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London is fast becoming a global centre for AI development and business, a major tech conference in the UK capital was told on Monday.

Over the past decade, the total value of London’s tech ecosystem has surged from $70 billion in 2014 to $621.5 billion in 2023, the Global Startup Ecosystem Ranking 2024 launched at London Tech Week on Monday said.

Ranking alongside New York and just behind Silicon Valley standing at No 1, London is established as Europe’s premiere tech hub. The report said London is now home to 103 unicorn businesses, and has seen an 800 per cent rise in venture capital investment over the past decade, reaching a total of $107 billion invested. Tech ventures invested $12 billion in London in 2023.

 

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