic investors, which is one and a half times higher than 2018 statistics. In a media announcement, Tech Nation described the UK as one of the "most attractive and dynamic markets in Europe".

New developments in areas such as artificial intelligence are fueling this growth. George Windsor, head of insights at Tech Nation, tells IDG Connect: "Investments in emerging technologies such as AI have rocketed - in fact, venture capital investment into AI increased by over sixfold last year.

"Hubs like Newcastle upon Tyne, have seen the fastest rates of growth in AI investment, followed by established clusters such as Cambridge and Oxford."

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Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. His work has been featured on Engadget, Lifehacker, Gizmodo, TechRadar, The Next Web, Forbes, Computer Weekly, Computing, Mail Online, The Telegraph and many other media outlets. In addition, he edits Tech Dragons, a publication covering STEM in Wales.

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